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John Meussner, #MortgageMadeEasy Fair Oaks, CA 484-680-4852 (Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI)

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Rainmaker
1,318,942
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I can't remember any specific big gap but I can't forget the time that the appraisal failed because the appraiser appraised the house across the street from the subject house.

Mar 19, 2024 04:15 PM
Rainmaker
2,396,203
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

In my decades of Real Estate I actually never had a property I was selling appraise for less than the asking price (once I brought the Seller to the realization they were nuts on their asking price). I can say that now that I'm retired. John Meussner 😊

Mar 19, 2024 06:43 PM
Rainmaker
2,783,626
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I can feel your pain as this subject pierces the Real Estate player at times. I had just had an appraisal where I needed it to come in and it ended up 40k over the amount. What you are describing demands another appraisal and if not, a pow-wow on the current one. Missing a million? We need to talk!

Mar 19, 2024 02:33 PM
Rainmaker
904,885
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
NC Real Estate Transition & Relocation 919-602-848

Woah, not even close. I don't know exactly but maybe $40k +/- and we were expecting it. 

Where is that property? I'm guessing CA, HI or NY.

Mar 20, 2024 05:54 AM
Rainmaker
901,688
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Wow, that's a big one. I've seen close to $100K. 

Mar 20, 2024 05:27 AM
Ambassador
4,709,734
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I have had pretty good luck with appraisals over the years, of course, I have been prepared for the appraisals though with solid comps to share.  I think the biggest gap I have seen during my career on one of my deals was like $8K.

Mar 20, 2024 04:30 AM
Rainmaker
765,553
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

I sold a house in Valencia, California for $950,000 and it appraised for $770,000.  The buyer wanted the sell for less and the seller refused to do so.  The buyer came up with the difference in cash and escrow closed on time.  That's a $180,000 difference.

Mar 19, 2024 05:50 PM
Rainmaker
988,684
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

Woah! I have never heard of such a large gap! That's crazy and sounds like a second opinion is needed. I only recall one appraisal on my listings coming in short. I think it was 15K below the contract price. Seller, buyer, and agents did not agree. It was an end-unit townhome and only interior units were used in the appraisal. I re-submitted end unit comps (which I had already included in my packet for the appraiser) but the appraiser refused to consider anything else. So the buyer got a second appraisal done which came in 5K higher than the contract price. Go figure! 

Mar 20, 2024 08:12 AM
Ambassador
3,166,543
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

number wise about $40,000.  % wise 50%... a 73,000 one bedroom cottage appraised for $36,000.  Buyer's changed lenders and got a new appraiser and he actually got out of his car and it appraised for $78,000.   

Mar 20, 2024 06:38 AM
Rainmaker
89,045
Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey real estate sales

In my memory, contract price $390,000, appraisal for $370,000.

Mar 20, 2024 04:58 AM
Rainmaker
5,232,388
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

The inept judge, unqualified to determine value, who came up with an 18 million dollar value for Mar-a-lago when a  much smaller vacant lot in the area was on the market for 10 times more and getting interest. Now that is a major screw-up!

Mar 20, 2024 03:30 AM
Ambassador
2,453,543
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Wow, that's a shortage! My largest was 10% below agreed upon price ($69K less than contract price)

Mar 19, 2024 02:01 PM
Rainer
466,993
David M. Dwares
Title Professionals Corp. - Fort Lauderdale, FL
Title guy with a broker license

Congratulations?🤥

Bad, uninformed or new appraiser; or unique property that doesn't have any real comps?

Mar 19, 2024 01:49 PM
Ambassador
3,348,169
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

Only 2 in my 21+ career. Both were $10,000. 

We moved to a new lender, got the second appraisal, and BOOM, there it is. 

What Wayne Martin said. 

Mar 20, 2024 07:23 AM
Rainmaker
1,055,312
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Been searching my brain and cannot remember a huge gap . . . the only time we have had issues with appraisal is

Out of area appraiser
Areas where intangibles such as views have value

The last appraisal we challenged was 10k low and the appraiser took exception with an AZ room that had all the elements of a full room addition - framed, insulated, heating, cooling electrical - for 2 reasons. The outside light sconces were still on the wall (why take them out?) AND there was about a 3 inch step down he said disrupted the flow of the house. We challenged it, he balked at first but we pleaded our case to the AMC and they pressed him till he agreed.
(This rarely happens - the management company communicating for us)

Mar 20, 2024 06:21 AM
Rainmaker
5,875,371
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I think it was $60k, and it was a young couple, first-time buyers.

Mar 20, 2024 06:06 AM
Ambassador
6,409,416
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Try another appraiser

Mar 20, 2024 04:05 AM
Ambassador
3,134,874
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

$150,000. A re-buttal would be the next step if the appraiser was careless in like-kind comparables. I have done that before and the bank agreed.

Mar 20, 2024 07:29 AM
Rainmaker
714,541
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Wow!  I thought our $100,000 was pretty big, but yours beats it by a mile!

Mar 20, 2024 10:42 AM
Rainmaker
1,504,943
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I had a 300k gap once.  The appraiser used comps that were 3 years old and several hundred thousand less than the subject property (or even the current market).  It was an out of area appraiser.  Buyer's agent didn't even read the comps before asking us to lower our price.  I read the comps.  I contacted the lender.  I provided comps and refuted the ones the appraiser chose.  The lender and I and filed a complaint.  THE LENDER did a ton of work to get the report redone so it wouldn't interfere with the transaction at the contracted sales price.

 

The buyer's agent did so little in that transaction and was so difficult to work with, that I called her manager and told them to assign someone else if they wanted their commission.

Mar 20, 2024 10:08 AM
Rainmaker
265,072
KAREN SANCHEZ
Reputable Realty - Apple Valley, CA
...Marketing your home like no one else will.

$10k was the largest.  It hasn't happened for years.  But. my average price range currently is $420K.   Started selling $100-$200K homes so it was a big gap.   

Mar 23, 2024 08:54 PM
Rainmaker
764,622
Cara Marcelle Mancuso
Golden Girls with SW Desert Homes - Tucson, AZ
Call a Marana neighbor, I'm THERE!

I've experienced a 100K one once, appraiser was from out of town and didn't use the right neighborhoods.  I got the whole thing overturned as a buyer, because my clients WANTED this property, and it came in at value.  Funny thing was, my clients had to relocate 3 months later, they'd upgraded it, and we sold it for 300K more!  It's important to prove value with an appraisal package just in case it's needed.  I like to take the classes appraisers offer, keeps me feeling like I am "assisting" when needed.

Mar 21, 2024 08:20 AM
Ambassador
3,860,880
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Good morning, John Meussner .

What was the transaction's outcome, and how did you or would you handle it?

Mar 21, 2024 07:30 AM
Rainmaker
471,502
Katina Hargrove 352-551-0308
Stake Your Land Realty, Inc. - Eustis, FL
Broker/Owner, SFR®, e-PRO®, GRI, AHWD, REALTOR®

John Meussner 

The largest was 200k apart, and another 50k. One seller did not accept, the other did.

Mar 20, 2024 11:56 AM