Give this foreclosure information to your lender and ask them to pass it along to their appraiser.
Although he or she should already have this information, it is possible that the appraiser may not know it was a foreclosure, which is rarely a fair market sales price. At least try to eliminate that possiblity.
Also, if you know of any neighborhoods similar to yours in price range, style, proximity to services and the freeway - pass those along to the apprasier as well, for possible additional comps.
Remember, it's hard to compare houses, because no two are alike. Appraisers work very hard to do this, down to some infinite details that you may not be aware of - and it is quite possible that. even though that other house needed upgrades and repairs and was a foreclosure - the $20,000 price difference may, in fact, be on target.
Was that foreclosure house older? Smaller? On a smaller lot? Have a less desirable location or view? No pool? A smaller garage than yours? Older roof? A less desirable floor plan? No fireplace? Only one bathroom? And so on.
All these factors, and others, can affect value.
If you know a Realtor, ask them their opinion on the matter. Most Realtors have an excellent feel for pricing, or can do a little research and get that information for you.
little tips
Give this foreclosure information to your lender and ask them to pass it along to their appraiser.
Although he or she should already have this information, it is possible that the appraiser may not know it was a foreclosure, which is rarely a fair market sales price. At least try to eliminate that possiblity.
Also, if you know of any neighborhoods similar to yours in price range, style, proximity to services and the freeway - pass those along to the apprasier as well, for possible additional comps.
Remember, it's hard to compare houses, because no two are alike. Appraisers work very hard to do this, down to some infinite details that you may not be aware of - and it is quite possible that. even though that other house needed upgrades and repairs and was a foreclosure - the $20,000 price difference may, in fact, be on target.
Was that foreclosure house older? Smaller? On a smaller lot? Have a less desirable location or view? No pool? A smaller garage than yours? Older roof? A less desirable floor plan? No fireplace? Only one bathroom? And so on.
All these factors, and others, can affect value.
If you know a Realtor, ask them their opinion on the matter. Most Realtors have an excellent feel for pricing, or can do a little research and get that information for you.
appraisal management