I wonder if anybody, besides us here in Utah, have had problems with appraisals coming in so low they present
poblems in selling? It is my understanding that the definition of appraisal is "a price a seller is willing to accept from a buyer that is willing to pay it". I'm not saying that the prices should not reflect the comparables in the area, but I had a major problem this week (now finally solved) that blew my mind. I'm very logic and anything that doesn't make sense usually makes my brain melt.
This home I am talking about is located in an affluent neighborhood, but in the area that just started to grow. The home is only 2 yrs old, and it was designed by the current sellers, so it's very different than the neighbors' homes (that all look alike). The appraiser was suggesting $ 20,000 below listing price because he couldn't find any comparables without basement and the same huge square footage and specific amenities. He then compared the home with older homes, far away, with no basement, and made the adjustments. Of course it didn't reflect reality.
I was appalled when after we sent a second appraiser who used a different approach to do the appraisal, the first one came back with the stupid comment: "If you want me to use a diffent approach than we usually use, then I can do it too..."
It's just me, or Beavis and Butthead are re-incarnated in this guy...?
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