According to the listing information on a house for sale in Skyline Country Club, it was “recently professionally appraised for $950,000”. And that’s really interesting. Because it sold for $885,000 in 05 and for $975,000 in 07. And even though everything has dropped 30% or more since 07, it still appraised for $950,000 today. My oh my.
Hey anything’s possible and I suppose it could have miraculously held its value while everything else fell. At least it has according to the professional appraisal.
But the marketplace hasn’t put much credibility in that appraisal and apparently the owner of the house hasn’t either. It’s listed for just $799,000 – and has been for a while - and it’s still for sale.
And yes I’m on the war path with appraisals and the whole appraisal process. Because I’ve had more than my share of flawed, blatantly wrong appraisals and I’m sick of it. Why does it happen, because the new and improved regulations that govern who and how appraisers are assigned often result in the appraisal and valuation of the home you’d like to buy being in the hands of an appraiser who has little or no experience in the foothills – and maybe even no experience anywhere. And that’s a disaster in the making. And it happens because the appraisal management companies that are hired to hire an appraiser – isn’t that dumb, now we have to hire someone in order to hire someone - are mainly interested in getting the job done as quickly and cheaply as possible. Even the appraisers will tell you that.
I recently got an appraisal that blatantly ignored some serious flaws in the comparable properties – like being located next to a busy road, like Campbell Ave, or having an array of power lines along with a power pole running right through the backyard. And more. And the appraiser didn’t make adjustments in value for those very serious and unfixable flaws. And I emailed him and pointed out my concerns and still he refused. Just refused.
So I emailed the appraisal management company that hired the appraiser and pointed out the items I took issue with and why. And they never replied. Nothing, not a word. So I googled them - Accurate Appraisal Management Services – and lo and behold they had a web site so I went there to get a phone number or mailing address and maybe go knock on their door.
But there’s nothing, no phone number, no mailing address, no email address, no contact info on their web site. What’s that about. Perhaps it’s just easier if no one can get in touch.
The point is, if you get an appraisal that appears to be wide of the mark, it may in fact be wide of the mark.
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