William Piotrowski, Just Call William 630-881-8655 (Diamond Residential Mortgage Corporation )

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Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Um, isn't what people are willing to pay for homes a huge component of the marketplace?

Jul 25, 2016 07:00 AM
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Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

Thankfully, in Canada rarely is an appraisal required on a sale.  The power you give to these appraisers is unimaginable up here on what is at best, an opinion not fact.

Jul 25, 2016 07:02 AM
Rainmaker
19,816
Steve McRory
Pro Option Mtg. 888-662-4404 - Tampa, FL
Mortgage Loan Originator

Three things to consider are:

1. We're in a Seller's Market, so waiting could be very costly  

2. If you are purchasing with a Mortgage, the Appraisal will generally help to bring the seller's thinking in line

3. Once a sales price is recorded on County Record, generally the property is then worth the amount paid and can help with the apprciation of the neighborhood as other sellers will use your purchase as a new comparable sale to increase their asking price, etc.

 

Aug 23, 2016 09:19 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Kenneth J. Jones nailed this one!

Jul 25, 2016 10:26 PM
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Sounds contradictory, but it happens.   House with multiple offers, you would THINK it would appraise, but we just came in $20K low.   Grrrr!

Jul 25, 2016 08:48 PM
Rainmaker
2,443,200
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

We are having such a strong selling market that we are getting appraisals below purchase price maybe a 25% of the time. Kenneth J. Jones said it correctly, appraisers are operating in fear and do nothing to try to justify an increase in value. Plus with these appraisal management companies they are sending people from three or four counties away. Yes, they pay their MLS dues but they do not know our market. Disaster! They almost always come in low because of their lack of understanding our local market.

Jul 25, 2016 01:38 PM
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Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

I've only had one low appraisal recently and it was truly one I thought would be lower.  The price the buyers wrote was higher than our already high list.  The appraisal was still above where I thought it would be based on comps.

Jul 25, 2016 09:29 AM
Rainmaker
2,219,617
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I am not seeing this in my area.

Jul 25, 2016 09:06 AM
Rainmaker
2,775,731
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

If one is priced to sell and that dynamic is bounced off of comps, the appraisal has to come in with plus or minus based on condition & location  etc. It is not a mystery but instead a science. Science is methodical

Jul 25, 2016 06:43 AM
Rainmaker
1,840,036
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Yes, it's true. With lack of inventory the homes are getting bid up in price in some instances.

If the buyer is willing to pay that, why would appraisers not get with the program? I don't think appraisers are trying to purchase a home right now lol.

I'm scared to death that things won't appraise. We are still unloading foreclosures here.

Nice to see you Mr P!!

Jul 25, 2016 06:38 AM
Rainmaker
4,554,033
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

If this is a situation in the market which may be experiencing rising sales prices, then it needs to be addressed when offers are received.  It's quite common in our market to request that if there is an appraisal issue, the buyer will need to make up any difference.  Choosing the right buyer with the ability and desire to buy the home is crucial.     

Jul 31, 2016 02:20 AM
Rainmaker
1,498,388
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Appraisals are coming in at or above in my area.  Haven't had a low appraisal since January.

Jul 26, 2016 03:34 AM
Rainmaker
987,152
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Ok, I'm not clear on this one - isn't market price and what a buyer is willing to pay the same? What did I miss?

Jul 26, 2016 12:01 AM
Rainmaker
1,617,866
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

The appraisers truly have a lot of pressure when it comes to appraisal value vs. market value. Support your numbers with comps.

Jul 25, 2016 11:41 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not experienced the problem.

Jul 25, 2016 09:32 PM
Rainmaker
634,482
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Lately our appraisals have been coming in near the price.

Jul 25, 2016 06:42 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

William Piotrowski - appraisals are dictated by recent sales - and recent sales are high enough, why should appraisals be low?

Jul 25, 2016 03:57 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

In my area they come in at or above sales price about 95% of the time.

Jul 25, 2016 01:09 PM
Rainmaker
115,420
Jeanne Feenick
NextHome Premier - Basking Ridge, NJ
The Agent you choose REALLY does make a difference

Under-appraisals are most worrisome if market forces push prices over asking - multiple offers are happening in the most popular price points in the NJ market. Aside from that, more often than not, the appraisals are coming in on the money.  

Jul 25, 2016 12:54 PM
Rainmaker
1,619,191
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

The market does support prices now, since they leveled  last few months. 

Jul 25, 2016 12:17 PM
Rainmaker
4,974,786
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Depends on how good the listing agent is at providing the appraiser with good comparable sales!

Jul 25, 2016 11:43 AM
Rainmaker
1,237,495
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

95% at price, a couple are below.  I often can handle the lower appraisal.

Buyers are told they need to pad the difference at the time of making an offer. We often release the appraisal contingency at the time of making an offer.

Jul 25, 2016 08:07 AM
Rainmaker
3,986,196
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I am seeing a 90% coming in just above and only about 3-4% real low appraisals

Jul 25, 2016 08:02 AM
Rainmaker
1,712,551
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

About the only time we see it in Oklahoma City is when the seller has very little equity and the buyer no money for closing cost and is asking for it. When the price goes above listed then it can happen.

Jul 25, 2016 07:06 AM
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I've not had any appraisal issues in the last couple of years, and some have come in a little higher than purchare price

Jul 25, 2016 06:31 AM
Rainer
66,409
Kartik Subramaniam
Adhi Schools, LLC - Rancho Cucamonga, CA
Market Analysis--Educational Content, Adhi Schools

In large stretches of California (I could probably say most but won't because I don't quite have that much data in front of me right now), selling price is hovering around 98% of listing price. There are entire cities where selling price on average exceeds listing price. I would say that the market may not support these prices in the future, but by definition is definitely supporting these prices now.

Jul 25, 2016 06:03 AM
Rainmaker
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Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

This is a statement, not a question. What are you looking for from us? Agreement, or denial?

Jul 25, 2016 05:50 AM