Appraisal comp the house sale price from 2002 and many other wired data collected

[Anonymous]

I just got an email from LO with the result of appraisal of our house and I'm so confused. Please help us or clear some thing in our mind. From the comp in appraisal sheet our appraiser used :

1. Sale price in his comp comes from very old dated 11/12/2002, 5/6/2008 and no prior sales found ( You know what I mean the market of house in 2002)

2. Two (2) houses in his comp are 19 years old and 8 years old ( Our house just build less than 3 years old)

3. Gross Living Area 4631 sqft in our house is far more bigger than 3522 sqft in one of his comp AND we have 2 stories in family room, foyer areas, PLUS we have 9 ft high in first floor and finished 9 ft high in basement area total with 2300 sqft.

4.  We have 3 cars garage but he put only 2 cars garage in his comp. (No car garage in one of his comp) 

5.  The other houses he used in his comp in the area have much less value compare to our house location zip, areas and neighborhood  etc.

And many many more ..... oh more in his report he attached other houses photos collecting from copyright 2005, 2007 MRIS nothing close to my house IMHO.

For those reasons our house value goes down a lot and LO asked us to put down more money in order to do a refi. I am so MAD right now and don't  know what to do with his nasty, ughly appraisal report.

Last year another appraiser collected the date much more close to our house and the sale price were recently around our neighborhood with many new photos in appraisal package. (I think he did a lot of work in his report)

I didn't have a chance to talk to my LO yet. Please  let us know ASAP Thanks so much for your experience and inputs.

[IOBA]

Did you need a new appraisal? 

If the one you received is so much less than what you need it to be or what the one was last year, offer up the one from last year and ask for a manual review.

Good luck!

[Anonymous]

Thanks for your input. Homeowner doesn't have any control on any appraisal. Lender order it directly and I only received a copy of the report. I don't think LO or UW will accept the appraisal from last year, but I'll ask as you suggested.

[IOBA]

True - lenders control the appraisal.

The potential home owner/current home owner can ask for a manual review based on new or different information not included in the appraisal.  

It's worth a try!  

[Imhotrodcrazy]

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@Anonymous wrote:

I 

Last year another appraiser collected the date much more close to our house and the sale price were recently around our neighborhood with many new photos in appraisal package. (I think he did a lot of work in his report)

I didn't have a chance to talk to my LO yet. Please  let us know ASAP Thanks so much for your experience and inputs.

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If you feel that the last appraiser was better and more professional in the way he/she collected the market data,  then I would ask the bank to contact that appraiser to just "update" the appraisal.  That way, they only need to collect the data from the date of his/her last appraisal report.  They already have most of the necessary info on the home.  You will need to pay an additional fee for the appraisers time, but it won't be the full cost of an appraisal report.  Many  lenders will allow an appraiser to update his outdated report with a "letter" of current market  value  to add to the outdated report.  Good luck to you. 

[Anonymous]

It does seem that your current appraisal is off, but a good appraiser knows how to adjust for house size and variables.  The weird thing to me is the old comps.  Is he using dated pics of houses that actually sold recently? or is he/she acutally trying to use the sale information.  I have seen an appraiser use a pic that was old for a home that has since been sold.  Especially if they forgot to take pics at the time ot hey did not turn out well.  A quick google search of the address will often pull up an old pic from a previous sale.  That said, it does sound weird.

One thing, your appriasal from last year is likely irrelevant.  No banks will accept an appraisal that is handed to them and since home values have probably dropped 5-10% or more in the last year, any info on the report would be inaccurate.  You just need to request the bank tell the appraiser that the appraisal is not up to date and have the bank and appraiser review the info to get a better appraisal.  It sounds like you have a solid claim for a review of it.

[Anonymous]

Thanks again for all inputs. We're still waiting to talk to LO.

In appraisal report he took pictures of house for sale from 2005 and 2007. He didn't do any actual measurement inside as appraiser from last year. This appraiser just asked us for a lot survey of our house therefore in his report the second floor layout doesn't match with our current floor layout ----> very very sloppy job.

[Anonymous]

I would contact the appraiser to request more updated comps. That's his job to provide a reliable comps.

Are you living in a rural area without a lot ot sales transaction?

[Anonymous]

My LO asked me to provide a list of houses were sold and listing around my area and then she fowards to Appraiser, but it doesn't have any impact or change in his current listing of house for comparasion. However, he increased value of original appraisal price by 15K due to his incorrect date about our 3 cars garage and fenced all around my house. Right now we have only 2 days until close therefore; LO extended rate lock. It was a crazy appraiser, careless people out there. Just like to take $400 or send people a bill without putting a time in his work.

[mickeyk9]

Really depends on the area, but around here 3 months of sales data is about as far back as they'll go or allowed to go.  I've seen 6-8 months included but only it's relevant enough to deviate from the data within the last 3 months.  Of course this is an area with a lot of activity and inventory turnaround.

I'd be very weary of the appraiser going back that far and to top if off, not taking measurements.  Like others have said, the picture might be old, but if the sales data is 6 years old that's a no-no, at least around here.