What is this C&@P about drive-by appraisals? I cant believe that banks do this! How can you judge a houses worth by looking at the front and nothing else! You have no clue as to the state of anything else!
Our RE agent told us this method has been causing issues lately b/c they under appraising the houses!
Sorry this house process is so annoying, coupled with a wedding in 2 months and I am ready to snap! I cant wait until this whole thing is over!
mlp924
Posted:
Member since
Re: Appraisal
Yep! I agree! The inside might be mint but they'll never know and you'll never get credit for it!
LIPrincess00
Posted:
Member since
Re: Appraisal
I agree. This buying a house and planning a wedding at the same time is so stressful, I cant stand it. My house was appraised then he went in two days later and raised the value just a little, when I asked why they said because they mostly go by the area then they'll look at the house, but its usually not necesssary. (I dont know if this is true, its what I was told).
tjspidur1
Posted:
Member since
Re: Appraisal
FYI: drive by appraisals are more done for home equity loans than they are done for mortgage loans. Talk to your mortgage officer directly if you have any concern about this. Hubby is one and he gets calls all the time and is happy to oblige.
Kelly9904
Posted:
Member since
Re: Appraisal
Right now we are fighting with our bank because we are not happy with the appraisal value! They did a 'drive by' which as I stated is crap! because with this they do not see that our house has 2 BRAND new baths, a jacuzzi tub, a new kitchen, central air, a finished basement, as well as many other extras! We have NO work to do except painting! But by doing a 'drive by' you dont know any of this! which is just insane! They simply look at our house then go back to their little computer and look at recent house sales! They dont know the conditions of those homes at all, so how can you compare? Our RE agent is wonderful though, she sent them over numerous recent house sales that are comparabe to our home yet sold for more! One house we even looked at an it was not in 1/2 as good condition as our and it sold for 6Kmore! No matter what we are getting our house but its just another annoyance with the whole process!
jags77
Posted:
Member since
Re: Appraisal
Are the appraisals coming out to be much different than the purchase price? Usually they do drive bys when you are financing 80% or less. They base it on comps in the area and what you are actually paying for it. Usually- there isn't too much of a difference in the 2 figures as they are swayed by the price stated in the contract (which they see before they go out there).
You can also have the realtor (or you yourself) send the bank a list of the amenities of the house- such as jacuzzis, 2 zone a/c, so forth.
Kelly9904
Posted:
Member since
Re: Appraisal
The price isnt way off but its off enough to be annoying! We are going to the bank today to try to work it out!
Really its just an annoyance! We are putting over 20% down but the whole thing is just frustrating! Because how on earth can the appraise a house, and decide what its worth without ever looking at it???all they did was look at the front, man, I could have sent them pictures if thats all they were going to look at! Again its just an annoyance, not really an issue!
DjPiLL
Posted:
Member since
Re: Appraisal
You can ***** and have them change the appraisal. I had that done on my last place.
The problem with appraisers is... yeah they look at recent home sales. However, they look at sales from like six months ago. They don't look at recent home sales... or better... homes currently in contract.
Also... 'options' on a house really aren't worth what you think in the open market. Yeah a new bath would be great for you and I am sure you will enjoy it. However... an appraiser will not take that into consideration as much as you would like.
Good luck! I know what position you are in. Big pain in the ***. Especially since you are putting down 20% to avoid PMI... yet if the appraisal is low... then the 20% goes out the window and you are stuch with PMI anyways.
