Christine Kankowski North SD and Temecula, Excellent Sales and Property Management (House Match Inc)

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Rainmaker
3,826,819
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

14 months?  It's been quite some time since that has been an issue.  Good luck.

Mar 02, 2018 07:24 AM
Ambassador
936,801
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

If you've got better comps and supporting data, definitely a good idea to do a rebuttal, but make sure there are comps that are more recent and better (or an appraiser will just come back saying they went back that far to find a decent comp)

 

Was it a local appraiser?  Do you know if the order was through an AMC?  That also plays a role a lot of times, unfortunately.

Mar 02, 2018 09:35 AM
Rainmaker
1,115,859
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Our appraisals are 1 mile radius, no older than 6 months and need to be within 200 sqft. +- typically. If the appraiser violates that, I contest the appraisal with proper comps. However, the issue is never a surprise as my comps tell me what the appraisal will likely be before an offer has been written or received.

Mar 02, 2018 08:33 AM
Rainmaker
648,146
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

Hate when that happens. Appraisals are so subjective yet they are seldom changed once they are submitted. Maybe they were factoring in higher interest prices driving prices down in the future but that 14 month old comp should not be weighed in. 

Mar 02, 2018 07:39 AM
Rainmaker
498,796
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

We haven't had that issue for awhile.

Mar 02, 2018 09:30 AM
Rainmaker
2,946,331
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Only one last year.  Low by $10K.  

Mar 02, 2018 09:24 AM
Rainmaker
1,336,073
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Not in a year, and then it was an idiot who used a 3 year old comp!

Mar 02, 2018 09:21 AM
Rainer
69,538
Shawn and Angela Miller
Berkshire Hathaway HomeServices Amabassador Real Estate - Lincoln, NE
Lincoln and Omaha, NE REALTORS®

Only problem here is when the buyer clearly offers well over asking price in order to get the home in this fast paced sellers market.  Just had this happen this last week.  I told my sellers my list price was pretty spot on based on my comps, so don't expect the appraiser to come in at the buyers full offer price.

Mar 02, 2018 08:47 AM
Rainmaker
3,259,348
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Yes and not sure why when there are good comps, they just choose the worst of them, out of area, different condtion etc

Mar 02, 2018 08:24 AM
Ambassador
2,521,996
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

14 months?   Challenge it!

Mar 02, 2018 07:58 AM
Rainmaker
1,565,056
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Not really Christine Kankowski North SD and Temecula 

Mar 02, 2018 09:06 PM
Rainmaker
436,292
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

I found that usually buyers who are using non local lenders are the one who are getting low appraisal.  I think that's because the lender doesn't know the market.  An agent once told me that a certain lender intentionally make it hard for the appraiser.  The appraiser called her and apologized and told her his situation. 

Mar 02, 2018 03:10 PM
Ambassador
5,022,525
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Sometimes they need help with comps.

Mar 02, 2018 11:14 AM
Rainmaker
1,659,128
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Naww, it's just getting rolling for the spring. Happens every year just like the sun rises in the east ....

Mar 02, 2018 10:46 AM
Rainmaker
6,152,137
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good luck with your appeal.

Mar 02, 2018 10:35 AM
Rainmaker
5,532,518
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

no problems with that in our area....

Mar 02, 2018 07:25 AM
Ambassador
3,926,234
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Yes and I have discovered that they will only allow us to present ONE comparable that should be substituted for one that they used. It's a PITA and the rebuttals are often ignored.

We've had to go to having the buyers use another lender and that has been successful 100% of the time. Good luck, Christine!

Mar 03, 2018 08:56 AM
Rainmaker
3,069,179
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Not so far

Mar 03, 2018 06:51 AM
Rainmaker
1,507,525
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Nope.

But 14 months comp sound like overkill. 

Mar 02, 2018 11:03 PM
Rainmaker
1,990,904
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Not recently 

Mar 02, 2018 08:14 PM
Ambassador
4,309,851
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Christine Kankowski North SD and Temecula - none so far!

Mar 02, 2018 05:59 PM
Rainmaker
594,902
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

In central florida 25% of appraisals are short...a too common occurance.

  • Our market has rebounded very quickly
  • Properties are appreciating fast
  • Inventory is tight

Eve

Mar 02, 2018 01:29 PM
Ambassador
3,162,322
Anna Banana Kruchten CRS CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

It's been quite some time since we've had any come in low. One file took 3 different appraisers as the first 2 were way off and didn't know the property or the area.

Mar 02, 2018 01:11 PM
Rainmaker
5,164,230
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Have not heard that.  A

Mar 02, 2018 01:00 PM
Rainmaker
3,713,371
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Knock on wood, only had one of those in the past couple of years.... but that was a home I told the listing agent up-front would never appraise and that if it didn't he'd have to renegotiate the sale price down to appraised value. It didn't appraise and as he was also the owner, he took the contract price down to the appraised value which was exactly what I told him the house was worth when we made an offer.

Mar 02, 2018 11:01 AM
Rainmaker
3,713,523
Richard Weeks
Dallas, TX
REALTOR®, Broker

We see a few; however, they have improved.

Mar 02, 2018 10:01 AM
Rainmaker
1,601,074
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Having been out of the industry for a while, I've wondered how appraisers are dealing with current market conditions and the ever increasing prices. I know they are always using closed transactions as comps.  Isn't that what the banks want and demand?  14 months, though???  That's not going to work.

Mar 02, 2018 07:36 AM
Rainmaker
4,554,105
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have not yet this year, but expect to, we are seeing buyers offering WAY over list price just to secure a deal.

Mar 05, 2018 04:34 PM
Rainmaker
3,842,805
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Not seeing any major issues in my area. 

Mar 04, 2018 04:34 PM
Rainmaker
4,064,733
Dorie Dillard CRS GRI ABR
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

So far so good..not one low yet and it's been 16-18 months!

Mar 03, 2018 07:14 PM
Ambassador
2,999,581
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

had a couple late last year, so far so good in 2018

Mar 03, 2018 05:39 PM
Rainmaker
4,799,006
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

On occasion.

Mar 03, 2018 07:20 AM
Rainmaker
848,545
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

If sellers allow banks to be the negotiator, they forfeit advantage to the buyer.

Agents should know what the appraisal will be.  If price can be validated via comps, make those comps available to the appraiser. They rarely reject (never) the opportunity to make their lives easier.   And appraisers emerging from the POOL really do want an easy process.

If the agent and seller KNOW the property won't comp, special provisions need to be in place. Allowing the lender to negotiate the deal means someone isn't on their game.

Mar 03, 2018 06:49 AM
Ambassador
1,706,870
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Not in a long time.

Mar 03, 2018 05:33 AM
Rainmaker
4,433,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No.

Mar 03, 2018 03:15 AM
Ambassador
3,492,599
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Not yet this year...

Mar 02, 2018 10:38 PM
Rainmaker
3,985,753
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Not as of late, but I now a few appraisers that are no longer working

Mar 02, 2018 02:18 PM
Ambassador
3,986,094
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I had one a couple of months ago. The buyer changed financing and the first appraisal came in fine. The second for the other financing came in $2000 low. The appraiser wouldn't budge.

Mar 02, 2018 12:26 PM
Rainmaker
2,589,234
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

What we tend to forget or ignore or not even know that who ever hires the appraiser gives them their instructions. Go conservative is their orders

Mar 02, 2018 07:26 AM