Indianapolis property appraisal

[Simon Stahl]

Hey everyone

I got financing on a property a while back and just now looked over the appraisal report again. There are a few things that seem strange to me so I wanted to ask the folks on here how exactly the appraisals are done in Indy.

• The appraiser did not pick several properties that were close by and had roughly the same size. I assume because the are a different style?
• Instead he picked some properties that are just about half the size of mine. It seems that he payed more attention to similar style than similar size and condition.
• The value adjustment from a 2/1 to a 3/2 is only 4k
• The value adjustment from 890 sq ft to 1,450 sq ft is only 9k
• Two of the five properties he picked were still under contract

I wonder now if this is how appraisals work in Indy, or if I just got a bad appraiser? I would like to understand this to be better prepared for the result the next time.

Simon

[Steven Foster Wilson]

@Simon Stahl Im from Columbus OH, and we have had some appraisals go along those lines. To be honest it is usually the specific appraiser who 1) is not familiar with the specific area or 2) sometimes being lazy in his comp pulling.

I always recommend having a packet ready for your appraiser listing the improvements and specifications of your property, then I pull honest comps that I believe reflect a similar value to my property (Make it easy for him). I then walk through the house with him, pointing out things that are hard or impossible to see, ie: updated electric, plumbing, new countertops. I also ask him questions and get to know him. Worst comes to worst at least you have made a new friend in the industry. 

This strategy has worked out well for me!