Скачать или смотреть 4 Common Appraisal MYTHS Los Angeles, Orange County, Real Estate Agent / Broker, Rob Castro Realtor

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4 common myths about appraisals I see on a regular basis:

Appraisal Myth 1 - Appraisers set the value of a home.

Fact - An appraiser’s job is to produce a reliable opinion of value based on current, relative market data (like closed comparable sales)

Appraisal Myth 2 - The money the home owner or seller puts into a property for upgrades or improvements translate dollar-for-dollar into a higher appraisal

Fact – The cost of an improvement project MAY increase the value of a home BUT the increase has nothing to do with the cost or the amount OF money the seller actually put in. It has everything to do with what a buyer is willing to pay for them.

Appraisal Myth 3 - The appraiser works for the buyer

Fact - Even though the buyer / borrower pays for the appraisal the appraiser is hired by and actually works for the lender.

Appraisal Myth 4 - Once an appraisal is done that value is the only value the lender / bank is going to use no matter what.

Fact - This is not at all the case. An appraisal is an opinion of value from a human being on a given day. We all know human beings sometimes make mistakes. A short story:
I listed a property in Orange County, CA for $800,000
Within 10 days I had 4 offers between 785 – 790, obviously the market was saying a buyer was willing to pay in this price range. We accepted an offer for 790. About 10 days later the 1st appraisal came in at 700k! We knew this was ridiculous and I told the buyer “if you want the property you’re going to have to go out get and pay for a 2nd appraisal. The buyer did because they knew the appraised value had come in super low. So the second appraisal came in about a week later. This appraiser was looking at the same property, same market data, same MLS, etc and his opinion of value was 790k. A 90k difference within a week from each other! It just goes to show an appraisal is just an OPINION OF VALUE from someone on a given day.

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Rob Castro
Real Estate Broker
Direct Phone: (949) 922-0393
Office Fax: (714) 644-8080
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