Profile picture for eloisc7

Can the appraisal be 70,000 dollars less than the comps in the area

May have to buy out the spouse
  • July 24 2014 - Miami
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Answers (10)

Difficult to answer since significant details are missing. If you are dealing with a $200,000 home, then $70k is a significant amount. If you are dealing with a $700,000 home, $70k would be considered minor. What is not clear is if the appraisal is the result of your attempt to refinance? or did you or your spouse order it independently? Again depending on the value, a $70k difference in value from the comps could trigger a red flag for a mortgage lender. The percent of net & gross adjustments is something underwriting considers in reviewing an appraisal. 
  • July 26 2014
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That's rare but possible
  • July 26 2014
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Circumstances vary, but I would suggest you wait until you have a written (or court approved) agreement to buy out the property.
It is possible that consideration (aka demands) for improvements made during your relationship could come into play. In the agreement you can specify how the value will be determined. Example , you hire an appraiser, the other side hires one, and go with the average of the two.
 
 
  • July 26 2014
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Profile picture for homesbylila
Good Afternoon,

There are many factors that go into arriving at a market value of a property and when making the comparisons to other homes that have recently closed, such as condition of the home, size of the home when compared to the others, etc.  If you are in doubt as to the true market value as reflected in the appraisal you now have, you may wish to spend the extra $300-$400 and get another appraisal. Additionally, a realtor as a courtesy to you can also provide you with some market information so that you can get some additional information. It is not unheard of for an appraiser to be way off when assigning a value to a property, especially when there is not sales contract in effect. Please feel free to contact me if you should have any additional questions, [contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

Lila Lopez
RE/MAX Advance Realty
  • July 26 2014
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an appraisal is simply one persons oppinion of value. If your home is not of the same grade as the homes in the area, it very well can come in $70k less than the other comps but that would be pretty far fetched.
  • July 25 2014
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Profile picture for Blue Nile
If you may need to buy your spouse out, the "real" question is if the spouse will accept $35k less...

This is something you need to work out with the spouse.  Perhaps let the spouse select the appraiser?
  • July 24 2014
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There are always mitigating factors:  Condition of the property, location, ect.  Depending on the lender or realtor whomever they used, often times you can petition the appraisal if comparable are not accurate, within the given radius of the subject property ect.  It does sound excessive in this case.  Are there issue with the home in comparison to like homes around it.  If major structure or cosmetic is a yes, then your appraisal may be correct.  Always good to have a realtor or mortgage professional look at it to make sure you are getting fair evaluation and comparable as that is our specialty. Best of luck!
  • July 24 2014
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Who selected the appraiser? Note -Appraising is an art ,not science. There isnt a set formula. Every appraiser will have a different opinion of value . Neverthless I recommend you get a second opinion
  • July 24 2014
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Profile picture for MSahdala
It does seem a little excessive unless is a high value property. Or it has some major structural damages or Chinese dry wall etc. I saw appraisal differences up to 50k on properties ranging 200k-300k coming from different banks.
  • July 24 2014
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Yes. If the house is not as valuable (nice) as the comps.
  • July 24 2014
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