Home appraisal

[exrider416]

Does anybody know of a good place for home appraisal? Looking at a house and I want it appraised before I make an offer. Also how much is an appraisal typically?

[5.0calypso93lx]

Appraiser or inspector? Bank usually provides the appraiser.

I used Jim Walsh at Amerispec. Guy was awesome and his price was very fair. Only does Ohio though, not KY or IN. I'll have to get his contact info for you tomorrow as it's in my work email.

[exrider416]

Well I want a third party appraisal to see what they think its worth. I just feel the bank will appraise it higher just to get the mortgage.

[95redstang]

Well I want a third party appraisal to see what they think its worth. I just feel the bank will appraise it higher just to get the mortgage.

They wont do that any more.

[95redstang]

Well I want a third party appraisal to see what they think its worth. I just feel the bank will appraise it higher just to get the mortgage.

They wont do that any more.

[leroy93lx]

We just had our house appraised for an insurance change and it was $330.00 It seemed high until I saw everything the poor guy had to do. He measured everything , documented everything under the house, in the attic , plus measured the property.

[bestracing]

You can get a rough estimate by looking up property values in the area that have sold in the past year. The houses have to be similar in construction (Ranch, 2 story, Bi-level) and near same square footage. If it's in Hamilton County the web site is http://www.hamiltoncountyauditor.org/

This is what the appraiser does and how the banks justify the value of homes. The bad part for the seller is price can be affected if there has been a lot of short sales and foreclosures in the area which can be good for you.

[5.0calypso93lx]

They wont do that any more.

You sure about that? :lol:

[04 Venom]

You can't get an accurate appraisal without an examination of the interior of the home. Best you can do is pulling the comps for that area.

[exrider416]

You can get a rough estimate by looking up property values in the area that have sold in the past year. The houses have to be similar in construction (Ranch, 2 story, Bi-level) and near same square footage. If it's in Hamilton County the web site is http://www.hamiltoncountyauditor.org/

This is what the appraiser does and how the banks justify the value of homes. The bad part for the seller is price can be affected if there has been a lot of short sales and foreclosures in the area which can be good for you.

That is pretty much where i am at on the house. It is a ranch home and two others very similar a mile down the street (same neighborhood) sold for extremely less than the asking price on this house is why im so concerned. The only difference in the house i am looking at is that it has a detached 2 oversized 2 car garage. Asking price is 79k on the house i am looking at, the other two sold in the 20k range, and i dont think the garage adds 60k!!

[bestracing]

No the garage would not add that much. Looks like the other two were repo's and probably auctioned off. I can't imagine a house going for so little. Are the other two ranch houses have the same living square footage as the one for sale? This might be a hard sale for the owners being caught by the recession and they could be upside down on their loan now and can't come down much. Our neighbor is trying to sell their 2 story house for 162K, at a loss, and hasn't had any luck. When I bought mine it was at 118K, 5 years later appraised at 135K, in 2008 houses in our area were in the 150k's and now my house maybe would appraise in the 120's near what I paid for it 15 years ago.

You should also look into the insurance for this place. When I bought my first home I was thinking of building a detached garage and under the normal policy they wouldn't treat it any different than a shed which then it would have been under covered. Might need a rider policy for it to cover whats inside and replacement cost.

My wife use to be a loan account manager and I learned a little from her :D

[exrider416]

The one was actually bought from the owner and the other was bought from the bank at what they were asking. Both homes were bought by my friend for rental property. That's why I am having a hard time offering anywhere near there asking price