I am getting a home appraisal for a refinance soon. The House I bought a year ago and put 40k Into Almost making it really nice. New stucco, landscape, hardwood floor, remodeled kitchen, remodeled bathroom Both etc.. So The Only recent sales in my area are not really comparable as They Are REO. How Will The appraisor determines my value?
Aaron Hoeffliger says...
Appraisers normally start out in a radius of about a mile of the property being appraised. If nothing have sold in that radius they will extend the radius.
Because you added certain things to your house, does not necessarily mean that what you added will give value or increase the value of your house.
If you upgraded the landscape to what the other landscape is in the neighborhood then that will add little value to the property.
Your remodeled kitchen and bath will do that.
The REOs sold in your area will be the established criteria for an appraisal in your area. Your appraiser might list that in his appraiser report which might be of some benefit, but the value of the property is what the lender/bank will eventually established the value of your property.
Your property might have lost a little value in the year that you have owned the property.
I hope that this has been of some benefit to you, good luck.
"FIGHT ON"
Posted on August 22, 2011
