Home appraisal reddit The general trend for the national firms is to slice and dice appraisal reports to low-paid, often foreign workers. In most cases, I spent about 30-50 minutes at a property that I'm appraising. An appraisal is opinion based. I’m looking for some honest advice and opinions to see if this would be the right profession for me to get into. Should I also check anything with the central appraisal Related Real estate industry Real estate sector Business Business, Economics, and Finance forward back r/RealEstate real estate investing landlords landlord borrowing lending mortgages foreclosure loan houses house apartment financing loans buying a house foreclosures foreclosure forbearance home buying homebuying first time homebuyer I'm not an appraiser but I am a real estate agent. However, you may want to obtain the Certified General Appraiser license, this way, you could appraise for any type of real estate. I have a loan with PMI, and I've contacted my lender who said that if I request an appraisal with them (and pay a fee), the PMI might get knocked off if the equity in the home is 25% since I've owned it for a little over two years. An appraiser will never make the type of income a real estate agent can make but agents have to deal with people. . I wouldn’t worry too much about a low appraisal. IMO, if you don't like dealing with people, but like real estate and evaluating properties, then an appraiser is a good job. I think it could be. In some ways, it may be a lot like figuring comps. Could someone give me some insight into the VA appraisal process? Are houses likely to meet sales price if within the fair market range with a VA appraisal. Flippers came in the past two years and bought a bunch of homes, did crappy remodels, then sold them for major profit. It is not sufficient to simply report the subject’s sales history. Appraiser looks on zillow and drops the price 10% then walks around your house sniffing your undies for 2 hours. Jan 9, 2025 · For discussions of Real Estate Appraisal that do not fit into one of the other appraisal related forums. Discussions of real estate sales, real estate financing, rates and trends, real estate investing, or anything about real estate that is not specifically related to appraisal. A year ago it might have been saying appraisals are broken and housing is going up very quickly. ) I did this a few years ago and the appraiser did a full walk through of the house and the property. Our lender (builder affiliated, they’re owned by the same company) appraised the home as part of the mortgage lending process and the appraisal came up to a whopping 50k below sale price. My home isn't modern or majorly updated but they still appraise it as if it has been updated. Post financial meltdown appraisals are basically "bricks and sticks" so there isn't much you can that's cost effective that will matter in the appraisal. We would like to show you a description here but the site won’t allow us. ” That’s what some real estate agents and mortgage loan officers tell their clients but is it true? It’s true when you buy a home your lender will hire an appraiser to estimate the value of the house. Basically the problem they're trying to solve is that the only way to get liquidity from real estate is to take out a loan against the property (home equity line of credit). Does the manufactured home need to be bolted to the ground? What about tornado straps? Does it not count if it's pier and beam but just sitting on blocks? I am interested in learning more about these types of appraisals and the distinction between a mobile home and a manufactured home. Got the letter that PMI will be removed going forward :) Fees have been flat for the last 5-10 years ago, and on top of it all, the commercial appraiser is the least paid person in any part of a commercial real estate transaction. I purchased a home in late 2019, and the home values have risen quite a bit. (i. The appraisal value is what the property is expected to be worth in an arms-length transaction between a typical buyer and a typical seller. From The Appraisal of Real Estate, 14th Edition: Data on prior sales of the subject property is almost always relevant. Until hometap, there was no way to sell a percentage equity stake of the property to raise funds. e. We got our appraisal back on the house we are under contract for and it also was exactly $1000 over our purchase price. My first local managing broker started off as an appraiser, and he would go over any appraisal you wanted with you and I took them up on that I went over maybe 20 or 30 appraisals with him my first year and he taught me how to do comps like an appraiser, as well as how to do comps like an agent. My home is currently “valued” 5-25% below its actual appraisal depending on which site you’re looking at. I protested last year and got 10k knocked off the original appraisal. There was a miscommunication with the appraisal people, though, and their initial appraisal came back at $191k. From mortgage company "Unfortunately our appraisal company didn’t find anyone who wanted to take on this job and due date was 6/11. Specifically because the market has slowed a low appraisal at this point is telling you that you are overpaying. Also, rather than focus on cookie cutter residential deals where every appraiser could be your competitor, consider specializing in unique niche. Does non lender appraisal need a pending or active comp? Can someone teach me about "Pre appraisal"? Can a duet house to be a comp of detached home? Letter From FNMA 'Baptist' can't be in report You must log in or register to post here. I am in the process of selling my house and buying a new house. Human to human, that's a shit day. Today, we are firmly in the crosshairs of government policy, scorn from the mortgage industry, and a tremendous upheaval in some of the ways we've done business. Such bs nonsense. We have a VA Loan approved buyer. May 1, 2018 · “You can’t overpay for the house because you’re going to get an appraisal. To make the appointment he had to Uber to our house from the tire place. This is the route BBG, Bowery, JLL, and to a lesser extent Newmark and C&W are doing. Real estate appraisal has been a niche profession, primarily full of loosely associated "lone wolf" types working from home and mostly invisible. When we bought our current house a few years ago, the appraisal came back at $1000 over the purchase price. Good appraisers take into account recent sales in the area. Dispute it before going for a 2nd one. Appraisal value, sale value, and ease of sale are 3 different things. : commercial properties, farm appraisal, expert witness, etc. I'm in an older neighborhood, built in the 70s. Average comps were just above 300k and highest comps were 329k. This can’t be a coincidence, right? You've come to the right place! /r/realestateinvesting is focused on sharing thoughts, experiences, advice and encouraging questions regardless of your real estate investing niche! Structured Deals, Flipping/Rehabbing, Wholesaling, Lending, Land, Commercial Real Estate and more! If it has to do with real estate investing this sub is for you! Have a home selling for 320k. I work in a family catering business and enjoy it but I was looking at maybe venturing into becoming a real estate appraiser as well. Honestly, the AI and the state exam test questions are the biggest slap in the face having gone through all the hardship of training and education. He had to put on a spare and drive it to the nearest tire repair shop which was 20 minutes or so from our home and he was over an hour from his home. Wish we had an appraiser answering this, I am winging it a bit. We bought a year ago, and houses were appraising for what the offer was. Meanwhile, my friends’ home (same neighborhood, approximately same home & lot size/room numbers) has consistently been over-estimated since before they bought it several years ago. Appraisals generally lag in the early parts of the year before the spring season ramps up. Typical preapproval is based on current estimate of your house, but not on the appraisal, so if you believe you have added lots of value to your house the appraisal may come back higher, then you can talk to your lender to change to the higher appraised amount and refi, as long as you are approved of that amount, I recently did this myself Hello fellow Redditors! We recently signed an offer on a new construction in a community by a pretty well known builder in a tier 2 city in the south. My appraisal was $60k less than list price last week. Hello Reddit community! As someone who recently went through the home buying process, I wanted to share some insights on a critical part of buying or refinancing a home: the appraisal. Whether you're a first-time homebuyer, a seasoned investor, or just curious, understanding appraisals can be incre In the last appraisal I had, our appraiser showed up late after blowing out his tire. We had an escalation clause where we offered $191k and would escalate to $201k, and the $201k was accepted. Probably over kill but I set up the house as if I was selling it and preparing for a showing - have the house totally cleaned and vacuumed, items put away, all lights on in the house, yard freshly mowed and landscaped looking good. Last year I was refinancing my home (Purchased at auction, renovated and refinanced to recoup purchase and fixup costs), appraisal came back at $210k, I was upset and sent a 2 paragraph email to the appraiser stating why value should be higher (Park views - Mine had a $15k deduction for not being on the park Im across the street from it an look We just did this, the appraisal was about $125 and someone came to take pictures of the house as the “appraisal” and they asked me over the phone what improvements we had done to the house and about how much it cost. That includes about 15-20 minutes to measure the house (+15-20 if it's a two story house), and another 10-15 minutes or so to take pictures of the interior rooms and speak to the homeowner regarding any questions about the house. We had to cancel and reorder with another different company and the best due date we could receive is 6/3. bhesnmg ayfvyt bpd xgji pwekc qqnqes lzpvkww qcwet wotvuz fgjlo