So I got two appraisals recently, one for a refi that I balked at, second for a HELOC.
The first, used actual sales which admittedly there were plenty and they all came in the 340-350K range (and they were legit, other condos in the same building) from roughly the past 6 months. Also a walkthrough.
The second for the HELOC, used listing data in addition to some legit sales. Now I’m not disinclined to decry something that worked in my favor, and the difference wasn’t that much in absolute terms (345K vs. 362K) but how in the world can we get wildly different data into the process and to be fair how is listing data particularly relevant if it’s not in line with recent sales? (Yes I understand it could in theory be used to project market direction but bad data is bad data).
Case in point one of the listing entries dropped it’s asking price from the 375K in the appraisal twice down to 350… and my next door neighbor is under offer, so it’s pretty much identical… anyway I doubt it’s selling at 390K. Another has been listed for get this, 8 months now without selling and not reducing price, but it was used in the appraisal, when something like 9 units here have sold in the last year, most within 2 months.
Anyway I know there’s still oddities in the assessment process and it’s still driven by the lenders, but I know which appraisal I personally have confidence in as the second one struck me as, well, off.