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Updated almost 7 years ago on . Most recent reply

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Tom Del
  • Spokane, WA
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Appraisal came in way under for FHA buyers

Tom Del
  • Spokane, WA
Posted

I am selling my house for $299,000 as a FSBO and the buyers are pre-approved for an FHA loan. However their appraisal just came back for $266,000 which I believe is incredibly low for the home, the neighborhood, the market, and the lack of inventory on the market. I've requested a copy of the appraisal and comps, but haven't yet received it. The buyers realtor pulled her own comps and I did the following analysis. What are your thoughts?

Comp My Home Comp My Home Comp My Home Comp My Home As Appraised ($266k - $118 sqft) My Home As Listed ($299k - $133 sqft) Comp My Home My Home vs Comp Comp My Home My Home Comp Comp
Address Bed Bed Bath Bath Sqft Sqft $ Per Sqft Sqft Cost Comparison $ Per Sqft Lot Size Lot Size Lot Size Year Built Year Built Yrs Newer Price Date Sold
Comp 1 4 4 3 3 1926 2236 $ 134.48 -12% -1% 8398 10454 24% 1995 1999 4 $ 259,000.00 10/19/2017
Comp 2 3 4 3 3 2446 2236 $ 108.30 9% 23% 10236 10454 2% 1963 1999 36 $ 264,900.00 12/11/2017
Comp 3 4 4 3 3 1345 2236 $ 200.74 -41% -34% 10138 10454 3% 1980 1999 19 $ 270,000.00 9/26/2017
Comp 4 4 4 3 3 1249 2236 $ 255.22 -54% -48% 8455 10454 24% 1996 1999 3 $ 318,771.00 12/12/2017
Comp 5 4 4 3 3 2486 2236 $ 116.65 1% 14% 16117 10454 -35% 1975 1999 24 $ 290,000.00 11/16/2017
Comp 6 4 4 3 3 2276 2236 $ 127.33 -7% 4% 10890 10454 -4% 1978 1999 21 $ 289,800.00 2/15/2018
Comp 7 4 4 3 3 2695 2236 $ 107.98 9% 23% 28185 10454 -63% 1979 1999 20 $ 291,000.00 11/13/2017
Comp 8 4 4 3 3 1134 2236 $ 264.55 -55% -50% 10018 10454 4% 1999 1999 0 $ 300,000.00 9/29/2017
Comp 9 4 4 3 3 2557 2236 $ 123.15 -4% 8% 13068 10454 -20% 1989 1999 10 $ 314,900.00
Comp 10 4 4 2.75 3 2266 2236 $ 135.92 -13% -2% 8712 10454 20% 1971 1999 28 $ 308,000.00 11/3/2017
              % comparison on a cost per sqft basis. Comparing the comp vs the $266k appraised value. Negative values denote 3403 being under valued per sqft compared to comp % comparison on a cost per sqft basis. Comparing the comp vs the $299k sale value. Negative values denote 3403 being under valued per sqft compared to comp     Lost size comparison. Positive numbers indicate % 3403 is larger than comp          

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