Hi all,
Is anyone here a property appraiser? I had a few questions I was hoping for help with...
Basically, we got our HELOC reduced due to 'declining housing prices' & are thinking about taking the option of having the house appraised to appeal their new valuation. They basically lowered our appraisal by 40% - which I think is really excessive. Maybe 10%, 15% possibly, but we're not in a bubble area...
Anyway, a friend is arranging a discounted price with a friend of theirs who is an appraiser, but I had a few questions & didn't want to put her 'on the spot' by asking thing that I maybe shouldn't be asking...
1) Is there a way she could give us a 'ballpark' idea of value so that we can decide if we want to order the full appraisal or not?
2) How much do imperfections, repair issues come into play? Should I make sure that the little things that have been piling up are done before we get here in here?
Things like:
water spot on the 1st floor ceiling under the upstairs bathroom from a leak a few years ago, nicks/scratches in painted walls, some outdoor trim that needs to be repainted.
3) How much do in-process projects come into play? Will they cause the final value to go down? Will they cause the appraisal to be flagged in some bad way?
Things like:
Finished most of the basement over the winter - moved on to summer projects now, but the basement still needs wood trim, some closet doors, railing on a 1/2 flight of steps & a drop ceiling in the media room area.
In the process of installing rain gutters - around 50% done at this point.
Need soffit/fascia for front porch - the beam & framing under the porch roof is currently exposed.
When we had our original appraisal I seem to remember something about having to account for the value of the materials if they were not on site, but then I also remember some sort of deadline regarding a vanity that we had in the upstairs bathroom which wasn't installed yet.
Anyway - I'd appreciate any info!
Is anyone here a property appraiser? I had a few questions I was hoping for help with...
Basically, we got our HELOC reduced due to 'declining housing prices' & are thinking about taking the option of having the house appraised to appeal their new valuation. They basically lowered our appraisal by 40% - which I think is really excessive. Maybe 10%, 15% possibly, but we're not in a bubble area...
Anyway, a friend is arranging a discounted price with a friend of theirs who is an appraiser, but I had a few questions & didn't want to put her 'on the spot' by asking thing that I maybe shouldn't be asking...
1) Is there a way she could give us a 'ballpark' idea of value so that we can decide if we want to order the full appraisal or not?
2) How much do imperfections, repair issues come into play? Should I make sure that the little things that have been piling up are done before we get here in here?
Things like:
water spot on the 1st floor ceiling under the upstairs bathroom from a leak a few years ago, nicks/scratches in painted walls, some outdoor trim that needs to be repainted.
3) How much do in-process projects come into play? Will they cause the final value to go down? Will they cause the appraisal to be flagged in some bad way?
Things like:
Finished most of the basement over the winter - moved on to summer projects now, but the basement still needs wood trim, some closet doors, railing on a 1/2 flight of steps & a drop ceiling in the media room area.
In the process of installing rain gutters - around 50% done at this point.
Need soffit/fascia for front porch - the beam & framing under the porch roof is currently exposed.
When we had our original appraisal I seem to remember something about having to account for the value of the materials if they were not on site, but then I also remember some sort of deadline regarding a vanity that we had in the upstairs bathroom which wasn't installed yet.
Anyway - I'd appreciate any info!
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