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do you check the validity of an appraisal before you establish a price?

our home is at 180 vine st. 95688.  we just had it appraised to refinance.  in april, the square footage was 2912 square feet, we are on 2.89 acres.  in september, the apparaiser indicated the square footage was 2052 square feet.  Both indicated the property was worth $250,000.  the appraiser in april used $145/sq ft. the appraiser in september did no calculation.  i guess she pulled the number off the top of her head.  that would mean our house is now <$100/square foot at 2052, what'd we do?  Chop 1000 square feet off of our house.  We also have a 1000 square foot granny house.
  • October 11 2010 - Vacaville
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Answers (3)

I know this refi is very important to you.  This not the time to be silent with your Lender.  It is possible for an appraisal to change based upon the market changes in 5 months.  However, I would say the 2nd appraiser did not measure your home, meaning the appraisel is inaccurate.  I would go back to your Lender, point out the inaccurate appraisal and ask the Lender to order another appraisal at its expense.
  • October 11 2010
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Profile picture for gumbo81
2052 was the original sq ft of the home.  we added an family room addition 12 years ago.  I know the first appraiser measured the home, she has a breakout of measurements.  the second appraiser came to our home, but i didn't actually see her measure.  I think the second appraiser took information from county records and did not actually do due diligence when she appraised the home.  neither of them included the granny house, 1000 ft in the appraisal.
  • October 11 2010
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Very curious results. Did both appraisers come out and measure the home? I check the tax records and it shows 2052 sq ft  this may have been the entry from your April 30 re-fi or it may be what the banks appraiser used in determining value from a desk. If they did not come out and measure your home I would advise asking for a review and explain the situation to your bank. I'm assuming when you bought the home it measured out at 2912 sq ft.....without the granny flat.
  • October 11 2010
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