yay, after 2 years! our home finally is under contract -
inspection is finished, appraisal is next.
our house is under contract or $1,000 more than it appraised for 10 years ago - so i felt sure that the appraisal wouldn't be a problem, but i started doing a little reading about appraisals and the trouble people are having since the housing market blew up
have some questions which are actually just fears disguised as questions :)
i've read that appraisers compare houses to comps -
most houses selling in the same price range as us are shabby, harvest gold, old appliances, linoleum, peeling paint type houses - ours is tidy, with newer/decent quality finishes inside. a house with the same square footage as ours would most likely be in very considerably worse condition than ours.do they just use a real estate listing info of square footage and outside photos to compare or do they actually go inside those homes as well? how much does condition factor in?
in looking at the old appraisal, a lot of the things he commented on adversely have been fixed -
the bathroom had just a toilet and shower in it, the sink was in the hall outside the bathroom - that has been rearranged to normal, with sink, garden tub and toilet inside the bathroom ;)
a bedroom addition had metal flashing around the foundation, this was replaced with a real concrete block foundation and stuccoed
the rear of the house has a french drain now, which the prior inspector commented on the need for
are those things that the prior appraiser adjusted the price downward for?
we've also added a bathroom, a very small one, in an odd little L shape off the end of the family room. we didn't increase the square footage, but we did add a shower, sink and toilet - how much does a second bathroom help value?
there are no other 2 BR houses for sale that have 2 bathrooms - so i dont' know if that will help us.
most of the houses we compare to are little downtown house on small downscale city streets - we are in an area about 5 minutes from town, on a dead end street. how do they adjust the values to take into account that we have about half an acre of land?
also, we fenced our backyard, does that add some value?
lastly, 10 years ago, when an appraiser came to our neighborhood, it was yukky - since then 3 houses immediately around us (much bigger than ours, therefore not comps) have been flipped and changed from hud rentals to family homes. some old trailers have been hauled away, some junky places have been cleaned up and mercifully one old derelict place out the road has burned down - so our neighborhood has really undergone a nice little transformation - do you think the old appraiser took into account the old surroundings or is that sort of thing invisible to them?
thanks for your help!