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Monday, August 25, 2008

Appraising a Home In a New Build Subdivision

"Right off the bat" I'm going to say I'm NOT an appraiser, but have a little bit of bones to pick. Talking to a new client today, I heard some unsatisfactory news. My new client is trying to refinance their house they bought only a little over a year ago. They bought the house grand brand spanking new, and it was one of the first homes built in the division. Since then, there has been numerous homes sold in this division from the same builder, with the same upgrades, similar square footage, and all the other things that tag properties as comparable to this one. My client had an appraiser appraise the home, and the value came back much less than what she bought it for. I call the builder, the owner of the company, and he tells me that there is plenty of homes that are selling in that subdivision that are comparable and selling for more than she paid for her's, in relation to dollar per square foot. I've never appraised a home, but I have done my due diligence in trying to ask experience appraisers the right questions during my time in this business so I can hold intelligent conversations at the coffee table. My understanding is that when a home is being appraised in a new build subdivision, the recent sales many times are not listed on the MLS or Multiple Listing Service that Realtors list homes on and the appraiser won't find newly sold homes in their system because they don't register. So, an appraiser must contact the area builder in that subdivision and request a list of comparable homes to be included in his appraisal. Talking about someone not having pride in their work. It is really disappointing to know that an appraiser in this market is taking clients' money for an appraisal and his service to them is not worth one penny they give him. This appraiser was referred by her current lender. Does the lender not want her to refinance and pay them off because they know that they are going to make less money on a refinance to a lower interest rate, or does the lender even know that the appraiser lacks the pride and motivation to produce credible and quality work? Are you getting the value you desire?

This is why you need to research the lender, realtor, or builder you decide to use before you hire them for their work. Don't forget to interview and research a little, or at least, ask friends, family, or coworkers for a referral when making big money decisions.

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Testimonials & About Me

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Frisco, Texas, United States
In 2002, Brad Lynch began energetically consulting families in finding the right mortgage plan for their needs. In the beginning years, he was trained by a mentor who led by example, and this example was the epitome of integrity. Brad learned in the beginning by his mentor that many prospects may not consciously see what good intentions he has for them, do to the “wrap” many have caused w/in this industry, but always do what is right for the customer and in the end it will payoff. Integrity coupled with an energetic nature to nurture relationships, Brad has created clients for life. Through these clients for life, referrals have become the lifeblood of his business.