Appraisals In Coconut Grove
May 31st, 2011 | categories: Coconut Grove Real Estate
A recent experience with one of my listings that recently went under contract here in the Grove is the perfect example of the inconsistencies in the appraisal process. We had two different appraisals completed within a span of 10 days (the first was done pre-contract and the second was done post-contract) and each one came in at a drastically different number. We gave each appraiser the same comparable sales and there were no changes in the market.
How could this be? For one, the appraisal process is very subjective. But secondly, the first appraisal was done without a sales price while the second one was done with a sales price. For those of you who don’t know, if a home is pending the appraisor always gets a copy of the sales contract. I have always had a hunch that the sales price factors heavily into their decision and the way this scenario played out, I am just about certain of it.
If you are interested in seeing this home or any others in Coconut Grove pleae feel free to give me a call at 305-342-1623 or send me a message here.
