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Comps should be both recent and similar. They should also only be using sold homes, not homes that are currently on the market. Look at the comps the appraiser used. Contest The Appraisal/Ask For New Appraisal To Be Completed. 4. The issue of a low home appraisal should be of interest to more than just prospective buyers and existing homeowners. Real estate brokers can help buyers and sellers find comps to offer the appraiser, Johnson suggests. He or she might not know all the homes in your neighborhood that have sold recently. This is an economically flat area, and families around here tend to be very stable and they simply have not been listing their homes for sale through the recent real estate crash - everyone has stayed-put in the last 6 years. The appraiser will only find comps if they’re listed in the Multiple Listing Service. It's a two-stage step that plays a make-or-break role when it comes to the home you're under contract to purchase. Another type, often used for county appraisals, is the drive-by appraisal, where somebody may take a current picture of the home and research comps without going in to the home. What happens when there really aren't any like properI'm buying a duplex and the first appraiser just backed out, because he couldn't find any comps. terraces) and parking spaces are also not considered in calculating appraisal value, but the appraiser may make an adjustment in the price for such amenities. Inaccurate comps. The appraisal happens sometime between the time the home goes under contract and the projected close date. Normally you would want a comparable property that is no further than half a mile from the subject property. In most cases, contesting the appraisal or asking for a new appraisal to be completed is unsuccessful. Outdoor space (e.g. What happens when there really aren't any like proper When you contest an appraisal or ask for a new appraisal to be completed, you’re theoretically saying that the bank appraiser was wrong with his … How Do Appraisers Select Comps? If the broker believes comps may be present a problem, the buyer and seller can plan accordingly. An improper valuation can derail a homebuyer's mortgage loan, disrupting a home's sale for the seller, not to mention both real estate agents involved in the transaction. How to Get a Fair Market Value Home Appraisal When There Are No Comparables. Plus, custom-built homes recently built in the neighborhood cannot be considered as comparables unless they have been exposed to the market and to a typical buyer—and not just to the person who requested the custom features and design in the first place. The VA appraisal is one of the critical pivot points in the loan process. I cannot seem to find any comps in my area from the last 6 years when we bought the home. Those requirements can make it hard to find other new construction comparables. Coming up with a value for the property lies at the heart of this, and that part of the appraisal process relies heavily on something you cannot control -- what others have paid for nearby houses like yours. An appraiser is using comparables that aren’t a great match with the home being appraised. I'm buying a duplex and the first appraiser just backed out, because he couldn't find any comps. One of the first aspects to consider is market area, or, the relative proximity of sale to the Subject property. What happens if an appraisal is too low? "Most often, if the appraised value is not as high as the agreed (contract) price, the seller's agent will ask to see the comps and get a second or third appraisal," Saatchi says. You would want a comparable property that is No further than half a mile from last. 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