Good Appraiser

Paris167

Paris167

New member
Anyone know a good property appraiser? A friend in Irvine is trying to refinance their loan and needs appraisal.
 
Unless I'm mistaken, I didn't think you had any ability to choose your own appraiser anymore (I thought the banks essentially randomly assigned an appraiser). Always thought it was regulatory requirement, but maybe it is just something most of the big banks require. 
 
Good to know, I'll let them know. Although maybe they wanted to see what the house would appraise for prior to going through with a refi? When bank sends an appraiser how do they appraise a property? ESP with new construction homes in Irvine with not a lot of set comps.
 
The financing bank must perform their own appraisal. No way around it. Zillow is about 5% off true value all the time, worse depending on the type of property. Redfin's property value measure is reasonably fair and much more accurate than Zillow.

I recently had to get three separate appraisals for an inherited property. One was terrible, taking 3 weeks and coming in with a error filled junk report.  One was a "minimum effort possible" kinda guy - but got the job done with a reasonable view of the property. The last one was a champ, someone I'd be proud to refer people to given his level of professionalism and quality of work done. All three appraisals were about the same cost ($490) but the level of details and services rendered were miles apart. I can't say the better appraiser can get the job done quickly for you - high quality = high demand for services, but if you do order one, you can be assured the value is what is printed on the document. Appraisers aren't going to say over the phone "wellllll..... I think it might come in at $$$". You're going to need to pay for that information so call with an open check book at the ready. Send a PM if anyone is needing a referral.

My .02c
 
Soylent Green Is People said:
The financing bank must perform their own appraisal. No way around it. Zillow is about 5% off true value all the time, worse depending on the type of property. Redfin's property value measure is reasonably fair and much more accurate than Zillow.

I recently had to get three separate appraisals for an inherited property. One was terrible, taking 3 weeks and coming in with a error filled junk report.  One was a "minimum effort possible" kinda guy - but got the job done with a reasonable view of the property. The last one was a champ, someone I'd be proud to refer people to given his level of professionalism and quality of work done. All three appraisals were about the same cost ($490) but the level of details and services rendered were miles apart. I can't say the better appraiser can get the job done quickly for you - high quality = high demand for services, but if you do order one, you can be assured the value is what is printed on the document. Appraisers aren't going to say over the phone "wellllll..... I think it might come in at $$$". You're going to need to pay for that information so call with an open check book at the ready. Send a PM if anyone is needing a referral.

My .02c
Click to expand...

So my friend says her house estimate on Zillow is $1.62, and the Redfin estimate is $2mil which seems an over estimate. She needs to come in at $1.65 to make the refi work. So will the bank get multiple appraisals until one hits the $1.65 mark to make the Refi work. I'm pretty sure her house is worth at minimum $1.6 so if the appraisal comes at $1.63 I can't imagine that they would just tell her sorry we can't make the refi work. Doesn't the bank want the refi to work out just as much as the customer? ESP if appraisal is pretty close to their target?
 
Paris said:
So my friend says her house estimate on Zillow is $1.62, and the Redfin estimate is $2mil which seems an over estimate. She needs to come in at $1.65 to make the refi work. So will the bank get multiple appraisals until one hits the $1.65 mark to make the Refi work. I'm pretty sure her house is worth at minimum $1.6 so if the appraisal comes at $1.63 I can't imagine that they would just tell her sorry we can't make the refi work. Doesn't the bank want the refi to work out just as much as the customer? ESP if appraisal is pretty close to their target?
Click to expand...

Don't think the bank cares too much.  One of my refi's came in too low and I had to dump an additional $20k to get the refi done at the favorable rate.
 
Just like with realtors, there are good appraisers and there are no so good appraisers.  Unfortunately it's just the luck of the draw whether you get a good one or not since the lender selected the appraiser. 
 
"Chance favors the prepared mind." - L. Pasteur

While you can't choose your own appraiser, you CAN be prepared for when the appraiser shows up.

Suggestions:
Meet the appraiser at the property to allow for access.
Hand him/her a copy of your best comps. If you don't have them, get them from your realtor.
Include a list of specific value-added upgrades that might possibly be overlooked. (New A/C, kitchen renovation, bath upgrades, etc.)
Don't assume that the appraiser knows more than just the raw numbers of the neighborhood. Be prepared to clarify low-value closed comparables that an appraiser might not be aware of (ex: "Yes, that property was on the market for a long time and sold at that price because there was a murder-suicide in the home.")
Make sure the property is in the best "showtime" condition (no dirty dishes in sink, no laundry on the couch, quiet, and clean).

With this said, the appraiser does not HAVE TO accept anything you provide and may carry on doing the work without any of your input. He/she may still find a value significantly lower than you expect. At that point you can appeal the value and call out any factual errors, with a low likelihood of success, but still a possibility. If that fails, you can opt to pay for another appraisal, and start anew with another lender.

Hope this helps,
-IrvineRealtor
 
I actually had one of my other homes re-appraised because I didn't agree with the appraisal.

I pointed out the errors in the report and the bank actually sent out another appraiser (which I didn't have to pay for) and the new person had a more correct appraisal.

Squeaky wheel...
 
You must log in or register to reply here.
Back
Top