Here we go again...another rant about the appraisers. This has all happened to me during the month of October & Novermber within the Danville, IN market! I can't figure this out:
- sell a house and it appraises for $6,000 more?
- sell a bank owned property and it appraises for $20,000 more?
Then...get a house under contract for a fair price and it appraises for $30,000 under sales price?? What's up with that Mrs Appraiser. Didn't realize that you had that kind of power to shift our market values like that?
Unfortunately the appraiser has justified her price because the investor purchased the property at a Sheriff Sale (at a low price) and she is using that price plus updates. Should the investor be punished because he purchased the home at a highly distressed price for cash? If the home didn't sell at the Sheriff Sale it would have come back on the market for approximately $110,000 +/- as a bank owned property. Instead, he purchased it "as - is"; totally renovated it with new kitchen, floor coverings, roof, etc. The home is a ranch with a walk-out basement and the appraiser used ranch homes with no basement. How do you give a finished walk-out basement a $5,000 value?
Well apparently an Appraiser can!
You may ask yourself, why don't you provide comps for the appraiser...been there, done that! So now our options are what...another appraisal? Switch lenders? Any suggestions?