Question by Quest: Appreciate serious responses from Real Estate professionals – please?
http://answers.yahoo.com/question/index;_ylt=AkPmMG6BwdTOY6mKMYrtGd_sy6IX?qid=20061223105342AAePFkh&show=7#profile-info-43aa6ad3232b5dcfe0f29ae38620b1abaa
Please vote on the above and comment on the below. These questions are being forwarded around.
Exert sent to BuyAgnt (known prior), after Sell Agnt(we) attempted to verify value for them at their request. “This Appraiser has a comfort zone. Will not accept substantiating info to vary. Cannot keep appts, too busy. States using cost appr then counters w/mrkt appr figured in. Chasing after him to let us show what other Appraisers have recognized only sets off barage of ‘integrity’ speeches. Limited comparables,for low sq ft props, in local rural area. He will not stretch area/time span to find. Recent sale 30 miles away~1523 sqft sold $ 185k, balances on location/amentities with ours.
Thru outside sources learned that new Wal-Mart (buyer transfer) uses Relocation Service. Maybe this Loan Co related; FHA they use this Appraiser. He claims he is independent/reps whoever hires him, yet had buyer info we didn’t. Had to ‘protect’ that buyer or is it just his status with loan co.
6% Realtor high to go thru all these contortions to prove one’s value. You even advised not to drop price. If we had – we would not have gone Realtor. Appraiser related media news regarding fraudulent loan officers who conspire with Appraisers to bilk buyers/sellers. Ours did not do that. We are tired.”
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Vote link and saga two totally different askers/scenarios: questions only related by square footage issue which is the linear thought. Comments requested on saga are your views on what is happening in the saga. Know this is a ponderous question involving one house. Thanks!
Best answer:
Answer by rogers_andrew
I couldn’t see anyone approving that. That is a huge determining factor. That is nearly impossible to support unless there is a VERY particular thing about the house like Abraham Lincoln was born there.
I would say the chances of getting it approved at anything over 1.5 times the norm $ $ /sq ft is about .00000001% with FHA
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I have no idea what you’re really asking, since there isn’t a linear thought anywhere in the body of that question.
That being said, appraisers ARE independent. Their opinions may vary substantially. It is as much art as science valuing a property, especially one that has limited comparable sales in the area, like a rural property.
You can always pay for a new appraisal and see what you get. But you can’t just pressure an appraiser to change his value. It doesn’t work that way, not even for a mortgage company. Assuming the appraiser has any integrity, which it sounds like yours believes he has.
If the value is too low, and you’re trying to buy this home, he’s probably doing you a favor by giving you the truth, that this home may not be worth what you thought. You don’t want to buy it and be upside down the minute you walk in the door.
In Louisiana the minimum sq ft FHA would lend on is 700 sq ft of living area. Appraisers are hired by lenders to justify the purchase price for their investment. If you got 5 appraisals they would all be different amounts. They should be close in value but an appraisal is one person’s opinion.
Smaller houses usually have a larger price per sq ft because the land value is constant. If you were to subtract the land value from two different size houses in the same condition on the same size lot the price per square foot would be very close. There are many things taken into consideration in appraising a house. Each state has different rules on what an appraiser can use as a comp. You should be able to check the Real Estate Commission in your state to see if they have it posted.
If the buyers as you say were applying for a FHA mortgage than the mortgage originator had no idea who the appraiser would be. FHA assigns the appraiser not the lender.
Hope this helps.
Michael