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Old 06-11-2007, 11:40 AM   #1 (permalink)
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Are there appraisal pixies?

I've never done a house appraisal before (the last one was before I moved here). The appraiser is coming tonight, he said for "5-10 minutes", but I don't know how he can get the information I thought he needed in that short a time.

We've completely re-done the house, added rooms, and built a kitchen addition and we really need the appraisal to come in at the "right" number for a refinance.

Are there formulas they use or is it based on his opinion of the place?

Any appraisal pixies are appreciated...DH is REALLY stressing over the refi.
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Old 06-11-2007, 11:41 AM   #2 (permalink)
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Old 06-11-2007, 11:45 AM   #3 (permalink)
 
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Old 06-11-2007, 12:04 PM   #4 (permalink)
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To the best of my knowledge, there's a formula based on square footage, etc. I'm not sure what all is included in what they look at.
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Old 06-11-2007, 12:08 PM   #5 (permalink)
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The appraiser will look at your home additions, improvements, sq footage, and then do a comparison to other homes in the neighborhoods surrounding yours and get the value based on a comparison formula. It will be fine ! Good Luck!
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Old 06-11-2007, 12:31 PM   #6 (permalink)
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No info for you since I've never owned my own home but I hope everything goes ok.
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Old 06-11-2007, 01:13 PM   #7 (permalink)
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The last time we had an appraiser come here he really was here only about 15 minutes or so. He had a laser measuring tool and he stood at one wall pushed a button and got the measurement of the room that way, stood at the other wall got the measurements and then pressed another button and got the square footage. He did that in every room and then asked us a couple questions. Most of the work on the appraisal was done at his office by looking up comps, etc. Our appraisal came in at exactly the number that we needed Good luck I hope everything works out for you!!
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Old 06-11-2007, 01:18 PM   #8 (permalink)
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Old 06-11-2007, 02:03 PM   #9 (permalink)
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Old 06-11-2007, 02:04 PM   #10 (permalink)
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Old 06-11-2007, 03:23 PM   #11 (permalink)
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One thing I forgot about, which another post reminded me of....

If your home is "more valuable" (for lack of a better term) than the others in your area, your house will be de-valued. Conversely, if your home is "less valuable", the fact that you're surrounded by "nicer" homes will enhance the value. I don't have the proper terminology in my head right now....having a Senior Moment.... but I hope you can figure out what I'm getting at.
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Old 06-11-2007, 03:29 PM   #12 (permalink)
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Old 06-11-2007, 03:32 PM   #13 (permalink)
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LOL! We always avoid the assessor - literally pretending no one is home when he comes by........we don't want our taxes to increase due to an increased assessment.


Good luck with everything!
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Old 06-11-2007, 04:20 PM   #14 (permalink)
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Old 06-11-2007, 04:47 PM   #15 (permalink)
 
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