Can home appraisers see previous appraisals?

Can home appraisers see previous appraisals?

Appraisers generally will not use any data that goes back longer than six months. The older the data, the less accurate it is in determining current real estate values. Ideally, the data should be three months or less, if possible. These homes that they are using will be what is considered most similar to your home.

How do I find out what my house appraised for when I bought it?

Contact a local, licensed or certified appraiser who is familiar with your community to give you a current market evaluation of your home. Independent appraisers have no hidden agenda, are not working for lenders or buyers, and can give you a qualified estimation of value for your home.

How recent do comps have to be for appraisal?

Comparable sales must have closed prior to the inspection date of an appraisal. Appraisers cannot use comps that close after the inspection date. The strongest indicators of current value are those comps which have closed within the past 90 days.

How do I find the current market value of my home?

Divide the average sale price by the average square footage to calculate the average value of all properties per square foot. Multiply this amount by the number of square feet in your home for a very accurate estimate of the fair market value of your home.

Can I give comps to an appraiser?

The appraiser must look at it and determine its comparability to the subject property. This is the same for the sales that you provide to the appraiser. They cannot be considered “comps” until the appraiser has looked at them and determined if they are truly comparable.

Do appraisals come in low often?

Certified general real estate appraiser Mason Spurgeon estimates that about 20%, or one in five appraisals, come in lower than the sale price. A good appraiser will only analyze the contract and search for sold/closed market sales to complete their opinion of value.”

Who pays for appraisal if loan is denied?

In most cases, it’s still going to be the buyer. “The buyer is usually required to pay the appraisal fee upfront, and it is owed even if the lender does not move forward with a loan,” says Lee Dworshak, a real estate agent with Keller Williams LA Harbor Realty in Rancho Palos Verdes, CA.

Do appraisers consider pending sales?

Pending sales and listings are only used on the appraisal report to show what the current market is doing; appraisers do not consider these comps in their final opinion of value. The appraiser must also consider the lot size and lot utility in the valuation.

Do appraisers consider active listings?

In short, it is a myth in real estate to believe appraisers cannot use current listings in a valuation. That’s simply not true.