Comments on: Problems with Hoboken Appraisals? http://hobokenrealestatenews.com/2009/09/29/problems-with-hoboken-appraisals/ What buyers and sellers need to know about Hoboken condos and real estate. Sun, 05 Feb 2012 02:54:16 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: fellowrealtor http://hobokenrealestatenews.com/2009/09/29/problems-with-hoboken-appraisals/comment-page-1/#comment-4063 fellowrealtor Tue, 06 Oct 2009 02:56:54 +0000 http://hobokenrealestatenews.com/?p=2055#comment-4063 Hi Lori, Great blog and topic. Appraisals are always interesting. For example, an appraiser from out of town may not understand the real difference between a condo with a washer/dryer in the unit and one without. In the suburbs it is assumed that a hookup is available and a w/d is just an appliance. A condo with a w/d restriction may not be as desirable for some buyers, which could result in a lower selling price. An appraiser could pull a comp of similar SF, add or subtract 1,500 for w/d. This may not be a true reflection of value in the Hoboken market. Another problem is that Realtors are always showing and viewing properties. Appraisers pull MLS info but do not view the properties used for comps. Many times they do not factor in major issues that have affected the sales price of a comp (poor layout, poor quality workmanship, etc). The MLS is a great resource but there is a lot that can be missed without viewing a property in person. - N Hi Lori, Great blog and topic. Appraisals are always interesting. For example, an appraiser from out of town may not understand the real difference between a condo with a washer/dryer in the unit and one without. In the suburbs it is assumed that a hookup is available and a w/d is just an appliance. A condo with a w/d restriction may not be as desirable for some buyers, which could result in a lower selling price. An appraiser could pull a comp of similar SF, add or subtract 1,500 for w/d. This may not be a true reflection of value in the Hoboken market. Another problem is that Realtors are always showing and viewing properties. Appraisers pull MLS info but do not view the properties used for comps. Many times they do not factor in major issues that have affected the sales price of a comp (poor layout, poor quality workmanship, etc). The MLS is a great resource but there is a lot that can be missed without viewing a property in person. – N

]]> By: Joe Banker http://hobokenrealestatenews.com/2009/09/29/problems-with-hoboken-appraisals/comment-page-1/#comment-4022 Joe Banker Thu, 01 Oct 2009 16:15:02 +0000 http://hobokenrealestatenews.com/?p=2055#comment-4022 I stand corrected. I misunderstood your comment. You are right on! I stand corrected. I misunderstood your comment. You are right on!

]]> By: rich http://hobokenrealestatenews.com/2009/09/29/problems-with-hoboken-appraisals/comment-page-1/#comment-4013 rich Wed, 30 Sep 2009 23:06:45 +0000 http://hobokenrealestatenews.com/?p=2055#comment-4013 Joe banker - I never said the apprasiars job was to determine if the buyer had the ability to pay the. What I said was the appraisers job was to prove value more then to calculate value. Their job as you know is to protect the bank. If contract price is $800K they are going to look out in the market to see if they find houses to prove 800K. even if the house is worth more. But I am certainly more interested in finding out how appraisers are now selected under the new rules. I just had a loan close recently but we did the appraisals way back in April. The broker seemed to have a good relationship with the appraiser so I would be surprised if he was pulled out of a hat. but it was a few months ago, maybe April that we started things up. I own mostly mutltifamiles and they are a pain to appraise when not many multifamiles sell without getting converted to condos. not to many comps.. and I could certainly agree that someone that doesnt appraise many condos will have a hard time appraising in Hoboken now. Joe banker – I never said the apprasiars job was to determine if the buyer had the ability to pay the. What I said was the appraisers job was to prove value more then to calculate value.

Their job as you know is to protect the bank. If contract price is $800K they are going to look out in the market to see if they find houses to prove 800K. even if the house is worth more.

But I am certainly more interested in finding out how appraisers are now selected under the new rules.

I just had a loan close recently but we did the appraisals way back in April. The broker seemed to have a good relationship with the appraiser so I would be surprised if he was pulled out of a hat. but it was a few months ago, maybe April that we started things up.

I own mostly mutltifamiles and they are a pain to appraise when not many multifamiles sell without getting converted to condos. not to many comps.. and I could certainly agree that someone that doesnt appraise many condos will have a hard time appraising in Hoboken now.

]]>