appraisal question

[vvianmar]

What is the name of your state? California
Does anyone know if there are boundaries when doing a home evaluation?
We are getting a loan and of course we knew a home evaluation was needed. We live very close to the beach in a seller market neighborhood. San Diego has many different zip codes. Our house has a san diego zip code but it is located 2 blocks from a different one.There is a freeway east of us and the ocean west. If we tell our friends and relatives we live in San Diego they won't know where to go 'cause this other neighborhood our house is located is known as Imperial Beach. Our daughters attend Imp. Beach school District(San Diego won't take us because of the address).
Now, the problem is houses around us go from $380,000 to 750,000 . Of course the closer to the beach ,the more expensive. The appaiser came and compared our house to those east of us , in two of the cases(she put 3 comps) with a difference of 300 and 500 sq.ft less than ours and in very bad condition and location,same zip code though.she said that she won't take any house west of ours because is a different zip code and also that she won't give us any real estate market appreciation 'cause banks don't accept that. There is a house a block from mine that was sold for $385,000 2 months ago, 2 bedrooms and one bathroom, 966 sq. ft same zip code. My house is 4 bedrooms 2 bathrooms 1500 sq. ft and she says is worth $385 too!
Can that be possible?
0.6 miles from my house going west there is a 1500 sq.ft house 3 bedrooms and 2 bathrooms that was sold at $615,000. She says she won't take that comp because of the zip code.
All the houses around the area are selling right now for no less that 485. And people are paying that. There a house east of us 1700 sq, ft sold at $490, and it is in not as good shape as ours. Can we tell her to change her comps?
Can she go with a mile ratio comps all around. Can she explain to me why a house smaller than mine is worth the same?
She says we can't tell her how to do her job but is costing me $150,000. There is no way that I can find a house a house like mine for 380.
What should I do?

 

[JETX]

Go hire another appraiser and then compare the two.

 

[vvianmar]

DO you know?

Do you know if there's such a thing as a guideline an appaiser should follow?
Can she discount houses from another zip code evn thought they are 100 feet from our house?

 

[JETX]

If this is an appraiser hired by or provided by the lender, then they have to follow whatever guidelines or policies are set by that lender. In California (as in some other states), an appraiser is required to be licensed. If you have specific questions as to what is required and their qualifications, you might contact the OREA at: http://www.orea.ca.gov/

 

[amortgageman]

Appraisal requirements vary by lender, but as a general rule, the comps need to be within 1 mile in an urban area. Some lenders use more stringent guidelines regarding crossing railroad tracks, interstates, and several other variables, but I have never noticed a zip code as being one of those obstacles.

In a review appraisal process, the zip code is used. This will search all listings within a zip code to support the value of the appraisal. As long as homes within that zipcode show values greater than yours, this should not be a problem. Important to note that specific comps are not used in a reeview appraisal.

I have to agree get a new appraiser.

 

[nextwife]

Does the change in zip code mean a change in school systems? That can also impact value.

 

[FloridaRob]

I am a Real Estate Appraiser in Florida with my own company. The zip code thing just does not make sense. If the properties are considered in the same competing market, then all sales should be considered.

As mentioned, get another appraiser out there. When looking for one, make sure they have been an appraiser for more than 5 years and get one that is local to that area and is familiar with the market. Make sure the experienced appraiser comes out. For this type of report, you dont need a trainee doing the work.