How Does A Home Appraisal Work?

[@adammonroe2679]

As an appraiser, I appreciate you making this video! Shedding some light on an important step of the home buying process.

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@mannypelayo7370]

In your opinion, how much does an improvement like a retaining wall in the backyard add to the value? We spent 20k, the wall created usable space and added 5000 sq/ft of sod. Your opinion would be appreciated!

[@daisyn1131]

Hi! I’m curious, do appraisers look at whether add ons on a home are non permitted? For example a sellers converted a carport into a un permitted garage? So technically the home does not have a registered garage

[@ragtie6177]

Adam. Please read my question above on appraising with no comps to speak of in the area. Thank you so much.

[@VitalGlory]

@@mannypelayo7370hey I know this is a really old comment, but figure I would answer anyways. One thing to note is the contribution value of improvements are often not equal to the cost of improvements. For example, an inground pool may cost $70-100k to install (Ontario Canada) but will only add about 25K in value because that’s what the market values it as. Landscaping is very expensive and it often adds very little value (unless extensive). Think of a buyer viewing your home. Will they see that retaining wall and say: ‘wow I’ll pay an extra $25K for that!’. Most likely not. It’s hard to say how much it really adds in value, but the return on the cost would be very little.

[@guitarstar717]

This is the best video on this subject without the loud, fast talking bells & whistles etc.

[@WinTheHouseYouLove]

Glad you liked it! Thanks for watching. You can also check my new uploads. Hope you will like it as well. :)

[@reinmac4559]

Your voice is very soothing Kyle. I’m binge watching your videos. Im a first time home buyer, pre approved for $400k but man , I don’t expect how tough the competition was buying house here in Washington state😩. There’s a lot of buyer due to low mortgage rates but not much house in the market, driving multiple offers for a house, about $20-40k above asking price .

[@WinTheHouseYouLove]

Thanks! It's tough out there, especially with such low inventory! Hang in there!

[@steevthetech]

Rein - you are so correct! We are building a new home in Washington and dealing with multiple offers has been crazy.

[@lovehappens8356]

We struggled too but then started to look at homes that had been a bit longer in the market

[@Rchandler0203]

Same thing in Ohio. Start searching for someone willing to sell for sale by owner

[@REI-20244]

Thank you so much for this. I’m a buyer and the the appraisal was completed yesterday. This video is so helpful in helping me understand the process. Thank you once again for this video.

[@WinTheHouseYouLove]

Glad it was helpful!

[@sarahcorona6673]

Can't believe I just found your channel after doing home buying research for over a year now! Been binge watching your videos! They have been very helpful!

[@WinTheHouseYouLove]

LOL! thank you!

[@Candy-yk5pg]

I got a good understanding of how the appraisal work. Thanks. Nice video.

[@WinTheHouseYouLove]

Glad it was helpful!

[@LeoSandovalOficial]

I've learn So much with you!

[@WinTheHouseYouLove]

Awesome! Thank you!

[@addy5424]

I’m waiting on the appraisal to happen and I am so nervous of the valie outcome. I’m hoping it comes out to be at our contract amount. 🤞🏽 Maybe less but we just need to move out from our rental asap.

[@KingLuck414]

Mann🥵

[@tituaaaa]

Any update

[@Sirg17x]

I'm in your shoes now. We are moving south for work and school. We are buying and in a time crunch.

[@user-homesales]

Can I buyer get out of a deal is the appraisal comes lower? And not loose they earnest money deposit?

[@ItsSwati-dr8no]

yes if you have put appraisal contingency in your contract, you can back out from the deal during that time till the appraisal contingency is valid

[@pamelaj1596]

I listen to these videos for accurate information, but your voice is so soothing.

[@WinTheHouseYouLove]

Wow, thank you! I'm on live right now, see you!

[@vineelkumar517]

I really appreciate you for making the video. It’s very clear and easy to understand for a person who is new.

[@WinTheHouseYouLove]

Glad it was helpful! Best of luck!

[@franklharbin]

I'm going to echo Adam a bit in that I am an appraiser, and this video is a great 30,000 foot view of an appraisal. However there are a few things I feel should be mentioned. 1. A one mile radius works great in Urban markets, but in more suburban to rural markets distances will increase greatly. 2. Replacement Cost Estimate is the Cost Approach to an appraiser, and is GREAT in residential markets IF the appraiser actually knows how to produce one. 3. I will only provide the appraisal to the borrower IF the lender tells me to in writing. Otherwise, it's the lenders job to get the appraisal to the borrower. Overall, great video.

[@WinTheHouseYouLove]

Who's Adam? Haha. I'm Kyle :) Thanks for the additions!!

[@franklharbin]

@@WinTheHouseYouLove, was referring to Adam Monroe that also commented.

[@MikeyBizzle4Shizzle]

I have a residential appraiser interview tomorrow thank you this was helpful.

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@rnswm.3084]

this was a really well made video, that earns a bug thumbs up from me.

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@brandivanemon7930]

My SP is a property appraiser in the SW Florida area, owns his own company and I'm worried for him. I'm glad that I can get an inside look at his job. How many homes can be done on average in a week?

[@keatomatic8535]

What an excellent video, straight forward and informative. Thank you.

[@dhananjayauxd]

Thanks for sharing in details of the appraisal. I appreciate you. Excellent!

[@WinTheHouseYouLove]

My pleasure! Thanks for watching. :)

[@kevinmilo3464]

Thank you so much for this. I really like how you made it easy to understand for beginners like myself.

[@WinTheHouseYouLove]

Glad it was helpful! Thanks for watching!

[@mariabenning4255]

What an educational video this is! Lordy, you did what countless classes I've taken haven't explained very well. Thank you!

[@WinTheHouseYouLove]

Glad it was helpful!

[@brandonstephenkladis9600]

I have an interview for Appraiser Analyst 1 tomorrow hopefully i get the job. I have this video in loop so i can be prepared for the questions.

[@WinTheHouseYouLove]

That's awesome, Brandon! Best of luck with your interview-sounds like you're doing a great job preparing!

[@brandonstephenkladis9600]

@ interview went amazing thank you! I hope i get the job!!! Thank you for making this video!!!

[@GeoZero]

I found your videos very informative. I do want to add that now... 2 years after this video... a lot has changed in the appraisal profession. Increasingly appraisers are being restricted from doing independent appraisals by the GSE's. WHAT? Yes... appraisers have to back into generally accepted GSE guidelines in order to not raise red flags... that means staying conservative, not giving listings weight in final value, making sure line, net and gross adjustments are within the 10%/15%/25% "best practices" - as they are not "guidelines" yet everyone uses them - including state board investigators. Then there's the CU system. Appraisals better fit that and not raise any red flags. The result... a very UN-independent process where price increases are not generally tolerated by CU or GSE's and where appraisals are forced to conform to pre-determined price ranges and ratios. And to think that the last crash appraisers were blamed for high appraisals. Appraisers can only report what is going on in the market - they do not control the market. Yet, blame is already being placed on appraisers. The GSE are now pushing the desktop appraisals with 3rd parties doing the inspections YET the appraiser has all the liability. They really do hate appraisers.

[@ChristinaBeall]

I am waiting on the appraisal step right now. I offered $5k over the asking price with a $2k appraisal gap. I just wanted to note that not all types of loans will let you offer an appraisal gap, according to my lender. I'm glad mine does, because I didn't know to ask about it. Also, my appraisal fee is $650. That seems a little high, especially for a house under 1,300 sq ft... in Mississippi. I was wondering if my lender could have price-shopped that a little more. Not sure how that works, and I'm too shy to ask at this point. Thanks for the info!

[@WinTheHouseYouLove]

Hey Christina! Congrats on getting to the appraisal step! All loans allow an appraisal gap since it’s not a feature of any loan type. Appraisal gaps are features of a purchase contract, so you can use them with any loan. $650 is average for an appraisal. Some go as high as $1,200! It just depends on the market and availability of an appraiser. Good luck with the rest of the process! 😊

[@ChristinaBeall]

@@WinTheHouseYouLove Thanks SO much! I'm learning a lot from your channel.

[@solmarisb]

Currently on that process . First time homebuyer, sooo nervous 😣

[@WinTheHouseYouLove]

Best of luck!

[@Muzzi.]

Your voice knocked me out 😴. I woke up and rewatched 😂. Thanks for the information

[@WinTheHouseYouLove]

Sorry! 😂 Thank you so much for re-watching!

[@Dustviii]

Awesome video! it helped me understand the appraisal process.

[@WinTheHouseYouLove]

Glad you liked it!

[@jessesanchez9529]

Thank you, great video. Great form of explanation.

[@WinTheHouseYouLove]

Thanks for watching. :)

[@slimsal]

Is it true if the appraised value is higher than the list price but lower than my offer that I have to come up with the difference when purchasing a home ?

[@jeromerodriguez8346]

Man that was some great information thanks 🙏

[@WinTheHouseYouLove]

Wow! Thank you!

[@robbyrob8349]

I'm hoping that the appraisal comes out to be the contract amount. I ain't accepting a lower amount than the contract offer on selling my home.

[@sandragilmore7716]

Thank you very well explained!!

[@WinTheHouseYouLove]

Glad you enjoyed it! Thanks!

[@ccwalker5157]

This video is very informative and helped me understand tremendously, thank you!

[@Daniellee121]

Thank you so much for putting this information. I am about to make an offer as a home buyer. Question: If the appraisal price fell short of an accepted offer price, and the seller does not want to lower the listing price, would I be able to back out of the deal, getting the full refund of earnest money?

[@semajd5995]

Sure as long as you didn’t waive you’re appraisal contingency. Many people are waiving that these days. I wouldn’t!

[@bradical07]

So if the appraiser can't access areas in the home, the buyer is hit with another fee if the appraiser has to come another day? But it isn't the buyers home to make those changes. Seems unfair.Thanks for the clarification 👍🏾

[@WinTheHouseYouLove]

If I were the buyer’s agent, I would negotiate for the seller to pay for the reinspection

[@savaven1]

this is solid to the point info, thank you.

[@WinTheHouseYouLove]

Glad you think so!

[@ray83baby]

The most informative video I've seen. Thank you

[@WinTheHouseYouLove]

Glad it was helpful!

[@jenniferlego4221]

Check out his other videos. Hours and hours of learning!

[@KaiSosceles]

If the appraised value comes back as higher than the purchase price, do property taxes get assessed based on the appraisal or the purchase price?

[@SplashyCannonBall]

I have a house that was listed as a 3br but was a 2. And was listed 85k higher than all compared homes and yet no one could agree that it wouldn’t appraise. Total nightmare

[@WinTheHouseYouLove]

Sorry about that!

[@Biancamalanis]

This was helpful! Thanks!

[@WinTheHouseYouLove]

Glad it was helpful!

[@Goodmorningworshippers]

Thank you for your videos. Are the appraisals based on homes that are currently listed or homes that have closed.

[@GeoZero]

Homes that have sold, and must be within a neighborhood area and similar (i.e. comparable). Listings can be in the appraisal yet are seldomly given weight.

[@feliciaboaz]

How do appraisals work if the seller is "Selling As Is". We found our dream home a few weeks ago and this is the case with the seller. I am worried that since we will be first time home buyers that we will lose the home due to it being sold as-is. The home was used as a rental property and the renters did a number on the house and that is why they are selling it as is. PS love your videos they have been a wealth of knowledge for us as we try and move forward with the home buying process.

[@WinTheHouseYouLove]

If it's being sold "as is" and the appraiser requires repairs to be done, you'll have to front the money and pay for the repairs. Then, the appraiser will need to do a final inspection to make sure the repairs are complete. It's crummy when a seller does this, but hopefully the repairs won't be too costly if any are needed to be done.

[@Scottrose3]

@WinTheHouseYouLove so does the appraiser actually set foot on the property? We are in a situation similar where we were/are the renters and the owner wants to sell as is but refuses to address or lower the price from $200k due to standing water and mold and such in the crawl space and is essentially selling as is. They wanted to list it at $219k but since we rented for 5 yrs they’re willing to drop to $200k even though the comps are $175. What happens if the lender wants the price lowered but the seller refuses? Are we forced as buyers to cover the difference?

[@Scottrose3]

The seller even refused to pay the realtor’s fee. We had to.

[@melissab9285]

Currently under contract now... my realtor told me that the house was appraised at 4k more than purchase price. Then he said the underwriter may have an issue in regards to some external rot on the wooden siding. He said we could fix it quickly and have it appraised again. Now I'm confused... isn't the underwriter just looking to make sure the appraisal came in at or above the sale price? Sound right to you?

[@WinTheHouseYouLove]

No, the underwriter wants to make sure the value and condition are good. They're using that home as collateral for the loan, so they want to make sure it's in acceptable condition

[@melissab9285]

@@WinTheHouseYouLove Thank you!

[@PlatoonDaddy603]

Not true VA has best option, its called Tide Water, it gives you three chances to beat the value if it comes in lower.

[@WinTheHouseYouLove]

Often doesn't work from the many I've seen

[@PlatoonDaddy603]

@@WinTheHouseYouLove I guess it depends, but regardless, no other mortgage offers it. Better to have the shot in the dark than to not

[@AmandaA-zf3qo]

I have a house that needs refinancing. It's gotta be worth over 85k it's a cabin style on 2 acres. Things that worry me about appraisal. We are in the middle of remodeling. We inherited the home. We took out the old cabinets and right now have crappy ones, they work but there's no countertop. The walls and ceiling and floor aren't done. We have the materials sitting around as we slowly work on it. This week we put up part of the ceiling, it's a very different design with wood paneling that's going to take a while. The home doesn't have any major issues. We need to finish the walls, we have them up and they need putty and paint etc. We're only financing 30k. Im wondering your opinion on this.

[@achavez78]

Update- right now here in Arizona appraisers are not entering homes, they are just doing drive-by appraisals. Also, how does the appraiser fairly take into consideration what the proposed sale price of the home while factoring the appraised value? Surely the lender discloses the sales contract to the appraiser. It’s discouraging knowing the appraiser is working for the lender and surely this affects their decision making.

[@WinTheHouseYouLove]

Normally the appraiser gets to see the purchase contract because it's a data point. What a buyer is willing to pay for a home is a large considering for how much the home is worth on the market. Because, if someone is willing to pay X for it, the chances are that it's worth very close to X to the market. The appraiser actually doesn't work for the lender. The appraiser is required to be independent based on AIR compliance laws. Appraisers are assigned on a round-robin system from a pool of pre-vetted appraisers and they get paid no matter what value they appraise the property at, even if the deal falls apart because of the appraiser.

[@robbnagle]

The appraiser is going to appraise the home based on recent sales activity..... NOT on the contract price. I've done 10 appraisals for purchases this week and 3 of them didn't appraise for contract price. Those 7 that did appraise at or above contract price may think the appraisals just "Hit the number" but those other 3 know that Us Appraisers aren't messing around! The existing market data determines the trends and values.

[@robbnagle]

Oh, Also, most Appraisers are simply self employed contractors such as I am. I work for almost 50 different banks and lending institutions. I don't get pressured by ant of my clients to 'help their deal close', and if I did, I would fire them/stop taking their assignment requests. Good Appraisers are still unbiased and professional, even when people complain because they didn't get 100% of what they wanted. People complain the values are high, low or whatever, but the data is always contained within the report. If you have a legitimate complains about the quality of work, the comps used or the value being wrong or biased, you can complain to the state license department and the bank as well.

[@shanehanes7096]

My lender waived the appraisal. I have a conventional loan with 20% down but my loan officer told me that they waived the appraisal. I think underwriters did a desk appraisal? I’m in the Northern Kentucky/Cincinnati market. Would it be a good idea to have an appraisal anyway?

[@ThomasMartin-k3l]

Most of the time, an Appraisal Management Company (AMC) hires tye appraiser, nit the lender. Consequently, the fee shown on the closing statement for the appraisal will appear high.

[@WinTheHouseYouLove]

You're right! Almost every lender does use an AMC to stay neutral

[@Ja31982]

Ty so much for the info! I love your vids!

[@WinTheHouseYouLove]

Thanks for watching!

[@Lolibett]

How are the appraisal costs determined?

[@judylee3589]

I have a question. You stated that the buyer pays for the inspection but if the house has say, a blocked attic and he cant get in, then he leaves and charges another fee to come back? Is that correct? I'm new at this and just trying to get the picture.

[@WinTheHouseYouLove]

Since this video is on appraisals, I'm assuming you're talking about an appraisal inspection. Yes, the home is supposed to be accessible. If the appraiser cannot access parts of the home, they will have to come back when cleared and charge another trip fee. The appraiser will not take on the legal responsibility of moving the seller's property, even if just a box.

[@yilienacotilla1396]

How many days have the appraisal to give the report?

[@antonioreyes2692]

Just had my appraisal done recently and my lender informed me it came in lower, but still was not told yet on how much the appraisal amount came in due to release of the appraiser’s report.

[@WinTheHouseYouLove]

Oh no! They should be telling you soon

[@qt6943]

Thanks a bunch 🙂! I learned a lot with your video 👍👍👍

[@WinTheHouseYouLove]

Glad it was helpful!

[@reecelightner]

Great audio. Where is the microphone from?

[@WinTheHouseYouLove]

Thanks! it's a Neumann TLM 102, you can get it online or tech stores? I guess 😅

[@biglewdog411]

My appraisal came in exactly what i offered.. i thought it was supposed to be their opinion and and independent third party from the lender?.. how can that be a coincidence?

[@kscher]

Very informative and I really appreciate your insight.

[@Hhopiuygv]

Great needed to know thanks

[@WinTheHouseYouLove]

Glad to help!

[@gizmo928]

what happens if the buyer is already living in the home and is just purchasing it from the owner who doesnt live in the home. I imagine the place will still be tidy but will it interrupt the appraisal with furniture and living people inside the home?

[@WinTheHouseYouLove]

It will need to be accessible to the appraiser

[@juventusfc0520]

I just bought a house and the mortgage company said they didn't need to do an appraisal I was all set for the financing

[@franksanchez9355]

theres a triplex that I want to buy but I know for a fact its not worth what they are asking should I still offer what they are asking and when the appraiser comes out and comes in low can I back out the deal or renegotiate the deal ?? I know ill loose my money on the appraiser but will it be worth it ? its a nice triplex but the guy who owns it bought it in 2018 for 365k he only put new windows into the property and now in 2020 only two years later he's selling it for 575k ! Im from California its a hot market where I'm at but the comps my realtor pulled up are not supporting the price

[@WinTheHouseYouLove]

You can always renegotiate if the appraisal comes in low, but no guarantee the seller will be on board

[@franksanchez9355]

@@WinTheHouseYouLove can't I ask my realtor to ask them if an appraiser comes low if they will come down before hand so I don't waste no ones time

[@deangelacourtney1171]

I am currently in contract to buy my first home and my realtor put in my contract I pay whatever the appraisal is. So if it came back lower than the asking price I just pay the lower price.

[@jilliannmccormick3402]

So when an appraiser is doing sales comparison, they look at the listing price, not the asking price?

[@Mimi-wr7bv]

I have a question. Is it better if the annual house appraisal comes in higher or lower? I'm talking about the annual appraised value report not when buying/selling a house? I can't seem to find an answer for this on the internet.

[@WinTheHouseYouLove]

I'm unfamiliar with an annual appraised value report. Do you mean the assessed value for taxes? If you mean assessed value, lower is better because you pay taxes on the assessed value. Lower value = lower taxes.

[@liveforkingjesus]

dude i seriouslly love you bro

[@WinTheHouseYouLove]

Thank you so much for watching!

[@TheControversialChronicles]

Is it reasonable to assume that different appraisers will provide different amounts?

[@WinTheHouseYouLove]

It's not Plan A and not guaranteed. However, we've done it before several times and it has come in higher.

[@TFerns194]

Thank you so much , you’re awesome !

[@WinTheHouseYouLove]

You're welcome, and thank you for watching!!

[@Tee-hr2ru]

what kind of laptop or tablet are you using??

[@WinTheHouseYouLove]

Just an iPad!

[@exinmate]

For mortgage refinancing to lower monthly rate, does the appraiser perform the same task to determine the value? I'm worried the interior condition of my house may not qualify me to refinance. Hope that makes sense. I'm new to refinancing.

[@WinTheHouseYouLove]

Yeah, normally it's a full interior and exterior appraisal. If your home appraised when you purchased, you shouldn't run into an issue unless the inside of your home is now destroyed for some reason.

[@Nolan.Gurule]

does the appraisal go towards the closing cost?

[@WinTheHouseYouLove]

Hey NightWulf! Great question. Yes, the appraisal fee is included in the closing costs. It's an essential step during the mortgage process to determine the value of the home. If you're ready for a pre-approval, feel free to visit www.winthehouseyoulove.com/lender or email me at [e-mail]. Happy to help! 😊

[@mprrx]

Question: so a FHA appraisal came to a full value but the same house did 14,000 lowe in a VA. Anyway I was play by my listing agent, I was play again by this same listing agent. Yes, got fired. Denied knowledge of whom the appraisal was on the FHA. Both stick for 6 month, but why a FHA comes to value but not a VA?

[@jeyashankarmurugesh3560]

How does this work for a new construction and no sale happened as the houses are getting built and lot premiums are very different based on when you get in to a lot

[@WinTheHouseYouLove]

Usually will be a cost approach appraisal

[@magnisky]

As a buyer, can you contact the appraiser? And can you attend the appraisal?

[@WinTheHouseYouLove]

Buyers typically cannot communicate directly with the appraiser. Buyers are also allowed to attend the appraisal, but they need to coordinate with the lender or real estate agent to arrange a suitable time. Are you looking to purchase a home soon? We at Win The House You Love can help you get a mortgage that suits your needs. If you're interested, you can schedule a free home loan consult at www.winthehouseyoulove.com/call.

[@WinTheHouseYouLove]

Buyers typically cannot communicate directly with the appraiser. Buyers are also allowed to attend the appraisal, but they need to coordinate with the lender or real estate agent to arrange a suitable time. Are you looking to purchase a home soon? We at Win The House You Love can help you get a mortgage that suits your needs. If you're interested, you can schedule a free home loan consult at www.winthehouseyoulove.com/call.

[@susanazapata9205]

Can they use my supposed sales priced they doubled my appraisal based on that , iwas told someone called in or disclosed my sales priced, know in arbitration, but all the other properties around still have the original value, i think there trying to get me first then get them on the bases of my sales price

[@MRiaz-f7e]

For a new home, we do not know the exact date of closing yet. It will be at least 6mo from now. My lender who has provided us the preapproval say that we have to pay the appraisal fee now t keep our loan application active. We have not finalized the final lender yet as we were planning to do loan shopping once close to our closing date in next 6mo. Is this a federal requirement to pay appraisal fee upfront to keep loan application active even if we do not have any idea of closing date. I would really appreciate your expert opinion. Thnak you

[@WinTheHouseYouLove]

I just recorded a personal video reply for you: vid.us/kstsll

[@kittyland16]

Thank you for this video❤

[@WinTheHouseYouLove]

My pleasure! Thanks for watching. :)

[@1mz0qpal]

Hey thanks for the content. I have a question on how to proceed. Currently my father is in charge of the mortgage and I saw he has a high int. Rate and we're going to refinance with a lower rate. HOWEVER, my concern is about the appraisal. We plan on fixing the house but aren't sure to do this before the appraisal as we may end up having to pay more for the house. Should we wait to do the home remodeling after the appraisal?

[@drewcoleman738]

Appraisals are not pubic record, but improvements can add to value. Remember, take half off what you pay for improvements, (labor) then divide by 5, and that is what the added value to your home is worth.

[@hectorrosado5807]

Thank you for your video. Can you inform me where can I take the course/certification in Florida ?

[@WinTheHouseYouLove]

You're welcome! you might want to check this link, hope it helps: www.myfloridalicense.com/dbpr/re/documents/RERDrequirements.pdf

[@ernzcustomz]

Whatever the appraisal comes in at for example, 200,000 and you agree to pay the asking price of 210,000 "appraisal gap" . Is the bank lending you only what the appraisal comes in at like the 200,000 ? and is your loan monthly payments based on 200,000 or 210,000 ?

[@wheresbigtunez1123]

what app are you using on your IPad?

[@WinTheHouseYouLove]

Adobe Fresco

[@ncooty]

You say that the appraisal isn't an inspection, but then say that a major focus is on health and safety (including items that would need to be fixed before sale), which are code-related issues. That's not their purview. Appraisers aren't generally in a position to assess code violations. They're just supposed to estimate what price will be reflected in the market.

[@WinTheHouseYouLove]

It's not an inspection from the viewpoint of a buyer. Health and safety are critical to underwriting the collateral value of a home. The appraiser doesn't care about code; however, each loan type has its own requirements for the condition of collateral they are willing to securitize. The price reflected in the market is significantly based on condition.

[@eljuanes8323]

So I am refinancing my home and I am getting an appraisal. I recently did a patio in my backyard would that affect me if I didn't get with my HOA for the upgrade

[@WinTheHouseYouLove]

I believe you need to an appraisal if you refinance and I believe home improvement should be documented. But, you can always ask your lender about this. Best of luck!

[@terrancesampson5988]

Does the appraiser determine if the home Is a single family or Multi family

[@WinTheHouseYouLove]

Hey Terrance, Great question! Typically, the appraiser doesn't determine if the home is a single or multi-family. Their job is identifying the value of the property. The type of property is usually identified by zoning codes and what is reported by the county auditor. If you're thinking about pre-qualification, I'd love to help you get started at www.winthehouseyoulove.com.

[@rupertperiwinkle4477]

How accurate is an appraisal if the appraiser does NOT go see the home to inspect it? It was done using MLS listing info and other online data.

[@richeneljeanpierre2205]

Great video. Thank you Sir.

[@WinTheHouseYouLove]

Hi Sir, glad you liked it! Thanks for watching! :)

[@joeenglert]

had an appraiser come in today on my as is home,,,he was only here for 15 minutes,,,seemed way too short

[@newpanditjee]

How do kitchen or bathroom upgrades tip the scale in a for appraisals? A lot of sellers spend 50K or 60K upgrading their bathrooms and kitchen thinking they will recoup the cost with a higher sale price. Is that smart?

[@iamjasmine2415]

Hi how does an appraisal work if I’m not selling my home? I purchased with cash for $2000 and recently finished rehabbing. I’d like to get it appraised to pull out equity.

[@WinTheHouseYouLove]

Great! It will work in a very similar way. The lender will order an appraisal and an appraiser will come out to your home to verify the value for the loan. In some cases, you might get an appraisal waiver meaning an appraisal will not have to be done at all. Talk to your lender to see if that's an option :) Usually, the lender will need to run Freddie Mac's LP underwriting AUS instead of Fannie Mae's DO. They'll know what that means if you tell them

[@iamjasmine2415]

Win The House You Love Thank you for responding so quickly! This is incredibly helpful and your video is extremely informative!

[@WinTheHouseYouLove]

@@iamjasmine2415 You're welcome! Thanks so much!

[@sherih8879]

Is this similar to land appraisals?

[@WinTheHouseYouLove]

Hi! For land, it's called Land Survey.. it's different. :)

[@ismavalencia7029]

hello, what if appraisal has a lot of wrong information like, says it has fireplace, central ac, patio/deck, porch, washer/dryer, dishwasher, well water instead of city, and doesn't have any of that? seems like they are inflating/manipulating the price to match purchase price.

[@WinTheHouseYouLove]

Wow! I suggest that you talk to your lender/ agent and have it appraised properly. Happy 4th July!

[@ZoinkNation]

why is it a problem for the buyer if the appraisal is lower than the offer?

[@WinTheHouseYouLove]

Because the buyer signed a contract to pay a certain amount and the lender won't allow a loan for that much if the appraisal is short. So the difference has to be made up by either the buyer or seller, or the deal is dead.

[@rachelxtc]

Yeah, that just happened to us. Appraisal came in at 30k under what we offered. Sellers weren't willing to negotiate at all. The deal died and they actually listed it again for 15k MORE! 😂

[@zainabaminu633]

I have question concerning when you buying a house cash...... what is the process

[@WinTheHouseYouLove]

I'll add it to my video list :)

[@nicolereyes1752]

Do they need to take pictures?

[@WinTheHouseYouLove]

Yes

[@JackMeyHoffer562]

If comps are 10k-20k below the sale price but the appraisal comes in right at the sale price, can we fight it as a buyer? FHA Loan

[@WinTheHouseYouLove]

You can ask for a reconsideration of value

[@himanshisachdeva1700]

Thank you so much for the video. One quick question, does the appraisal have to come through to match the loan amount or the purchase price?

[@WinTheHouseYouLove]

Ideally. Best of luck!

[@charisetros5590]

Does a state tax appraisal count?

[@zachariahdub7487]

what is the best way to become an appraiser in the uk?

[@WinTheHouseYouLove]

Hmm, I'm not familiar with UK housing

[@MrDarthvis]

Do appraisers know the price the buyers offer before hand? Our offer value happened to be right on the mark with appraiser value.

[@GeoZero]

Yes. Appraiser's are given a copy of the home purchase contract.

[@andrewvonaftw]

If it comes in lower can't the buyer try to renegotiate the price to match?

[@GeoZero]

Ask your Realtor. It depends on how your purchase offer was written and whether or not there is an appraisal contingency clause.

[@georgeschlagel3058]

Appraisers are supposed to be licensed. I paid for an appraisal on a refinance only for tax purposes. The lender ordered it but said it would of been waived. loan to value 250k on a 650k home. The first thing that was strange is now the lender is holding up closing because of length of time for the appraisal? I paid 650.00 for the appraisal and there was several errors like missing a 3 car garage for a 2 car and a walk out basement. They only listed 3 comps one several miles away. There are 2500 homes in my HOA in hot market all less than a mile similar plans. I feel they compromised the job because they were rushed and it would have no impact on the loan being approved. What is my recourse?

[@WinTheHouseYouLove]

Appraisers are legally required to be licensed. Hmm, interesting that there were so many errors. All of those errors will have to be corrected before the loan is closed. I would have taken the appraisal waiver on a refinance. You only need enough value to get the loan, it doesn't really matter after that what the value is. Then, if you wanted an appraisal for tax purposes, I would have hired an independent appraiser.

[@edtoo9198]

Just watched another RE's video after viewing yours just now. Her's is also about 1 yr old. SHE states in her video, titled "if appraisal comes in lower...". My question is, she stated that some lenders will just add the appraisal cost and can be paid at closing. I understand lenders' may offer different choices. But the one thing she says that caught my attention is that the appraisal cost will be credited back to the buyer at closing. You don't mention this in your video. Maybe it's an oversight or again maybe some lenders will do it this way. Your video makes it seem as the appraisal cost is money paid by the buyer out of pocket and that's final. Any clarification is appreciated. But these videos are over 1 yr old, so I understand if changes have occured. Really appreciate your content. peace, e.

[@WinTheHouseYouLove]

It's not credited back. It's marked as paid outside of closing. I wouldn't suggest listening to a real estate agents advice on loans, they usually say incorrect things like that. I am a loan officer. Example: Your closing costs are $5,000 total. Included in the $5,000 is an appraisal fee. You pay $500 up-front for an appraisal. You only have to pay $4,500 at closing since you already paid for the appraisal up-front. In total, you paid $5,000 in closing costs.

[@edtoo9198]

@@WinTheHouseYouLove Seems she totally mis-spoke that then....twice. That's how bad info can get out there. Trying to find a local realtor that I can trust to tell me the real facts and not just embellish the story to excite me on a purchase. THanks for your reply.

[@bullyhomestead7232]

Selling my house now. Have offer 40k over asking but I have owned solar. Does that get included in appraisal? (Fully paid for)

[@WinTheHouseYouLove]

It should be

[@bullyhomestead7232]

@@WinTheHouseYouLove thank you, we just found out it is. Only as long as it’s paid off and owned (: In case anyone else has this qiestion

[@Earthlove-bc]

Opinion ? There are rules and regulations for appraisers otherwise they could be subject to fraud …

[@vivmonroe1802]

What if you review the report and you noticed a statement on the report that is incorrect and it is a lie and you have proof to back up....what do you do? Am I allowed to contact the appraisal with my findings?

[@WinTheHouseYouLove]

You sure can. Probably not a lie though, might be an honest error

[@vivmonroe1802]

Win The House You Love I guess I should have used better words.. misuse of info;) I will tell my story...The appraiser use MLS for Comps and I happen to know the system because I use to work for my brother who is a real estate broker and I currently work for a title company so I know how to search records. The appraiser said he did not use the newest comp from June that are Comp #2 and #3 for comp#1 because they were NOT closed....option pending so they bared little weight in final reconciliation. The report was done 8/3 and Comp# 2 )$156,000and #3 $165,000 DID both closed in June per MLS and I pulled copies of the transfer Deeds showing recorded in June to the new homeowner. Comp # 1 listing closed 3/31 $141,000 so old Comp. Appraisal value $145,000 This is my second appraisal because I switched lenders. The other appraiser got $165,000. After I got the lower appraisal of $145,000 I called my brother to do Comps. I told my brother that my property is not going to go for $185,000-$200,000 like the updated properties...it does need work. He got $168,000...close to the first appraisal and 8 properties closed in July similar to my property. I also found out from the security of state records that the appraisers company is co-owned by his wife that is a realtor in my area. My neighborhood is hot investors area...buying updating and selling. So I was wondering about disclosing....