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Buying or Selling a Home/Apprasial and Lack of Acceptable Comps
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Question
QUESTION: We have a rather unique home that (age/location/renovations/lot size, etc) the appraiser is having difficulty finding comps for. We might lose our buyer due to his loan not being approved by underwriters. Appraiser says there are no suitable comps....
Neighborhood is historic small town, where homes are never up for sale. What do you suggest?
ANSWER: Hey, Gloria.
I think you need a better appraiser. Although the appraisal industry is in just as much turmoil as the mortgage industry and the real estate industry as a whole, unique properties sell all the time. It just takes an experienced appraiser who knows where to go for comps and how to do adjustments. Find the best, most experience appraiser you can. He will probably be more expensive.
Hope that helps.
Russel
---------- FOLLOW-UP ----------
QUESTION: Thank you for your answer, however, we have no control over who FHA sends to appraise. We could have our own apprasial but it would not be acceptable to the lender, they pick their own.
Our realtor has spent days looking for comps that the apprasier and underwriters will accept, but so far no luck.
The apprasiers comps were questionable as well............thus the problem.
FYI, the FHA inspector found nothing wrong with our house and deemed it "FHA certified", for what thats worth.
Gloria
Hey, Gloria.
You and your agent can request a different appraiser, one more knowledgable and with more experience. Keep in mind that the lender really does want to lend the money to the buyers to buy your home, but sometimes it takes the sellers and the two agents to get the lender off of its "this is the way it's always been done" butt.
Let me know what town you're in and I'll see if I can get some additional information for you.
Russel
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Answers by Expert:
- Dick Dennis
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Russel Ray
Expertise
Through home inspections, I provide an education about real estate. I'm one of those rare home inspectors who has been involved in real estate in many different capacities: as a Realtor (in Texas), as a property investor/flipper, as a teacher, and as a marketing expert (for Realtors and home inspectors). I believe that my experience as a Realtor and property investor provides me with a different viewpoint about home inspections in that I work for my Clients, but when there are other people involved in helping my Clients, then I firmly believe in helping them, too. That includes Realtors (both the seller's and the buyer's), repair professionals (e.g., plumbers, electricians, etc.). If I can get all the players (seller, seller's Realtor, buyer, buyer's Realtor, and repair professionals) playing in the same sandbox together to accomplish goals as a TEAM (Together Everyone Accomplishes More), then I believe I have succeeded in my job as a home inspector. My profession is, in my opinion, much more than simply documenting the condition of a property and then take the money and run. I am also a rare breed in that I don't believe that one inspection fits the needs of all Clients, and I have led the industry in understanding that fact. For example, the goals of a property investor are far different than the goals of someone buying a property to live in. The goals of a seller (a pre-listing inspection) are far different than the goals of a buyer (a pre-purchase inspection). To that end, I offer 14 different types of inspections, e.g., STANDARD, LIST, RENTER, BASIC, MAINTENANCE, SPOT, and more. I believe in giving the benefit of the doubt to all professionals in whatever industry they represent until they prove me wrong.
Experience
Over 42 years in all aspects of real estate--building homes, renovating homes, inspecting homes, Realtor.
Organizations
National Association of Certified Home Inspector, Better Business Bureau of San Diego
Education/Credentials
Graduate of Texas A&M University; College Station, Texas
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