I recently ran across this article regarding Appraisals on Realtor.com and thought it would be a great one to share.
#1 The Appraiser does not dive deep into the neighborhood;
Appraisers don’t normally officially inspect the comps, says Peter Grabel, managing director of Luxury Mortgage in Stamford, CT
#2 The Appraiser has to look outside the development;
Sometimes there isn’t enough data on sales of similar homes in the area, forcing the appraiser to use comps from a nearby
#3 The Importance of the View;
Does your home have a knockout view—or, at least, one that’s better than the comp down the street that overlooks unsightly power lines? If so, make sure your appraiser knows it, too. If the difference in view is not obvious, your home could appraise for lower than expected. Search Roswell/Alpharetta homes with a view Here
#4 Basement Finishes;
The house has a large, beautiful finished basement with a bedroom and a bathroom. You’ve doubled your square footage. Score! Unfortunately, appraisers are required to use much lower value per square foot for space below ground. Search homes in Roswell/Milton with Finished basements
#5 What sold you, isn't sell the Appraiser;
#6 Best in the Building ;
Upgrades and finishes might not always boost the value of your home. This is particularly true of co-ops and condos, where the square footage plays a major role in value.
#7 The Market is to Hott to keep up with;
Home prices in the area might be increasing so quickly that the comps that sold six months ago don’t yet reflect this improvement.
#8 You Intentionally Overpriced;
It’s an emotional choice, and we’re not here to judge. But your appraiser will, and just beware: What the appraiser says (usually) goes.
#9 Lack of Experience and or knowledge by the Appraiser;
Sometimes, it really does come down to a job not well done. The appraiser could be unfamiliar with the nuances of the local market...