What Real Estate Appraisers Look at During an Appraisal!

Have you ever wondered what real estate appraisers look for when determining your home value? Let's shed light on the mysteries of what real estate appraisers look at during an appraisal!
#RealEstateAppraisal #appraisal #homevalue
When it comes to a home appraisal, we don't often hear about "above-value" appraisals and, more often than not, we're fixated with your home value coming in at the contract price. On the other hand, we've all heard about "low appraisals" which stoke fear about the appraisal process.
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What you'll learn:
1. What do appraisers look for when determining a property's value?
2. What does an appraiser look for in a house!
3. How to prepare for a home appraisal!
📒 Show Notes 📒
Timeline:
0:00 - Intro
0:53 - What "exactly" do appraisers appraise? The 5 main categories of the real estate appraisal process!
1:03 - Category 1: The exterior of your home!
2:03 - Category 2: The size of your property!
2:37 - Category 3: The interior condition of your house!
3:03 - Category 4: Your home improvements!
4:04 - Category 5: Features & amenities of your house!
4:45 - How does an appraiser determine the value of your home?
6:24 - How to challenge a "low appraisal!"
8:30 - 6 Ways to avoid a low home appraisal!
11:33 - Real estate appraisal myths!
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Enjoy an amazing day!
-Your Trusted Real Estate Advisor, Andrew Finney
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Andrew Finney
USMC Combat Veteran/ Trusted Real Estate Advisor
License #S.0173260
Email: [e-mail]
www.andrewfinneyteam.com/
King Realty Group
6955 N. Durango Dr. Suite 1004
Las Vegas, NV 89149
Designations-
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Sellers Representative Specialist (SRS)
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Disclaimers/ Credits:
At the time of production, Andrew Finney, S.0173260, is a real estate salesperson with King Realty Group (KRG) in Las Vegas, NV. Andrew's videos are his own and do not necessarily represent the views and/ or opinions of KRG. The purpose of Andrew's videos is to educate you and help you make sense of the real estate process. I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, professional trades, or any other services, you are advised to reach out to the appropriate professional for further counsel about your own unique situation. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or any other and may be outdated or inaccurate; it is your responsibility to verify all information for yourself. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that is free from error. Linked items may create a financial benefit for Andrew Finney Team. Any use of other media is by fair-use or license only.
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[@AndrewFinney]

Question: What would you like to watch next? 🆓 FREEBIE 🆓 📘 Download the FREE Home Buying Process 101 Infographic ➡ www.hometribeteam.com/homebuyingprocessinfographic 🔍 Get Connected with a TOP Real Estate Agent Near You 🔍 ➡ homeandmoney.com/andrew/ ---- Or, if you're planning on buying or selling your home in the Las Vegas, NV region, let's connect: calendly.com/andrewfinneyteam Realtor Near Me Finder 💰 Reach your financial goals with ScoreMaster, the average credit score increases by +61 points in 20 days* ➡ www.scoremaster.com/andrewfinney

[@ericranta5835]

wow, I am a certified RE appraiser, and this is the best description of an inspection I've ever heard from a non-appraiser. Well done.

[@user-mz7ub9bi1d]

Eric Ranta Could you advise whether a refinance appraiser asking for a copy my original appraisal (from about 9 months ago) is ok and whether to provide it?

[@Lifeewitheman]

Hey guys is it worth it to get my appraisal license in chicago?

[@blakew.5736]

Hi Eric, do they call it the “Comparable Sales Approach” in your state? Since I’ve been working it’s always been called the Sales Comparison Approach. Just curious if that’s a state thing, although I’m pretty sure USPAP refers to the approach as I have.

[@SachsRealty]

Agree with this!

[@ericranta5835]

@@blakew.5736 Sales Comparison Approach

[@barbarajansen4912]

A quick tip to keep in mind: the rain gutters. It can cause run offs going to the wrong places causing leaks. No need to replace them. You can hire someone to tighten and seal all the gutters saving you 2/3 of the cost of replacing them.

[@1barak1]

Decent explanation. A few things to note: you want your property to conform to the general standards of the neighbourhood. Certain improvements or upgrades to the property do not always translate to the same ROI between different geographic areas. For example: adding a pool to your property in a neighbourhood where pools are in demand and purchasers are generally expecting a pool will be a worthwhile investment. In another neighbourhood, pools can be seen as undesirable due to the maintenance that comes along with them and can turn out to be a poor investment. The key is to conform. If you buy a non-renovated home in a neighbourhood where majority of the homes are renovated, chances are that you'll be able to turn a profit from renovating and selling the property. Vice versa if you over-renovate your home, chances are that you won't make back what you invested. Appraisers do not consider the living conditions of the occupants nor do they make any assumptions about the property based on the lifestyle of the residents. The condition of the property is assessed to the appraiser's best ability while trying to overlook the clutter. Having a messy house can however interfere with the appraiser's inspection and cause them to overlook a positive feature of the property which can lead to an unfavourable appraised value.

[@deisy310]

Thank you so much for your well informative videos 🙂 I enjoy watching your videos. My offer got accepted yesterday and we will be doing inspection in a couple days! I’m Excited.. thanks again Andrew. I have been watching many of your videos since I started looking for homes. You are a great agent. 🙏🏻❤️❤️

[@cheslyndonaldson9937]

You are Literally amazing. I read so many different definitions and I still did not get it until I can to this video.

[@j.polishboy4871]

30 yr certified residential appraiser - spot on description of what we look for.

[@abduljeliluabass252]

Can you help me about a question?

[@Lifeewitheman]

Hey is it worth it to get my appraisal license I am 25 yrs old.

[@jaspreetsingh-ue6gt]

Hello, Are you interested in outsourcing of data entry of appraiser report. We provide quality data entry service of subject , comparables , 1004 MC etc at a reasonable prices . We always tried to provide quality work so that it can save your crucial time and you can increase your business too. Please see attached pdf for refrence. Regards RealAM irealam.com

[@SachsRealty]

Definitely spot on!

[@captainmorgan5449]

Agree. 21 year Certified Appraiser. 1st thing I look for is external obsolescence when I arrive. Always seems to be a railroad track, industrial plant near by...

[@karenward7106]

very well done..you get to the point and use examples and details that are meaningful...thank you!

[@debbymiller8828]

Excellent job explaining this process. An appraiser came through my house today. You have relieved my anxiety about what to expect once’s his report is available. THANKS FOR THE INFO!!

[@chillhiker4414]

Thank you for this. It's good to know, and it does ease the fear a little bit. Still a bit afraid though, as my agent thought the house we're buying was overpriced and was afraid it would appraise low. [bites nails]

[@micahkiker3041]

I loved this video. I liked and subscribed.

[@metalliequus3343]

I’m appreciative on the content ! Keep it up !

[@zakman9244]

I just found your KZbin video's or channel . I really like the information you give ! It's down to earth , straight forward and honest ! Now that's something I almost never say about a realtor , being honest !! Your information is true and very helpful to people who don't have a clue or never really worked on houses , buildings or in construction ! I really like the way you tell it straight , which is rare and without a bunch of hipe !! You're a realtor that I would work with if I were in your area . So I'll keep watching your videos to remind me on some things and things I'm not sure of as I've already learned something from one of your videos ! Keep up the good work !!

[@AndrewFinney]

Thank you! I'm glad you're enjoying my channel and the videos are helpful to you. 🤩

[@JUST_COMMENTARY]

Thank you for your very comprehensive video

[@UnbreakableMahal]

Thank you for all your videos

[@mountain-view310]

Came on here after I got my appraisal report for my home. It appraised for 10,000 more.

[@AndrewFinney]

Great job Stardust! Super excited for you! What would you like to watch next?

[@yolyndajamison9019]

Great information. You really broke it down in a concise and doable way. Thank you.

[@garythetruckdriver3667]

Great advice now I know what to improve on thanks

[@joesletten4939]

A great informative video! Thank you!!

[@JeradLarkin]

Awesome! I'm glad to see more local Colorado real estate vids getting uploaded onto KZbin! Thanks for sharing. 😀

[@AndrewFinney]

Hi Mile High Marketing Guy! Thank you for watching and for your support! To be honest, I'm not in Colorado, I'm in Las Vegas, NV. It's in all my videos and the show more description. All the same, just wanted to say thank you for your support and glad you enjoyed this video. Enjoy an excellent day! Chat soon, Andrew Finney www.andrewfinneyteam.com/

[@Cookie-mv4li]

@@AndrewFinney What if a house is like super dirty and has like a really bad smell does that affect an appraisal?

[@MichaelSmith-hs5iu]

"What's This",...A guy that tells it right! Absolute "Best" video I've seen on the Appraiser industry. Thank You

[@AndrewFinney]

Thank you Michael. 🙏

[@tamarabrunozzi8482]

Absolutely love your beginning…new subscriber here thank you!!!

[@AndrewFinney]

Yay! Thank you Tamara!

[@kevinflankey8339]

Andrew, As a retired residential appraiser and instructor, I take issue with your remarks made approximately between 2:10 and 2:25: Residential appraisers DO NOT arrive at a dwelling's appraised-value by determining a specific "price-per-square-foot and then multiply by the number of square-feet of the house to arrive at a value. It doesn't work that way. Of the three Approaches to Value found in a standard Uniform Residential Appraisal Report, none are as simplistic as you describe. An equally beneficial video would be one titled, more or less, "How to Identify an Improper Appraiser when he or she comes to your door." When the appraisal appointment is set-up, prior to the visit, obtain the appraiser's name and write it down. Verify that name when the person arrives at your door. It is not unheard of, for appraisers to send out trainees, unlicensed friends or family members, etc to do the actual inspection. If the "appraiser" at the door can't produce a photo-ID, driver's license or a business card with a matching picture, refuse entry and then notify the loan officer. If the appraiser's identity is verified and is allowed to proceed, ask if they are working by themselves, or have an assistant. This is relevant to the amount of time spent performing a proper interior/exterior appraisal inspection. Working by myself, a typical suburban, 1500-1800sf single-family dwelling should take approx 30-45 minutes total. More time if it is a FHA appraisal and the attic needs to be entered. If your appraiser is working by themselves and is "in, out and gone" in 10-15 minutes, then report the appraiser to your loan officer. Every lender that has engaged me for a full inspection, required me to physically measure the exterior of the dwelling and sub-areas such as garages and porches/patios. Tape-measure, laser pointer, whatever. We are supposed to measure the dwelling to VERIFY the data in public records, such as your county property appraiser's website. The unethical, the unprofessional appraiser likely is using the sketch of your home's footprint that's found on-line. Why bother spending 20-30 minutes in the sun or cold when the "info" is "right there?" Because you are supposed to be a professional appraiser and you don't cut corners like that. IF you don't measure the dwelling and you actually disclose this fact in your report, you can't bury it on a back page, amid paragraphs of boiler-plate. I've found significant size errors with two-story dwellings. Finally, make sure your appraiser has the "Geographical Competency" and Housing-style Competency for the assignment. Although my license has "State of Florida" on it, as opposed to a specific county, beware of appraisers from out of the area that received the assignment because they were the low bidder. They will not be aware of nuances that influence value such as school-zones or historic districts. If you own a pre-WW2 home, ask if the appraiser has experience in this type of dwelling, especially if there is an accessory building such as a detached garage/apartment. If the appraiser is used to nothing but cookie-cutter homes in big, homogeneous, PUDs...where you could drive a half-mile in any direction and the housing and views don't change, then there is a good chance they will come up with a screwy appraisal in a heterogeneous, downtown neighborhoods where the value of the same identical house could change block-by-block. I've found shoddy, poorly written reports to be the norm. Zillow algorithms would be quicker and just as reliable.

[@daisyn1131]

Hi! I’m curious, do appraisers look at whether add ons on a home are non permitted? For example some sellers converted a carport into a un permitted garage?

[@kevinflankey8339]

@@daisyn1131 It depends on several variables, such as the age of the work (could have been grandfathered-in), the client and the appraiser him/herself. In order for an item to add value to a property, it has to be legal. I've had a lender-client require a borrower remove a 2nd kitchen because it wasn't permitted. I've had another client not care that public records showed the property having one full bath, when in reality, it had two. I gave it value for having two full baths. There is no consistent pattern.

[@daisyn1131]

@@kevinflankey8339 interesting. Thanks kevin

[@HornetKingOfficial]

This was an excellent breakdown!

[@AndrewFinney]

Thank you 🙏

[@setevn11]

Thanks for mentioning assessed vs appraised!

[@alexnunez5773]

Younare absolutly a great informer expert thank you For such valuable info

[@johntiernan6031]

Thank you!

[@1ramarama]

Thanks......super!

[@ccwalker5157]

Very informative, thank you!

[@AndrewFinney]

Thank you! I'm glad you enjoyed this video. Sending you positive vibes everything is going your way!

[@riseandshine9994]

Great info

[@joeventura1]

What real estate appraisers look at is the line on the contract that indicates what the buyer is paying and then that is the value that the home comes back at. To the PENNY! I have lived in TX, AL, SC, NC and CT if I offer $125,375.22 for a house and the seller accepts..... the appraisal will come back wth the house being valued at $125,375.22 - It's a miraculous coincidence. Can you say "racket?"

[@threadoflife]

I wonder if this will be the case for me I hope so as the seller.

[@12345directioner]

I have been a Certified RE Appraiser for 15 years and this is simply not true. If it were then there would be no need for reconsideration of value. A purchase contract is simply one of many things an appraiser considers.

[@joeventura1]

@@12345directioner thats nice, do an appraisal without knowing the contract price and get it within $5k and I'll be impressed. I have bought a dozens of houses in my day and every appraisal comes in at $500 over asking even when I over paid by $20k so my wife got the house she wanted so spare me the outrage. Without the contract price in a buyers market you'd miss the target 80% of the time

[@savagedan6274]

Nice vid thanks! Question, trying to close in a house but appraisal came in much lower. Seller is challenging saying the appraisal didn’t account for the new roof. House is 30 yrs old. Will the new roof affect the value?

[@monicadeana4586]

I just paid $900 for an appraisal he better have comps ready himself lol

[@mrroman3862]

thank you so much

[@arvindkaringula6401]

Hi could you advise the second bit of question -how this is going to create problems for risk appraisal underlying assets? below is the topic- The securitisation of property assets can lead to more liquidity in property markets but also creates problems of risk appraisal of the underlying asset.’ Discuss these problems in the light of issues that have arisen in recent global financial crises.

[@ineskim3635]

Great video, thank you very much for sharing it!

[@AndrewFinney]

Glad you enjoyed it Ines!

[@ElijahHunter77]

Thank you, Andrew, for a detailed and yet quick video! Keep on doing a great job! Love your videos! Missing your real time videos. Perhaps, moving them to an evening time may bring more viewers, right? We all work and can not tune in at 1PM, but at 8PM [7PM] most of potential viewers may watch you for 30-45 min on Tuesday/Wednesday/Thursday night, right?

[@AndrewFinney]

Hi ElijahHunter77, Thank you for watching and for your support. You know that's an interesting idea for the live videos. I've thought about it before but haven't tested it. Perhaps trying out the live sessions at varying times in the evening is something we need to explore further. It would also be easier for my schedule too. That's why I haven't hosted any live streams lately, been busy with clients during the day. I always work towards carving out that time in my schedule, yet at times, the reason I'm in real estate ( the families I represent) need my help buying and/ or selling their homes. Plus, in real estate, one needs funds to provide exemplary service, so it's delicate balance of the highest and best use of time. Will definitely be looking into your suggestion. Thank you. Just a quick FYI... As of today's video I've dropped all background music save for the intro animation and end screens. The music was meant to add to the enjoyability of the videos but seems to have the opposite effect. 515+ and counting videos into this and still learning all the time! lol.. Thank you for taking time to share your thoughts and suggestions with my Elijah! You and your thoughts are very much appreciated! Enjoy a fantastic day! Chat soon, Andrew Finney

[@avocadomegs4189]

What if you are getting a home appraised in a very small rural village where many homes haven’t been sold lately, how would appraiser go about getting comps?

[@Roy-ij1wq]

I would add the importance of pulling permits when required. When the market crashed in 2008 and money became tight bank appraisers in my area would verify with the municipality that all of the improvements including DIY improvements were properly permitted and inspected before they would approve the property for a loan. In some cases this results in the work having to be torn out and redone.

[@parkermichael620]

What about detached garages and out buildings in need of repairs would they be required?

[@tacobannana6628]

love this channel

[@AndrewFinney]

Thank Geoff! I really appreciate your kind words and support! What would you like to watch next my friend?

[@BigThumpSC]

Semper Fi Marine! Great video. What about for a Refi? Thanks

[@kelseecantu8158]

Great Video!! Thank youu

[@AndrewFinney]

Glad you liked it Kelsee! Sending you positive vibes everything is going your way!

[@donnaallgaier-lamberti3933]

I have always felt that maintaining my home or condo up is the single best thing I can do to make more money. When you need to move having to put the time and money into repairs THEN when you need the money for a down payment, sellers costs and moving costs just does not make good financial sense to me. You are also trying to find a new home, a new mortgage, packing etc.

[@AndrewFinney]

Thanks for sharing you prudent perspectives with us Donna! You're absolutely right! Thank you for watching and sending you positive vibes everything goes your way!

[@ItsPoeDamnIt]

What happens if the apriser doesnt look at the interior condition? My apriser did not look at safety conditions and my purchased closed. Should I get a second aprisal?

[@sudakara2388]

Any solution for House backing Freeway Noise ? Don’t have any Soundwall build by Highway Department yet

[@realsoulrealestate7883]

This video was very helpful. I'm in the appraisal process and I am concerned about how this process works. Thanks for clearly explaining the different factors in appraising a property.

[@AndrewFinney]

You're very welcome Real Soul Real Estate! If you'd like to go deeper into the real estate appraisal process, you might love this playlist: kzbin.info/aero/PLRT4sgnCVqNd7cg26FyYtuegPaJyHZvv3 What would you like to watch next? Sending you positive vibes for an excellent day my friend!

[@realsoulrealestate7883]

@@AndrewFinney Thank you! I plan to tackle this entire playlist! Loads of good information!

[@shaniaa9287]

Thanks. This was informative

[@AndrewFinney]

Thank you 🙏

[@thetruthshallsetyoufree4406]

Can you do a video about a reconstruction refinance appraisal? Trying to refinance, only to fix things that are wrong? Hope this makes sense..

[@lemondaymandy4978]

As I watch this, our potential new house is getting appraised. The inspection came through with flying colors, but my stomach is knots. Thank you for the information. 😊

[@mehxxx]

You covered everything except one important fact: Every appraiser will give you a different appraisal. The only appraiser that matters is the one the buyer's lender hires.

[@houseportraitscalligraphy7474]

Thank u

[@themereffects6183]

Listing agents are bias, That's why there are appraisers. And yes clean your house prior to inspection.

[@blakew.5736]

“Comparable Sales Approach” is called the Sales Comparison Approach, at least in Florida. Minor knit pick, just wanted to say that. Edit: We usually look back up to 2 years for comps, for specialized commercial properties many times longer. We’ll sometimes apply a time/market adjustment based on age of the sale since the closing if needed. Added remarks: Since corona we’ve been very hesitant to even apply these time adjustments, as there have been very few sales since the pandemic, and thus we are wary to speculate on the market.

[@lisacastano1064]

Market in my area is insane.

[@idontusegmail7102]

Home appraisers check out Zillow's before they go to your home. Then checked Zillow's after they leave your home prior to sending the exact Zillow estimate up for your appraise home value.

[@freakyflow]

As a new buyer One of the biggest No! Is is cheap flooing vinyl, linoleum. This shows me somone tried to save money Like a flip Or it was last on the list On something you use everyday ..More white the better : Many times over have i seen a olive green toliet Or tub Pink, Black! And my first thought is well that will cost me to replace...Now your mind is on how much will each item you dont like cost you after you talk about the price of the house...White is clean And even if you want to replace something white It's not a stand out eye sore. This also go's for new baseboards I seen one place where the guy left the natural wood color Even patched up the little nail holes with wood dust and glue This stood out but in a nice way Even still You can paint over them in the future as your color to the walls etc Landscaping is another big deal People do not want to see what it could be in the future They want a wow factor And by simply flipping the dirt around the trees pulling weeds at the fence line, between the sidewalk Power washing the driveway wash down the door And windows, Always a welcome mat And fresh clean numbers of the address on the brick Two-Four-Five in scroll write is classy ...A Appraiser may give you a worth of the home My tid bits prevent people thinking to look else where

[@77msalinas]

What a great video!!!

[@AndrewFinney]

Thank you Mark!! Very much appreciated my friend! What would you like to watch next?

[@rebeccawhite7395]

I have a question, does the size of the lot your house is on make any difference in the appraisal? We have 1.99 acres and the appraisar compared our house to houses that had .58 acres or less....we also have a pond...we are surrounded by subdivisions that were built around ponds...and she wrote that our area is not in the market for houses with ponds...while our home was first built in 1947, an addition to the house was done in 1970 or so...all the comps she compared our house to was only similar to year, bedrooms, etc. The pond, the lot square footage were not comparable at all. I found 3 that were way closer in everything plus lot size however the appraisor would not change her "price"...wouldn't you also want to include a lots square footage to be as similar to my house?? Thanks.

[@veronicallamas9333]

Got my appraisal done today. We accepted a 570k offer and asking price was 575k. We did get 2 offers for asking price but I didn’t care for the contingencies and accepted 5k less. Can’t wait to find out what it appraises for. The appraiser did say he was going to add 25k to the value for all the front hardscape that we did. Fingers crossed

[@EskimoInAlaska]

Very good! Thanks!

[@AndrewFinney]

Glad you liked it Eskimo in Alaska! Yay! What would you like to watch next?

[@missadventuresmotorcycledi2773]

Wow great video.People keep saying don't do anything. If I am selling should I get someone in to appraise?

[@zeinabketkat5711]

Hello . If the AC unit is 2008, water heater 2009, fence is very very bad falling apart , backyard is sand . Does they look at that ? Thank you

[@jshapiro34]

My only question is what was seen or happened? The home we just bought was appraised by a local private for 376 in june but on September 6th the home VA appraisal came in at 366.

[@chandracox6814]

I'm watching this as we're awaiting the appraisal results. They have up to two weeks to get it done and it's so nerve-wracking. However, it is a new build with multiple similar builds (also new) in the same development. They're all the same sq footage, all on an acre and all ranch style homes. There are a few different layouts with a variance of around two hundred SQ ft but each house costs the same as the one with the same layout. I'm going to assume that the developer knew exactly what the house was worth and listed it accordingly as so many people are moving into this new neighborhood/development/ranch community. 🤞

[@rosegold.pepino8310]

god bless u sir! this information was immensely helpful & relieving as a buyer. also thank u for ur service to our great country devil dog! now i’m off to watch ur series on va loans! i really gotta start taking advantage of these va benefits.. i been slacking 😅

[@AndrewFinney]

Hey Edwin! Thank you for watching my friend and for your kind words! You rock! Thank you for your service too! Semper Fi! What would you like to watch next?

[@Bolodro247]

Is the process any different when getting a HELOC? I know the bank is going to send out their own appraiser, am I supposed to still have comps ready even though I’m not listing the home? Thanks!

[@pmtnyc1]

This is a textbook explanation at best; it leaves out the glaring fact that adjustments are usually market-based; if a market review of a subject's comparable dataset indicates relative appeal among homes that have certain material variances, an adjustment may not always necessary due to lack of support or proclivity in the market. Whilst there are some commonplace adjustments appraisers make for expected "credits or debits" for certain amenities; there isn't simply "hard and fast" adjustments for everything. An appraiser will conduct market research, and should usually complete a paired sales analysis of the probable and actual comps to extrapolate if the market supports an adjustment for a certain material difference, technically speaking. Certified Residential Appraiser, NY & NJ est. 2004.

[@AndrewFinney]

Hey PeteMT! Thank you for watching and for sharing your knowledge with us. Yes, this was video was specifically created to be as simple and comprehensive as possible to assist people in learning more about appraisals and what to expect. I love it when appraisers comment on this and other videos since it adds much more "technical" expertise for anyone reading the comments that wants to go deeper than the "simplified" version. Thank you so much for sharing with us! We're all #StrongerAndBetterTogether Sending you positive vibes for an amazing day and 2021!

[@kevinh4631]

A sale is not always a comp. Remod or update costs do not always equal value.

[@Gameover24able]

Just got an appraisal done from a DESKTOP. DID not know that was possible. They appraised it but the listing agent did not disclose inspection report to appraiser. Possible underground oil tank. Footings in crawl space not totally secure. So upset

[@stacierojas3845]

Same , our inspection was great not bad for a 150k house , now time to pray 😰🤕 definitely nerve wrecking !!

[@AndrewFinney]

Fingers crossed! You got this Stacie Rojas! Super excited for ya'll! Sending ya'll positive mojo everything progresses smoothly. When in doubt, remember to #JTAB = Just Take a Breath so you can reassess with a clear, calm, and focused mind. You got this and will do great! =)

[@monicadeana4586]

Did you get it?? I’m in contract for a home 405,000 and at that- I think it’s a great price- other homes are going for 425-450k

[@mayehu9303]

What happens if you somewhat fail most of these?

[@sophiavackimes9693]

Thanks so much for being so thorough. Maybe a downloadable checklist could be added to your site?

[@AndrewFinney]

Hey Sophia, thank you for your kind words. Great idea! I'll look into further asap. For now, sending you positive vibes everything is going your way!

[@zulemaflores8796]

If a parcel is valued at $980, no home. Then how much should I pay for the parcel? It's a 7,000 square foot home. Thank you for your feedback.

[@thomasshean7549]

Correction to my earlier post. What if you are selling your property. "As is" and the buyer agrees to buy the property at your asking price. Does the appraisers opinion still matters?

[@samsungtaco11]

so it sounds like the appraiser is doing a lot of the same things that an inspector would do.

[@michaelmccormick2055]

Actually, an appraiser is doing a whole lot more in terms of working with numbers to assist in the buying or selling experience. His numbers ultimately determines if a person will receive a mortgage consideration. If you recall in the video, he said he likes to see what improvements and repairs have been made on paper by the real estate agent prior to his entry, thus making his job a lot easier. A building inspector is someone who checks the structural soundness (Roof, walls, and foundation of a home along with the essential workings of the electrical, plumbing, and HVAC systems. The building inspector has more technical training and hands on experience to identify critical components of a home that could cost a buyer or seller a lot of money to repair or replace.

[@1barak1]

Not even close

[@deevol1871]

@Eamonn Hogan sounds like someone had a really bad experience with home inspectors. I’m actually about to start school for home inspecting

[@deevol1871]

@Eamonn Hogan I appreciate your take on home inspecting because I honestly never saw it that way. I am actually getting into it as an alternative for college and it seemed like it wasn’t over saturated and somewhat lucrative without required years of training and apprenticeship. Even though it does sound like a scam almost, I would still argue it is a pretty good way to make money. But what you said is pretty much true so is there even a way to give a valuable inspection or is it just useless and people buy them because they don’t know any better

[@12345directioner]

@@deevol1871 I am an appraiser an I would never buy a home without a Home Inspection by a qualified Home Inspector.

[@surfacegrindingmachine5894]

Hi I need your opinion For one reason or another the village forced me to replace the main water line from my basement to the main pipe all the way to the street all copper and bigger size cost me 20k Im planing to sell my house Do you k ow if this can count as an upgrade? Im Chicago area Thank you

[@empsiemanual6117]

Fear? Ha I dont need to worry because in my contract which is a lease option I have the market pick my purchase price but it does have a minimum purchase price in the contract so whether the market goes up or down I win.

[@subsistence73]

What if the county accessor has 0 beds online but the title has 2 and its listed as 4 or 3 lol how will the appraiser know if the bedroom is permited/illegal

[@oscarm.1883]

How likely is it a new build will come back lower than the base price?

[@rayahagen1003]

my appraiser told us our pool was an over-improvement. :( ouch

[@whattowatchonyoutube806]

At 7:20, improvements is spelled incorrectly. Just FYI.

[@rojeet3]

Excellent video, very informative!

[@AndrewFinney]

I really appreciate your feedback! It means a lot to me that you found the video informative.

[@ELmeinz]

Is a 100+ year church across the street a reason to lower the appraisal amount?

[@swhmetta]

So, what about market appraisal vs appraisal?

[@e4300]

Is this the same appraisal process that was going on during the housing crash? Same thing happening now 2022

[@jeffm2787]

Many of them can't measure square footage to save their lives. I'm not talking about excluding areas, they just can't measure correctly. I also had two different appraisals and neither did more then just look around, take some pictures and walk out, no questions asked, etc.

[@davida8705]

I'm in the appraisal process right now, so nervous. How many days after appraiser shows up will you get your report? Thanks for all helpful videos. I'm with USDA.

[@BlindManifest]

It depends on where you are, but the lender/AMC specifies a timeframe that the appraiser must follow if they want recurring work. I have never had either to allow much more than 2 weeks from the time of the order until the due date. Expect about 1 week to 10 days from the time the appraiser went to the property.

[@SA-yp3xh]

I'm curious about what happens during bidding wars? A house on the market for 220k and they end up getting 290k...how does that work?

[@AndrewFinney]

Hi Shore Acres Homestead! Thank you for watching! Great question. The price difference in your example is very extreme - unless it's property being listed through an auction? That said, in short if buyer's bid that drastically (or not) over the list price the property will still require an appraisal for financed offers. In such a case the appraised value of a house is less than the agreed upon contract, the seller will be looking to the buyer to pay the difference between the appraised value and the agreed upon sales price. Depending on the terms of the agreed upon offer the buyer may be on the hook for the full amount, part of it, or potentially none of it and be able to back out during the closing process. There are many variables and potentialities to this specific topic that directly correlate with the terms within an agreed upon contract. Here's a quick video with an overview of what could happen: kzbin.info/www/bejne/jHWzfYividxjq8U That said, it is not wise to bid above fair market value for a property unless a buyer fully understands what they are doing along with the associated pros and cons compared to their risk vs return in whatever form that may take for them. Thank you for watching! What would you like to watch next?

[@juanvelasquez-vc1lw]

If it's a temporary appraisal they're looking for the chime app and it looking for how long you can go to work

[@TechAndWanderlust]

Actually Seroquel is a mood stabilizer so I think Xanax would be the pill of choose lol

[@kindragrin]

What did Matt Damon the movie start real estate 😂

[@AndrewFinney]

I get that one some times. lol... Sending you positive vibes everything goes your way. Thanks again for watching. Peace be with you.

[@samuelmahmud1909]

Great video coverage 💯 I'm elated that I found your video I always wondered what is the appraisal process. if the appraiser finds some issues then how would that affect the clothing process

[@AndrewFinney]

Thank you Samuel! If the appraiser notes an "issue" on the appraisal report than it could become a "funding condition." In short, the seller would need to remedy the issue then have the appraiser come back out and "clear" the condition prior to closing. Hope that helps. Excellent question! Sending you positive vibes everything is going your way.

[@samuelmahmud1909]

@@AndrewFinney Thank you

[@Dpixtion]

Getting an appraisal done to remove the PMI. We’ve replaced the entire roof, south siding from T1-11 to Hardie plank, some electrical. Do they look at the same for PMI removal as they do for a buyer/sales?

[@12345directioner]

Yes, the appraisal process is the same whether it is for PMI removal, refinance, or purchase. All are providing an opinion of fair market value as of the effective date of the report (the date the property is inspected by the appraiser).

[@fluent_In_finance]

Is it better to install a hvac system in a 1930s home for a higher appraisal or just leave as is with window units?

[@12345directioner]

It is very market specific, but in general if most homes in the area have central AC, It usually pays to install the new HVAC. If your in Minnesota or another northern climate, it may not be worth it. Consult a Realtor or an Appraiser to be sure. In my market, where most homes have been updated with central AC and it gets hot 5 months of the year, a home without CAC will generally sell for 15 to 20K less.

[@philipmullins6235]

As soon as a see a swimming pool in a home for sale advertisement , I don't look any further

[@timeforchangesnw7169]

Great video Andrew. I have question to ask. I was a longtime EMT Firefighter and also owned my own construction company. Just over two years ago I had a major hand injury and two hand surgeries. The first Doctor messed me up and the second one tried to do her best to repair it. Didn’t work out well. Long story short, I’m not able to go back to my original jobs. I was looking at getting into appraisals. Can you tell me how to get started and how to approach bankers or real estate companies to get started. Or is there another way. Thanks.

[@AndrewFinney]

Hi Time For Changes NW, Thank you for watching and for reaching out. I'm sorry to hear about the problems with your hand surgery. At the same time, thank you very much for being a longtime EMT Firefighter! Becoming a licensed real estate appraiser takes time and in many cases may require up to 5 years of practical application working alongside another appraiser. To learn more please visit: www.kapre.com/resources/appraisal/how-to-become-a-licensed-appraiser/ Please let us know how it works out for you and what you choose to do next. Sending you positive mojo and all the best! Thank you, Andrew Finney

[@robbnagle]

It Varies by State, but like he said most always you must get hired somewhere as a "Trainee: first, so try looking into finding a job somewhere. Without on the job training first, you will never be able to get a license in most states.

[@gordoncavanaugh8744]

The mortgage inspection is to determine the observed condition of the property. Also known as diminished utility or depreciation. If the house is new or newer in date of construction then there will be only minor depreciation. The problem is to determine the rate of depreciation in older homes that have been remodeled, partially renovated or substantially rebuilt. Estimating that type of depreciation comes from experience in appraising hundreds of properties every year and knowing how to tease that data out of the comparable sales used in their sampling of the market. The appraiser typically provides three comparable sales that in the appraiser's judgement would be appealing to the same purchaser for the property being appraised. Other appraisers may chose other comparable sales but as long as the sales sold at fair market value there should not be a significant difference in the appraisers' opinions. A problem that can occur when using three recent sales is that one of them may have clauses in the contract that have an effect on value. Special terms or conditions that the appraiser is not aware of, that can throw off the final estimate of value. For example, if a developer is enticing buyers by including TV's, airline tickets to Hawaii, or discounting the sale price if the new buyer completes the landscaping.

[@AndrewFinney]

Interesting points! Thank you for sharing with us! 🤩

[@greg4277]

I bought a home for 80,000 cash and after I put an offer on it the home estimate value dropped to 58,000 did I get scamed or something?

[@AnalystAyi]

This is really good...I just finished my home inspection for my house Thursday and I signed the amendment to have them make the repairs. so after that's all said and done, next is appraisal...btw who schedules the appraisal?And can I as the buyer be there or is it best not to be?

[@jcdulos1]

I'm in the middle of buying a house. From our experience it's the lender who sends the appraiser. They want to make sure the house is worth what the seller is asking before they finance the house.

[@jcdulos1]

They want to wait for repairs before sending appraiser.

[@threadoflife]

You as the buyer can’t be present for the appraisal typically because this can be considered influencing the appraisal which is supposed to be a professional unbiased perspective from a 3rd party outside of the lender to protect all parties involved and ensure a sustained market integrity so we don’t have another 2008 collapse. Not that all things in the industry are currently protecting the industry. The lender schedules the appraisal on behalf of the buyer per the buyers request, but the seller or listing agent has to confirm time frame for the appraisal to be conducted as well.

[@rwest1966]

@@jcdulos1 no

[@dhardy9296]

Hey Andrew..is the assessed value usually higher or lower than the appraised value?

[@AndrewFinney]

Hi D Hardy! Thank you for watching! Excellent question! Here's a video I created a while back about the differences between Market, Assessed, and Appraised values: kzbin.info/www/bejne/gXLLl6ejepVlg5o In short, depending on the county you live in, the assessed value is the valuation your local county uses to "assess" your property taxes. For instance, here in Las Vegas, the assessed value is usually less than the appraised value unless it's a new construction home. Let's just say Clark County (Las Vegas, NV area) uses some very "interesting" math to come up with their assessed values! lol... Hope this helps! What would you like to watch next?