Out-of-town appraiser draws ire

Re: 'No praise for new appraisal process' (June 29)

Dear Editor:

For someone to take the word of a desktop appraisal over that of a site-visit appraisal is ludicrous.

I had a similar case with an out-of-town appraiser coming in to do an appraisal and not knowing the inventory. My property, a colonial, has almost 2,000 square feet of living space and a two-car garage. We had received four offers, three of which were over the appraised value. The selling price was $279,900.

The appraiser used all smaller homes, including a ranch with 1,596 square feet of living space and no garage. Problem is, only 916 square feet of living space is above grade in that home -- the other 680 square feet is in the finished basement! It sold for $250,000, and he placed an appraised price on mine at only $252,000!

His multiplier for additional square footage of living space was low, as was his number for a two-car garage. This was the worst of his choices, but it illustrates the point. He used all smaller homes and added value for the higher footage of the selling property. He did not use slightly higher square footage and deduct value by the same multiplier.

I protested his choices and wrote a page-and-a-half letter explaining why his appraisal was flawed. He was told his appraisal didn't seem to reflect the proper price. He said he was standing by his decision.

A second appraisal was ordered, for another $400! It came in at $280,000. We closed. Buyers and seller were happy. Buyers knew the value. They had been looking for almost a year. Something has to be done regarding appraisals.

Rick Coco
Broker-owner
RE/MAX Partners
Andover, Mass.

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