How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds
Ask a Real Estate Law question
Type Your Real Estate Law Question Here...
characters left:
4 Real Estate Lawyers are Online Now

Property Appraisal Questions

A property appraisal is a professional survey of a property by an appraiser to understand the market value of the property. Appraisers who undertake the survey are professionals who are licensed by the state and maintain strict ethical standards. Very often, a property appraisal is carried out for a bank when a property is being approved for a loan.

Listed below are a few questions answered by lawyers on property appraisal related questions.

Is there an online service where real estate appraisers share their property appraisal reports with each other?

Real estate appraisers are meant to keep their reports confidential. They are only allowed to share them with the clients who commissioned the appraisal in the first place. However, details of property sales that take place are recorded at the town clerk's office and are available for anyone to view since they are considered to be public records.

What is an FHA property appraisal?

An FHA appraisal is part of a process undertaken to qualify for a FHA mortgage loan. The appraiser has to check a long list of requirements concerned with the safety and soundness of the property being appraised. These requirements change every year.

I live in California and the single family home I stay in is being appraised by my landlord. Am I required to allow the appraiser to take pictures of every room in the house?

The CA landlord tenant laws state that the landlord and his agent need to give the tenant reasonable advance notice in writing before entering the property and they can do so only during normal business hours. This would generally mean 8 a.m. to 5 p.m. on weekdays. The notice would need to state the date and the approximate time, along with the purpose of entry.

With regard to taking pictures, part of the appraisal process includes taking pictures so the photos can be used if and when the property is listed. This step wouldn’t be considered a breach of the tenant’s use and quiet enjoyment since it is being undertaken legally.

My property which is zoned as a C2 property got a residential appraisal at $185,000. I want to sell it as a commercial property for $250,000. Does my property need to be zoned as a C1 property for this to happen?

Unfortunately, to sell a property as commercial property, it has to be zoned as such. If you do plan to sell a residential zoned property as a commercial property, the buyer could not only rescind the offer but also decide to sue you for damages later.

I recently received a property appraisal that is 20-30% lower than expected. It seems inaccurate and invalid as it is not based on available data like upgrades, remodelling, rental income, and so on. What can I do?

What you could do is to get a new appraisal done by another expert. If the new appraisal turns out to be much more than the previous one, you can demand your money back for the first one.

There are usually 3 ways to appraise a property:
  1. 1. Fair Market Value
  2. 2. Cost to Rebuild
  3. 3. Fair Rental Value

What the appraiser does is take all three into account while appraising the property and then decides which of the three ways reflects the property best, based on the analysis.

Also, remember that appraisals are based on "opinions" and can easily vary by 10% or more based on the current economic climate.

Appraisals that are lower than a seller’s asking price can jeopardize the loan and very often the sale of the property too. Before you dispute an appraisal, you should examine all the facts that went into appraising it. This could include factors like property sales in your neighborhood for the last six months, any differences like renovations and improvements that would make your property more valuable, and so on. If you have a strong case for a second appraisal, your lender could allow for it.
Ask a Real Estate Law question
Type Your Real Estate Law Question Here...
characters left:
4 Real Estate Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Ron

    ASE Certified Technician

    Satisfied Customers:

    21184
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
< Last | Next >
  • http://ww2.justanswer.com/uploads/FO/fordguy4u/2011-12-17_222940_HPIM1257.64x64.JPG Ron's Avatar

    Ron

    ASE Certified Technician

    Satisfied Customers:

    21184
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
  • http://ww2.justanswer.com/uploads/lyeung1/2010-07-25_032152_tn_IMG_0241.JPG Dr. Y.'s Avatar

    Dr. Y.

    Urologist

    Satisfied Customers:

    18393
    I am fellowship trained specializing in general urology and reconstructive urology.
  • http://ww2.justanswer.com/uploads/docjohn174/2008-12-13_170143_johnask.jpg John's Avatar

    John

    Home Appliance Technician

    Satisfied Customers:

    13453
    Appliance repair business owner for over 43 years.
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8490
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/dermdoc19/2010-09-30_160749_Photo_122807_015.JPG dermdoc19's Avatar

    dermdoc19

    Dermatologist

    Satisfied Customers:

    3848
    30 years practice in general and cosmetic dermatology
  • http://ww2.justanswer.com/uploads/BI/birddoctor/2012-6-22_173214_birddoctor.64x64.png Dr. Pat's Avatar

    Dr. Pat

    Bird Veterinarian

    Satisfied Customers:

    3384
    25+ years working primarily or exclusively with birds
  • http://ww2.justanswer.com/uploads/RY/rydergar/2012-6-6_192240_IMG0328.64x64.JPG Dr. Gary's Avatar

    Dr. Gary

    Cat Veterinarian

    Satisfied Customers:

    3299
    DVM, Emergency Veterinarian, BS (Physiology)
 
 
 

Recent Appraisal Questions

  • What are the options for stopping the sale of a vacation rental

    What are the options for stopping the sale of a vacation rental home that is in contract, please?
    My second accountant tells me I will pay approximately $150K in taxes and fees if I sell my vacation home for $650K. I've had the place for 25 years and I operate it as a vacation rental property. My first accountant (now my ex-accountant) didn't tell me that it would cost me $150K to sell the place, as she did not calculate the cost basis of the property.
    Now I've accepted an offer, subject to bank appraisal, and some inspections.
    I am praying that the bank appraisal is lower than the sale price and that the buyers back out.
    If this appraisal scenario doesn't work out, what are my options, please?
    Of course the real estate agents will press me to sell because they will profit, and not care about my tax burden.
    Thanks
  • Issue: Bought a home that was listed at 3899 sqft. Pretty certain

    Issue: Bought a home that was listed at 3899 sqft. Pretty certain it is more like 3525 sqft - a 375 sqft discrepancy. Intend to verify via a professional appraiser. The home is still listed on sites like trulia and zillow as 3899 sqft.
    Backstory: We bought a home in January in The Woodlands area, cash, when we were repatriating from the Middle East. We were operating with our real estate agent from overseas. Despite the fact I asked our real estate agent to order an appraisal a few time, it did not happen, and I forgot to follow through. This was my bad.
    However, part of the disclosure documents given by the seller via her agent included the appraisal by which the 3899 number came about. The measurements seem terrible. Example, I measure the garage (interior walls) at 475 sqft, appraiser: 530 and it looks like it was exterior wall treatment.
    The county appraiser has the square footage at 3600 sqft. I struggle to get this number. I have to extend measurements go this up to 3600 sqft.
    Question: Do I have grounds to seek damages for this misinformation, and if so who is really liable? The seller, seller's agent, or the appraiser?
    Reason for the question: We would not have offered the price we offered had we known the house was not this big. Also, the inspection did not catch this. Moreover, I don't know if an appraisal did. Most appraisers around here tend to rubber-stamp.
    Thanks in advance.
  • I am willing to pay for two Different type Attorneys and pay

    I am willing to pay for two Different type Attorneys and pay both for this Question, as I need Multiple advice! I live in Anderson County Tennessee, I need to hire you to help me on my Commercial buildings, but first answer me this. I bought a Home in 2013 in Anderson county Tn , I Paid $300000 for, but got a Construction loan for $675,000 and put in $550,000 of my own money as well because the Home was simply a only a shell and I wanted a Updated castle inside for Audio, electronics , Alarm, Appliances, Etc. I have been Thru 4 Banks all the way to the end and every time it's a Bulwark I can't Get Passed, All 4 banks where I hit the wall Have been No where near the same final hurdle, So I can't figure out the system at all. My Wife says all we have left to give them is our DNA and her Bra Size! I realize every banks have their own rules , but these ONE VERY LAST ITEM Have been some far out Request and last minute before closing and a wall that I have Hit. The one Problem that prevented me from Closing on this Past Friday was out of the Sky Problem . Here I am I am down to one item I can't get passed that Stopped closing Friday that morning at banks last minute Request. This issue Has NEVER BEEN BROUGHT UP OR HAS NOT EVEN BEEN A QUEST by any of the previous 4 BANKS. The First bank I EVER WENT to and I should have taken that loan , but at last minute they wanted me to do my 2013 Taxes by February and that was their last obstacle and we could close if 2013 was close to 2011 and 2012. Sadly, I lost my Only Daughter Suddenly several years ago and my Only Granddaughter was deathly ill and I didn't have the time to do all the work to do the taxes then. Even though in the Beginning , my income for 2 years before Originally was all they needed. So NOW the Current Bank (5th) I am working with , I started fresh 5 times ( I will not waste the time to explain but I assure you , The reasons were all day of or before or on closing day and Some Ridiculous ( itemize by each Charge Each Purchase on each credit card, Not groceries, Bread, milk, bacon , For a Whole year on three Credit cards?) , Ok , We went to refinance Construction loan 5th time and House appraised for $1,100,000 (2) seperate Apprasiers 2 times thru their 2 hired thru the Apprasier management Rotation service. The last tax Assesment I was done in 2010 and is set to be redone in 2015. My lender says they must figure the Property Tax by real estate appraisers Appraisal ??? The real estate Appraisals were $1,100,000 making tax put me out of ratio to afford Payments on my home !!! Because I am self employed , I could have just paid higher taxes and increased my income , which I easily Just could have shown more , but why pay more Federal taxes if you have legal deductions? Easily , I could have shown for much more , but I only showed what they THE BANK TOLD ME I NEEDED AND IT WAD 5th bank I did taxes For!! The Bank Originally told me How much income I needed to qualify , So I did that exactly as much as they told me I needed To Show . A Lot of stuff that was Business I could have taken as Personal income and just Paid more income tax and then this not be a problem!! The House Sq Ft was increased only 10% by closing in an open Area and a Pool and fencing put in, the majority of it was finishing inside the house which already had been filed as a Full finished house on file Certificate of Occupancy with County So County Assessor could never see all the money I spent or why House appraised so High!! The money I Spent inside was never required to permit, but the House was just was a Shell when I bought it, but considered finished by County and lived in. So I have a loan for $675000 to refinance but Bank says the law make them use For Tax Estimates For for loans , The Appraised value done by private Appraisers value to determine taxes in future ????? Those Appraisals will never be seen by the County Assessor . The County Tax Assessor's closest chance of Even Increasing is Loan amount , not $1,100,000. The Bank did use the 25% value that is in effect for Anderson County value for my house , but $275 ,000 puts me over my income ratio ( remember they told me how much I needed to report in doing my 2013 Taxes ) for payments when and if Home Taxes go up to that $275, 000 times the Tax rates for Monthly percent of Income for for payment allows .The $675,000 does not times 25% , nor does even $$900,000 Times the residential value times 25% equals ( $225,000) the loan amount is best place where as using the best any Anderson County Assessor can do, even coming out here to house , could never see the $1,100,000 as it is the interior of home which causes the increases the Independent Appraisers to use value so high! They say Federal law requires on jumbo loans to determine assumed tax rate on next reassessment Date in 2015 due in 2016 TO BE THE VALUE BASED ON THEIR Received independent Appraisals??! My House was last sol to me at 300k not 1.1mil
< Last | Next >