Question by confusedwifey: What is a desk appraisal from the bank?
I am trying to obtain a loan from the bank. They are doing a personal loan. The way the banker explained it to me, they will contact the tax office and obtain the assessors report and then do a “desk appraisal” by calling me and asking questions about improvements done to my home. I know the house was appraised at $ 35,500.00 in 1995 but major improvements have been made including additions.
Best answer:
Answer by Glenn S
The bank will not send out an appraiser, but instead look at the “comps” in the area and get a good idea of what the property is worth today.
They will look at the improvements that you have made to your property then compare your property to the other like properties that have sold in the area within the last six months. They will adjust what they think the value is up or down compared to those properties.
That is what Realtor’s do when they give a Comparative Price/Market Analysis to determine the price of what a property should be listed for.
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Question by Rog V: What’s better: Zestimate or Total Assessed Value (TAV) in determining the current value of a home?
I know what each is individually, but just wondering what the true difference is between these and what the “real life” use of TAV is, relative to, say, comps (I’m assuming Zestimate is essentially an “appraisal” of sorts that takes into consideration comps). Does it also calculate in TAV? If not why not?. I’m having trouble discerning between these as well as their relative importance. If someone can put these in perspective, I’d surely appreciate it. Thanks.
Best answer:
Answer by Ross
I work in a rural area. For me if I see anything saying assessed value that would have to do with taxes. From what you are saying above a zestimate sounds lick a table top or drive by appraisal, which is a very quick general appraisal compared of other similar homes using mostly comps, no actual appraiser showing up and really evaluating the property. Zestimate sounds like some website offering you that as a way to suck you into other services and send you poop loads of junk mail.
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Question by jonnyboy: What are your legal rights if the house you bid on a home and the appraisal falls short of your offer?
I placed an offer on a home for 120,000. The seller has accepted my offer, and I am waiting for the appraisal. There is a lot of “cosmetic” damage, and will probably cost $ 10,000 to replace the carpet, paint the walls, and put in a yard. After that has been accomplished, the house would look near brand new.
My concern is that the house will appraise for 10,000 -15,000 dollars less than my offer. When my realtor wrote up the contract, I do not recall “offer contingent upon appraisal” in the contract.
If there is no terminology in the contract that states “offer contingent upon appraisal” and the seller has already accepted our bid, can I break the contract if the appraisal fall short of my offer
Best answer:
Answer by Goofy law student
Granted I’m only a law student, so I’m not positive, but I’ve had basic contracts. I would look to the terms of the contract. If it does not include that term, you’re pretty much locked in, unless you’re willing to break the contract and risk whatever that entails.
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Question by : low ball appraisal on refinance in stable real estate market?
We are located in Greenville, SC. Prices here are stable. We bought our home about 9 months ago. It is designed by Don Gardner, has 3 bed, 2 bath…2400 square feet with a half finished full walkout basement. The house was new when purchased and was on the market for 10 months and builder was eager to get rid of it. We purchased it for 250K and the list price was 280k. Builder and agent claim we basically paid for the costs on the house…may not be entirely true but it is probably close. Anyways, when house was appraised for purchase the appraiser used the house next door for one of the comps…similar house but finished basement sold for 290+. So we tried to refinance with our mortgage company and the appraisal came back at 200K. Same exact appraiser. The comps she used were of homes a few streets from us. They were the same size but 8-10 years old and without basements. Without a doubt not very comparable to the new home we purchased 9 months ago. Seems kind of screwy to us and it looks like we are out 500 bucks. We tried to send in other comps to argue the appraisal and they were rejected. We feel like they are doing this to keep us at the higher rate? Any thoughts? What is funny is that she has the same statement in both of our appraisals “home prices in this area stable” and yet now she says our home is worth 25 percent less. BTW there are no foreclosures in our area. The builder just sold like 5 new houses in the neighborhood and is building some basement houses so we are thinking of trying a local mortgage lender….smart move?
Best answer:
Answer by Asda
let someone else handle it
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