I purchased an appraisal and one of the comps is 1 year old, one is 9 months old, one is 7 months old with a 2 car garage, the 4th comp is 6 months old with a 2 car garage and the last is still on the market. Considering there have been a lot sales in a cookie cutter area I question why did the appraisal not use sales that were sold less than 6 months ago. Why didn’t he make adjustments to that the subject property does not have a garage. Comparing the square footage and price per square foot the subject property is over priced by at least $20K. The subject property does not have a garage, the roof is old, the furnace and hot water tank is old. I am the buyer and I suspect that I am being taken advantage of. How do I get out of this deal without losing my EMD or at least get the seller to lower the asking price?
I have 3 appraisals on my property where one was done of the land only by an appraiser thru Chesterfield County as their is 8.69 acres to the property I’m speaking of and I have 2 additional appraisals which was just done also as things such as Sq footage in the house is different by quite a lot as they didn’t even put the correct siding on the home. The two appraisal’s came back with a $7,000 difference but neither recognized the land which is the most important part of the appraisal due to the area growing so quickly as being a 1/4 mile from a Walmart with Ambulance service almost directly across from property. The value of the land by the county is just as much as the house itself is. Properties around ours as a major subdivision is butting the property on 3 sides but we have seen where they take 10 acres and convert into a small subdivision in this area as it is so popular. There is a well and septic on the land where I was going to build directly across from my parents home and in the last 5 years we have uncovered the septic and had the county out to view this septic system as I was seriously thinking of building then. But none of the 3 appraisal mention this. As I paid well over $20,000 to have the well and septic put on the land here that is being appraised. So I’m going to contact all 3 appraisers to see if they will meet with me at a certain location to go over all issues. This is for a Estate settlement and I want the appraisal to be as accurate as possible and most definitely add in the land value of over $400,000 dollars that was completely left off the 2 appraisals. We have been offered in the past about $800,000 plus for the property and this figure is much closer to the correct amount than $391,000 for the appraised value by the 2 appraisers. I also had an appraiser out when we thought about putting a mortgage on the house and I was fortunate to walk through with him. We made it to the basement and he stated that the home was so well built where the builder added additional work that wasn’t required but was an excellent job. The builder was my father and yes he went above and beyond as this was his final home sitting on top of a hill like setting, beautiful. The appraiser advised me he would have to come back with a partner as the house as he saw it with the land would appraise at over a $1,000,000 and in this situation he has to have an additional appraiser to value the property also and sign off on the appraisal with him. So needless to say how do you go from $395,000 approximately to over a million as I’m shocked and know for a fact the property would be a steal at $395,000 approximately and dividing this for my share of the estate would be just a crush as I have taken care of my family in this home as I would not let them go to a nursing home where I took out my 401k to keep them at home to become their nurse with daily call ins to doctors, home Heath coming out almost daily as they were free thru insurance but when it came to having to pay for true nurses around the clock plus pay for their burials as they had no life insurance and I believe this is due to the fact of my father being 1 of 5 that started a volunteer rescue squad to serve the less fortunate and running this place for 40 plus years but to have a day job so there was an income to our home as my mother was also invested into the rescue squad and I know they have seen plenty of deaths that they couldn’t find the time to discuss their own nor a will. I have heard my mother bring it up to my father but he would say, honey let’s discuss this later. Now I have a brother whom has never paid rent in his life at 60 years old doing his best to get the house down so he May purchase the home as he has left me for 5 years living in my car or at a friends as I didn’t want to be a burden to someone. What a story but every word of it is true as I do not have funds for a new appraisal but I’m praying if I can kindly get them together to see the errors etc that they will correct their appraisal’s but going from $395,000 to $850,000 is a huge jump but this is the price the houses are selling for as one with land on 1 street over wanted right at $57000. An acre and our home is surrounded by Birkdale as their homes sell at this price with no land. Plus I don’t understand how you get 7 rooms with a house that’s over 3,000 sq. Feet as they didn’t mention 2 room I know of which may not be important but I thought everything was to be noted. I have closed mortgages in my earlier years as I was a senior closer for about 15 years and never seen such mess before. I just believe I’m trying to be taken after I put out everything I had as I worked excellent jobs all my life as my brother did for 2 years and then was self employed for the rest of his life where he found social security was only offering him $300 a month retirement. The worst of it all is he didn’t put out any efford nor a time towards their care or a funeral. As this is so sad but this is the predicament I’m facing at the moment as he has held everything up for over 5 years as he lives in the property, changed the locks the day my father died and would not allow me on the property as I was tired of calling the police EVERYTIME I wanted to go to my family’s home place so I have had to suffer away from everything I grew to know as a family home where every one was welcomed and such peace was felt there as they were good people!! Please keep this confident and if you have any suggestions I would be more than happy to hear them as I’m just on my last leg as they say and stuck there.
It’s great that you explained real estate appraisals and how to evaluate their performance. My parents want to sell their house and buy an apartment, so they’re interested in hiring an appraisal, and I believe your guide could provide key insight to them. I appreciate your information on what happens if you’d like to hire a different appraisal.