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appraisser says they can not appraise the property are they right

the property has two homes on it. since nothing with two homes has sold near it they cant put a value to the property for a reverse mortgage.  any help would be nice
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March 24 2011 - Windsor
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Answers (4)

Was the appraiser a direct employee of the reverse mortgage company?

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March 07
That's absurd, their job is to appraise it and they utilize many methods to meet that end!
If it has 2 homes and is a unique property they have ability to do an income approach, they have ability to reach out to "touch towns" first and if still nothing a "radius" search, they can make adjustments from the most similar comps available, they can reach back over 6 months and make adjustments from that also! The list to long to explain all they can and should do to complete a viable, competent, justifiable appraisal on any property! 
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March 07
They should be able to appraise the property even if there hasn't been anything recently sold in the area . I would definitely ask another appraiser. Sometimes if there are two homes on the property and one of them is not done with permits then the appraiser does not appraise the areas of the home or home that is not done with permits because it is not 'legal' or verified with the county. Therefore it does not have a value to the appraiser.
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March 07
That is ridiculous.  Find another appraiser.  All properties can be appraised.  If they cannot use the comparable sales, they can use price per sq ft., replacement cost, assessed value, etc.

The only issues that I can see that might cause a problem is if there were zoning violations or unpermitted buildings or something illegal.

If you were selling the property it would have to be appraised.  The tax man can assess a value.  Why can't the appraiser?
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March 24 2011
 
Related Questions
appraisser says they can not appraise the property are they right
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Latest answer by Dalberth Group
March 07 | 4 answers
  • Asked by yhnm123
  • In Pricing
  • March 24 2011
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