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Lurch77
Premium
join:2001-11-22
Oconto, WI
kudos:4

Home Appraisal - How to Increase

Are there inexpensive or free things that can be done to increase the value an onsite home appraiser will place on a home? I hear so many different stories. Some say landscaping and washing/cleaning the house works. Others say that doesn't matter (within reason), because most of the value is considered by what other homes like it have sold for, or what kind of neighborhood you are in. Some say even remodeling a room will often not increase the value by the amount you paid for the remodel.

But are their other things? Are appraisers ever influenced by cleanliness and a well maintained appearance? What about home decor? I know those things should not greatly influence the price of the home itself, and I assume a good appraiser would not be influenced. But does it ever happen?

tcope
Premium
join:2003-05-07
Sandy, UT
kudos:2
I don't see how those things would matter as most of what they evaluate is based on the actual home. Number of rooms above ground, number of bathrooms, size of the home, type of roof, etc. From what I see, it's all pretty much straight numbers. No room for personal opinion. When I last had mine done I don't even think there was an area for landscaping to be included.

I will say that I learned that a home appraisal is much different then the market value of the home. I'd say the market value of my home is around $240k-$250k. The bank appraisal was $208k. Discussed this with a friend and he pointed out that the appraiser does not consider rooms below ground to be "bedrooms". As I understand it, market value considers a room a "bedroom" if it has a closet.

IMHO, market value considers the things that you mentioned (things that make the house look nice) but appraisers... less so.

pandora
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Outland
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reply to Lurch77
Remove clutter, keep your yard debris clear and well cut if you have a lawn. Try to have ample room on kitchen counter tops, dust, if you have vents, clean them. A bread maker can create a pleasant odor.

However, most are going to visit Zillow or a similar site, and comp sales vs property tax using one of several formulas. You can only make your house more appealing to someone who already has a possible interest in it. If you have kids at a decent school, put up their honor roll on the fridge, if not, pictures of the home in it's best light.
--
Congress could mess up a one piece jigsaw puzzle.


dennismurphy
Put me on hold? I'll put YOU on hold
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join:2002-11-19
Parsippany, NJ
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reply to Lurch77
Appearance matters.

They do judge a home based on "effective age" - my house is 45 years old, but when we bought it 2 years ago, the "effective age" was gauged at 10-12. That's because it had been updated - both the bones of the house (electrical, plumbing, etc.) as well as the decorative - nicely tiled bathrooms, modern doors, window treatments, etc.

Appraisals are more subjective than you'd like to believe. So yeah, do the little things - keep the paint nice and the house clean. That helps a lot.


Boooost

@151.190.40.x
reply to Lurch77
We had a crapload of junk in our basement, and the house appraised for higher than I thought it would. So I don't think the junk/appearance matters at all. They're just looking at the amount of living space.

Probably the cheapest way to get a higher appraisal is to slip the guy a $100 bill.


davidg
Good Bye My Friend
Premium,MVM
join:2002-06-15
none
reply to Lurch77
it depends on the appraiser too, a friend of mine bought her house and the original appraisal was done by company A came in at 150k. 6 months later there was a big rate drop(this was 5-6 years ago or so) and she did a refi. the new mortgage company used Company B for the appraisal and it came in at 200k. The ONLY thing they had done to the house at the time was paint some fake paneling so it looked like sheetrock. market value around here has never fluctuated like in big city areas, so it was all based on the new appraiser's view and not higher comps in the area.
--
Lack of Preparation on YOUR Part does NOT Constitute an Emergency on Mine!


Boooost

@151.190.40.x
Well, if the bank loan officer is getting a commission/bonus for writing the refi, he may tell the appraiser he'll share some of the money if the appraiser comes up with a number to lower the loan:value ratio. So that may be why company B produced a higher appraisal.


DarkHelmet

join:2014-02-21

4 edits
reply to Lurch77
Click for full size
12/2012
Click for full size
07/2012
I've had 5 appraisals over the last 3 years. Clutter, yard debris, cleaning, etc. is all for sellers not appraisers. They don't care a bit. They just look at the key things that will go into the appraisal. They want to know updates, condition, age, quality, functional utility, house size, lot size, location, amenities, number of bedrooms, number of bathrooms, fireplace?, garage?, patio?, deck?, electrical service size, heating method, a/c?, sewer or septic, well or city water, how many floors?, basement?, finished basement?, shed?, fence?, & energy efficient? are just a few of the things they want to know. They look at comps in the area then adjust those property values up or down to your property. Then they average those adjusted comp values to get your value. That's the sale comparison approach. They also do a cost based approach. Sometimes they will adjust their final price if there is a discrepancy between the two approaches but mostly they go on sales.

The prices are all over the map. Property values went up in the area the entire time. No changes were done until 11/2012 when a new 2 car garage was added. Somehow the property was worth more without an $80,000 garage then with one because it went down $20,000 in value per the appraiser yet the city increased our property value by ~$36,000.

01/2010 = $325,000 (City: $319,600 in 2010)
07/2011 = $330,000 (City: $319,600 in 2011)
03/2012 = $325,000 (City: $321,400 in 2012)
07/2012 = $358,000 (City: $321,400 in 2012)
12/2012 = $338,000 (City: $321,400 in 2012)

In 2013 the city value went up to $357,600.

In the pictures you can see one appraiser used $5,000 per garage bay while another used $2,500. One included shed and fence while the other didn't. One omitted a bedroom since it's a 4 bedroom house. They got different square footage for the GLA and basement. One gave $3,000 for central A/C while the other gave $5,000. One was $1,000 for a deck/porch while the other was $3,000 to $5,000.


natedj
Elected
Premium
join:2001-06-06
Columbia, SC
reply to Lurch77
Its all of the above and none of the above.
It boils down to the appraisal company. The neighborhood you're in will set the general scale of the pricing. The features of the house will determine whether your'e in the upper or lower range of that scale. Staging also helps but not much. It will help against another house with the exact features and size but that's about as far as that goes.

The appraisal guy himself can also lean in your favor a bit too.
I remember the first house I bought, I didn't have any furniture or furnishings in it for over a year or so but I wanted to refinance to get a fixed rate, a lower rate, and to get rid of the stinking PMI I was paying. I went to the local furniture rental store and rented full room suites just for the week of the appraisal. When the appraisal guy came out I got to chatting with him and in passing I let him know what I wanted the appraisal to come in at. Low and behold it came in at exactly what I wanted.
Did my staging help? maybe it did maybe it didn't, but I bet it didn't hurt.
--
Good judgement comes with experience...Experience comes after bad judgements

towerdave

join:2002-01-16
O Fallon, IL

1 recommendation

reply to Lurch77
When we refinanced, we put together a little booklet that listed all the renovations/upgrades we had done to the house since we purchased it. The big one being a brand new kitchen. I think this helped a lot. Our appraisal came back VERY high, way more than we needed for the refi. If someone would have offered me that price on our house that day, I might have sold it on the spot.

I'm not an expert, but my dad was an appraiser for a number of years after being a real estate broker for a number of years, so I've learned a bit from my parents. My mom just retired from being a broker as well.

The way it worked many times for him is that he would do the appraisal, and then the bank would come back and ask him if he could justify it being just a bit higher to meet the requirements of the loan. So there is wiggle room there. My dad is a straight arrow person, so he would only do that if he could honestly make it work. I'm sure appraisers aren't as honest and will do whatever it takes to make the person who paid them happy.

Basically, an appraiser is going to measure your house, and then compare it to recent sales in the area that are close, and do +/- for major differences. For example, if Comp 1 has an older kitchen, but yours is brand new, you get a + for that. If Comp 2 has a 3 car garage, but yours is only 2, you get a - for that. And so on. This is especially important in a neighborhood with many houses of the same basic floor plan. So yes, appearance and condition matter when it comes time for the wiggle room.

That's most of what I know.

TD


DarkHelmet

join:2014-02-21

4 edits
said by towerdave:

Basically, an appraiser is going to measure your house, and then compare it to recent sales in the area that are close, and do +/- for major differences. For example, if Comp 1 has an older kitchen, but yours is brand new, you get a + for that. If Comp 2 has a 3 car garage, but yours is only 2, you get a - for that. And so on. This is especially important in a neighborhood with many houses of the same basic floor plan. So yes, appearance and condition matter when it comes time for the wiggle room.

I posted some images of my last 2 appraisals so the OP can see how that works.

You don't want to know what the pictures look like in the appraisals. I can attest to staging, cleaning, etc. meaning nothing! Not to mention there's not even a place to grade that on the sales or cost approach form for the appraiser.

Here's the guidelines the appraisers use.
»www.fanniemae.com/content/guide/···2013.pdf

Mr Matt

join:2008-01-29
Eustis, FL
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reply to Lurch77
said by Lurch77:

Are there inexpensive or free things that can be done to increase the value an onsite home appraiser will place on a home?

Get the right type of appraisal. Make sure you request a fair market value appraisal. Appearance does make a difference. Clean up before the appraiser arrives. The other factor that the appraiser will consider is the location of your home. That affects comparable values. If you think the value of your home is to low discuss the comparable value of the homes the appraiser selected with the appraiser. The rule is the value of comparable homes should be what a willing buyer will pay a willing seller for each home. If you determine that the value of one of the homes was low because of adverse conditions, for example foreclosure or poor maintenance you can request the appraiser select a different house to value.


DarkHelmet

join:2014-02-21
said by Mr Matt:

Get the right type of appraisal. Make sure you request a fair market value appraisal.

The brings up a good point. There are 2 types of appraisals. One for buying/refi and one for selling. That changes a lot in the appraisal. A realtor normally does a fair market value which is called a CMA (comparative market analysis) while an actual LICENSED appraiser does the buying/refi one. You better believe looks and appearance is everything with a realtor. :P

The one things people have a problem with on improvements is some add no value they just help sell your place faster. Painting all the rooms before you sell it adds zero value for example but might sell the house a few months faster so indirectly it might add value but not in the appraisal.

joewho
Premium
join:2004-08-20
Dundee, IL
Reviews:
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reply to Lurch77
Not many free or low cost improvements will raise an appraisal. You should check recent comps yourself, if you can get them. That will give you an idea of current value. You didn't mention why you want an appraisal.

Looking at comps, check details for any upgrades, granite, floors, windows, energy efficient improvements. Comps on similar homes will reflect upgrades in value. Basement rooms will be considered bedrooms if there is an egress. Egress is just a way out, like a large window or door to the outside.

In real estate, around here, the realtor will give a market evaluation. Once the house is listed and a buyer makes an offer, the realtor will call in the appraiser and let him know what the contract price is. 99.9999 percent of the time the appraisal comes in very close to the offer.
--

we're all connected


DarkHelmet

join:2014-02-21

4 edits
said by joewho:

Basement rooms will be considered bedrooms if there is an egress. Egress is just a way out, like a large window or door to the outside.

That's not accurate. There is above grade and below grade space. If any part of the level is below ground the entire level is below grade and cannot be counted as GLA. It still has value but cannot be included in the square footage per Fannie Mae. Note the section "Basement & Finished Rooms Below Grade" on appraisals for this.

Basement & Finished Rooms Below Grade Table:
rr = Recreation Room
br = Bedroom
ba = Bathroom
o = Other
example: 1rr1br1.0ba2o (1 rec room 1 bedroom 1 bathroom 2 other rooms)

"A level is considered below-grade if any portion of it is below-grade%u2014regardless of the quality
of its finish or the window area of any room. A walk-out basement with finished rooms would
not be included in the above-grade room count."
"Below-Grade Areas
Rooms that are not included in the above-grade room count may add substantially to the value of
a property%u2014particularly when the quality of the finish is high.
The appraiser must report the basement or other partially below-grade areas separately and make
appropriate adjustments for them on the "basement and finished areas below-grade" line in the
"sales comparison analysis" grid."
»www.fanniemae.com/content/guide/···2013.pdf

Here's a bit more info on Fannie Mae appraisals.
»www.fanniemae.com/content/techno···ix-d.pdf

Also note a bedroom has more then egress as a requirement.
"An appraiser must consider several factors before determining a room can be considered a bedroom. A bedroom must be of adequate size (100 square feet or more), have a closet, a window and a door. It must be heated/cooled and finished in the same quality as the rest of the house. It must also be above grade and have reasonable access to a full bathroom."

said by joewho:

In real estate, around here, the realtor will give a market evaluation. Once the house is listed and a buyer makes an offer, the realtor will call in the appraiser and let him know what the contract price is. 99.9999 percent of the time the appraisal comes in very close to the offer.

No they won't. They use to do that pre-bubble but now the bank needs to request the appraisal and you get a random appraiser. The realtor has no way to get the appraiser's info unless the buyer discloses it to them. If they did manage to get the info and call they are risking both their licenses. Does it really make sense to risk your career for a few hundred or even thousand dollars? Gone are the days when this happened.

cjski
The Wheel Weaves As The Wheel Will
Premium
join:2001-01-04
Sun City, CA
reply to Lurch77
said by Lurch77:

Are there inexpensive or free things that can be done to increase the value an onsite home appraiser will place on a home? I hear so many different stories. Some say landscaping and washing/cleaning the house works. Others say that doesn't matter (within reason), because most of the value is considered by what other homes like it have sold for, or what kind of neighborhood you are in. Some say even remodeling a room will often not increase the value by the amount you paid for the remodel.

The appraiser should be able to ignore clutter (even if you're a hoarder), but make it easy on them; clean dirt from walls, doors, floors, windows, etc. Spruce up the exterior and grounds. As far as remodeling, 'cost does not equal value', meaning, a $3K paintjob may not add $3K to the value of your house. On the other hand, a $7K kitchen remodel may add $10-15K to the value...

But are their other things? Are appraisers ever influenced by cleanliness and a well maintained appearance? What about home decor? I know those things should not greatly influence the price of the home itself, and I assume a good appraiser would not be influenced. But does it ever happen?

Correct...a good appraiser should not be influenced by cleanliness, but in the final reconciliation of value the appraiser has to opine a point value from among a range of values. Don't give them a reason to sub-consciously sway towards the lower end of that range.


DarkHelmet

join:2014-02-21
reply to Lurch77
Here's a good article on improvements to value.
»realestate.msn.com/10-remodeling···ack-most


dcurrey
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reply to Lurch77
Appraisal can be all over the map. When I purchased my current home for 246K it appraised for 250K.

We refinanced a year later. This appraisal came out to 310k. All we did was paint everything all rooms all ceilings. New carpet in main sections of home. Family room master bedroom halls stair etc. Oh and added a water softener.

cjski
The Wheel Weaves As The Wheel Will
Premium
join:2001-01-04
Sun City, CA
reply to tcope
said by tcope:

When I last had mine done I don't even think there was an area for landscaping to be included.

I won't typically separate landscaping/hardscaping out from the overall condition of the property unless were talking about 'no' landscaping, i.e. new construction, versus fully landscaped/hardscaped. Or, if I'm dealing with very high quality homes where the landscaping is professionally installed to the tune of $100K+...

I will say that I learned that a home appraisal is much different then the market value of the home.

Incorrect. Here is the definition of market value included in most URAR appraisal reports: (bolding mine)

Definition of Market Value: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto: and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

Some appraisals are performed where the value sought is not 'Market Value', such as liquidation value, short sale value, etc., and those will have a modified definition of value included in the report.

Furthermore, the value opined by the appraiser is only applicable to the effective date of the appraisal. I've also told homeowners that the value I opine is not necessarily the value for which an agent may list the property for, or ultimately what the property may end up transferring for...it's a guess, and educated guess, but a guess none the less.

I'd say the market value of my home is around $240k-$250k. The bank appraisal was $208k. Discussed this with a friend and he pointed out that the appraiser does not consider rooms below ground to be "bedrooms".

Incorrect. A bedroom is a bedroom, but if it's located below grade level, it is addressed on a separate line of the report (BASEMENT & FINISHED ROOMS BELOW GRADE).

Also, a room requiring a closet to be considered a 'bedroom'...
...not always. A home built in the last ~50 years, I may lean towards calling it a den, or bonus, etc. But for homes built, say, 80-200 years ago, it wasn't uncommon for bedrooms not to have closets, as they may have utilized armoires to store clothes...

IMHO, market value considers the things that you mentioned (things that make the house look nice) but appraisers... less so.

What appraiser's consider 'Market Value' are all the things that contribute to 'Market Value'.

cjski
The Wheel Weaves As The Wheel Will
Premium
join:2001-01-04
Sun City, CA
reply to pandora
said by pandora:

Remove clutter, keep your yard debris clear and well cut if you have a lawn. Try to have ample room on kitchen counter tops, dust, if you have vents, clean them. A bread maker can create a pleasant odor.

^^^^this...

However, most are going to visit Zillow...

No. No appraiser that knows anything about appraising is going to visit Zillow...

cjski
The Wheel Weaves As The Wheel Will
Premium
join:2001-01-04
Sun City, CA
reply to dennismurphy
said by dennismurphy:

Appearance matters.

As it pertains to the actual 'condition' of the structure itself, yes.

They do judge a home based on "effective age" - my house is 45 years old, but when we bought it 2 years ago, the "effective age" was gauged at 10-12. That's because it had been updated - both the bones of the house (electrical, plumbing, etc.) as well as the decorative - nicely tiled bathrooms, modern doors, window treatments, etc.

For the most part, correct...

The day a house is built, the appraiser assumes that the home will remain habitable for approximately 60-80 years. This is with no upkeep or maintenance what so ever. Every year from the year built to the current age of the home is it's 'actual' age. Should the homeowner perform timely maintenance, replace worn out systems, remodel, update, etc., the 'effective' age is reduced.

Effective age may be equal to, less than, or more than the 'actual' age of the house depending on condition.

Appraisals are more subjective than you'd like to believe. So yeah, do the little things - keep the paint nice and the house clean. That helps a lot.

Appraisers strive for objectivity, some achieve this better then others...

cjski
The Wheel Weaves As The Wheel Will
Premium
join:2001-01-04
Sun City, CA
reply to Boooost
said by Boooost :

Probably the cheapest way to get a higher appraisal is to slip the guy a $100 bill.

Incorrect...

Well, if the bank loan officer is getting a commission/bonus for writing the refi, he may tell the appraiser he'll share some of the money if the appraiser comes up with a number to lower the loan:value ratio. So that may be why company B produced a higher appraisal.

Incorrect...

cjski
The Wheel Weaves As The Wheel Will
Premium
join:2001-01-04
Sun City, CA
reply to natedj
said by natedj:

Its all of the above and none of the above.
It boils down to the appraisal company. The neighborhood you're in will set the general scale of the pricing. The features of the house will determine whether your'e in the upper or lower range of that scale.

This is correct

The appraisal guy himself can also lean in your favor a bit too.
I remember the first house I bought, I didn't have any furniture or furnishings in it for over a year or so but I wanted to refinance to get a fixed rate, a lower rate, and to get rid of the stinking PMI I was paying. I went to the local furniture rental store and rented full room suites just for the week of the appraisal. When the appraisal guy came out I got to chatting with him and in passing I let him know what I wanted the appraisal to come in at. Low and behold it came in at exactly what I wanted.
Did my staging help? maybe it did maybe it didn't, but I bet it didn't hurt.

Myself...I would rather appraise a vacant house over a house with anything in it just because I can 'see' everything that is actually a factor in value. Regardless, I strive for objectivity in all the appraisals I perform, but like I've said, some are better at that then others...

cjski
The Wheel Weaves As The Wheel Will
Premium
join:2001-01-04
Sun City, CA
reply to towerdave
said by towerdave:

When we refinanced, we put together a little booklet that listed all the renovations/upgrades we had done to the house since we purchased it. The big one being a brand new kitchen.

This is very helpful...at least to me.

I don't need a 'book', I don't need to see pictures of before and after...just a nice concise list of upgrades performed, and when they were done.

I'm not an expert, but my dad was an appraiser for a number of years after being a real estate broker for a number of years, so I've learned a bit from my parents. My mom just retired from being a broker as well.

The way it worked many times for him is that he would do the appraisal, and then the bank would come back and ask him if he could justify it being just a bit higher to meet the requirements of the loan. So there is wiggle room there. My dad is a straight arrow person, so he would only do that if he could honestly make it work. I'm sure appraisers aren't as honest and will do whatever it takes to make the person who paid them happy.

This is a strict violation is illegal per the Dodd-Frank Act that was enacted in 2010 I believe...

...However, prior to legislation after the crash, it did happen. Lenders would in effect, strong arm some appraisers along the lines of "...no value, no work...". Most appraisals nowadays are ordered thru an Appraisal Management Company (AMC). This is, theoretically, supposed to act as a 'firewall' between the appraiser and the lender, however, the largest AMCs are owned by...the banks.

There is a system in place 'Request For Value Reconsideration" in which the lender can request the appraiser to reconsider the value, but they must provide data for the appraiser to analyze, i.e additional comparables, etc...

Basically, an appraiser is going to measure your house, and then compare it to recent sales in the area that are close, and do +/- for major differences. For example, if Comp 1 has an older kitchen, but yours is brand new, you get a + for that. If Comp 2 has a 3 car garage, but yours is only 2, you get a - for that. And so on. This is especially important in a neighborhood with many houses of the same basic floor plan. So yes, appearance and condition matter when it comes time for the wiggle room.

For the most part, correct.


Snakeoil
Ignore Button. The coward's feature.
Premium
join:2000-08-05
Mentor, OH
kudos:1
reply to Lurch77
Depends on what he appraisal is for.
For selling a home, Appearance helps improve the value. As does things like age of roof, condition of driveway. Also how close are you to a school, hospital, shopping, medical services.

For tax purposes, as long as the house is "occupied" then that is enough reason to appraise it at a higher value to have an increase in property tax.

I've seen a few home remodeling shows where they'll have an appraiser look at the home and give an "estimated" value. hat's all appraisals are anyhow are estimates as to how much you should pay/sell a home for they aren't fixed. Exception being when it's the county appraiser whose doing the appraisal for tax purposes. Anyhow back to the show.
Then the home owner would do some remodeling and the appraise would return and give a new appraisal. Then they'd compare the two plus the expense of the remodel to see if it was worth it. Majority of times the only remodels that added value to the home where the ones that involved kitchen and or bathrooms.
Things like new appliances, counter tops, sinks, cabinets, floors, walls. But there was a limit. I think one show they spent 20k on the kitchen and the appraiser said they could get a return of 10k from it. So basically they would have been better off just slapping paint on the walls and ceiling and calling it a day VS replacing the appliances and stuff.

So I would recommend watching some of the shows on the home and garden networks just to get a rough idea of what would be a good "investment" to improve your home value. Could be the best thing to do is nothing.

--
Is a person a failure for doing nothing? Or is he a failure for trying, and not succeeding at what he is attempting to do? What did you fail at today?.


Lurch77
Premium
join:2001-11-22
Oconto, WI
kudos:4
said by Snakeoil:

Depends on what he appraisal is for.

We are refinancing with a VA loan.

cjski
The Wheel Weaves As The Wheel Will
Premium
join:2001-01-04
Sun City, CA
reply to DarkHelmet
said by DarkHelmet:

The brings up a good point. There are 2 types of appraisals. One for buying/refi and one for selling.

No. There are not 2 types of appraisals. The definition of 'Market Value' in my prior post is the value to which the appraiser opines in 99% of the cases...

A realtor normally does a fair market value which is called a CMA (comparative market analysis)...

What has to be remembered is that the agent's compensation is determined by what the house sales for. Also, in order to secure and exclusive listing in competition with other agents, they may blue sky the value, a bit...

A common method of comparison that agents use is $/SF. If house A, 2500SF sold for $250K, then house B, at 3000SF is worth $300K. This may be somewhat of an indicator (albeit, weak), in a neighborhood of homogenous, cookie cutter homes...but what if the lot size of house A is 7405 sf, while the lot size of house B is 15000 sf...would the $/SF be reliable? No

The one things people have a problem with on improvements is some add no value they just help sell your place faster. Painting all the rooms before you sell it adds zero value for example but might sell the house a few months faster so indirectly it might add value but not in the appraisal.

Very true. Some improvements may not add value...or at least a value that the appraiser can extract from market reaction and adjust for. But, all other things being equal with a comparable house (absent that improvement) also on the market, your house may sell faster.

cjski
The Wheel Weaves As The Wheel Will
Premium
join:2001-01-04
Sun City, CA
reply to dcurrey
said by dcurrey:

Appraisal can be all over the map. When I purchased my current home for 246K it appraised for 250K.

We refinanced a year later. This appraisal came out to 310k. All we did was paint everything all rooms all ceilings. New carpet in main sections of home. Family room master bedroom halls stair etc. Oh and added a water softener.

While that may appear to be quite a swing in value, there is nothing in what you have written that would indicate either appraisal was less than credible or unreasonable...

In all (most) neighborhoods there are homes of varying degrees of condition, with similarly varying degrees of value. Maybe your home was purchased in overall average condition, but with the subsequent improvements performed was comparable to homes in overall avg(+)/good condition. Those homes of varying condition are always out there, the question is, where does your home slot into that range on the effective date of the appraisal.

towerdave

join:2002-01-16
O Fallon, IL
reply to cjski
said by cjski:

This is a strict violation is illegal per the Dodd-Frank Act that was enacted in 2010 I believe...

He never said that it was a demand, and he retired before that law was passed. And like I said, he would only do it if he could justify it. He was an independent contractor for an appraisal company.

TD

Critsmcgee

join:2011-12-02
Reviews:
·Verizon FiOS
said by towerdave:

said by cjski:

This is a strict violation is illegal per the Dodd-Frank Act that was enacted in 2010 I believe...

He never said that it was a demand, and he retired before that law was passed. And like I said, he would only do it if he could justify it. He was an independent contractor for an appraisal company.

TD

It doesn't have to be a demand to act like a demand. If your boss or CO suggests you do something you're going to do it. It's not a demand or order but it's inferred.
--
"Trust Me I'm The Doctor!" -Doctor Who