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Just found out what my house was appraised at....im not happy

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prophecy033

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Ok, ill lay it all out to make it easier to understand.

When my dad passed away he left my sister and I each a house and $42,000. Well, we had to distribute it evenly so we had the houses appraised back in November 2011. Her house is in a shitty part of Portland but it was appraised at $180,000. I chose the house in the nice neighborhood in Milwaukie. Smaller house (810 sq feet, 1090 sq feet with garage and carport) that was appraised at $140,000. It was a rental for about 10 years so it was in bad shape. The tenants moved out cuz I was moving in but first I needed to fix it up in a bad way. I ended up going all out. New carpet, bamboo hardwood in the kitchen and pantry, new countertop and cupboards, new tile in the bathroom, new sink and medicine cabinet, refinished the bathtub, new molding throughout the house, all new appliances, new couch, new bed.....everything is new.

So after all that I needed to put the house in my name. My dads interest rate was 5.45 and I could get it for just over 3. That is a few thousand over the next 30 years. Naturally I wanna save. So at the moment I'm in the middle of the final stage of the switch. I got the house appraised on Wednesday and got an email today from the company who did it.

$130,000

What?

$10,000 less than before? Less than a year ago it was $140,000 and in sad shape. This time it was $130,000 and the house looks WAY better and everything is new.

I understand that the houses around me affect my homes value and all that stuff but really, $10,000 less in less than a year. It doesn't help that the house right next door is on short sale for $110,000. It's a bigger house too but dude is in deep and just wants to sell. Next time I see him I'm gonna tell him he's screwing the whole neighborhood.

I just needed to vent guys, sorry

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Post #1   9/28/12 3:24:30PM   

george112

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It'll pick back up.


Real Estate is like that. Down a year or two. But then some years value sky rocket.


Appearance and condition is everything. Manicured lawn . Nice paint job. Sounds like you did a lot.


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Post #2   9/28/12 3:31:52PM   

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I own a house, but really know nothing about real estate and such. My wife and I put a lot of work, and like you the house was left to us by her family member etc. But over the years we put a lot of work into it.

So isnt the things you do for the upkeep and such supposed to make the price value go up?

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Post #3   9/28/12 3:32:05PM   

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Posted by Shawn91111

I own a house, but really know nothing about real estate and such. My wife and I put a lot of work, and like you the house was left to us by her family member etc. But over the years we put a lot of work into it.

So isnt the things you do for the upkeep and such supposed to make the price value go up?




Yeah it is. But like proph said his neighbor is hurting his value. Things like that happen and it can be very frustrating.

Planting trees is a way to bring up the value of your property. Of course that might involve getting permission from either the city or home owners association

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Post #4   9/28/12 3:38:19PM   

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Want me to come over and take a look at it and give you my professional assessment?

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Post #5   9/28/12 3:42:57PM   

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Posted by george112


Posted by Shawn91111

I own a house, but really know nothing about real estate and such. My wife and I put a lot of work, and like you the house was left to us by her family member etc. But over the years we put a lot of work into it.

So isnt the things you do for the upkeep and such supposed to make the price value go up?




Yeah it is. But like proph said his neighbor is hurting his value. Things like that happen and it can be very frustrating.

Planting trees is a way to bring up the value of your property. Of course that might involve getting permission from either the city or home owners association

@Shawn, that's what I thought. I figured it would increase a bit, maybe to $150,000

@George, I've planted grass seed and shrubs in the front below the windows and keep everything nice and clean. But when they did the first appraisal the guy next door didn't have his house up for sale

@Chael, sure we can crack a few Brees and watch the best of Jones biggest WTF comments

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Post #6   9/28/12 3:49:56PM   

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Thats what sucks about real estate you can want to put money into your house but if the surrounding houses sell for less than what you paid getting your money back and putting money into it is a bad investment...but over the years real estate is the most sound investment and the economy will definitely be on the rise...

I am going through the same thing....but I bought mine....Sorry ass neighbors who moved in in two places across the street and are dirty...Lived there a year....Drove me crazy but finally both have moved out and cross my fingers...

Your up grades in the kitchen and master bath are the best things you could do...you will be alright...

Post #7   9/28/12 3:59:59PM   

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In this economy its going down. Our house (my parents) was appraised one day at 320,000 now its about 230,000 - 250,000

Post #8   9/28/12 4:01:01PM   

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Chael Knows all about Real Estate!

Post #9   9/28/12 4:14:03PM   

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Posted by kingsmasher

Thats what sucks about real estate you can want to put money into your house but if the surrounding houses sell for less than what you paid getting your money back and putting money into it is a bad investment...but over the years real estate is the most sound investment and the economy will definitely be on the rise...

I am going through the same thing....but I bought mine....Sorry ass neighbors who moved in in two places across the street and are dirty...Lived there a year....Drove me crazy but finally both have moved out and cross my fingers...

Your up grades in the kitchen and master bath are the best things you could do...you will be alright...



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Post #10   9/28/12 4:21:41PM   

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Sorry to hear that man. You could potentially get a second appraisal. I know some people or companies will appraise for more or less depending on different factors.

Did the same people that did your most recent appraisal do your previous one?

Post #11   9/28/12 5:00:24PM   

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Posted by pmoney

Sorry to hear that man. You could potentially get a second appraisal. I know some people or companies will appraise for more or less depending on different factors.

Did the same people that did your most recent appraisal do your previous one?

no, two different companies. I might do that but idk yet

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Post #12   9/28/12 5:07:21PM   

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Posted by prophecy033


Posted by pmoney

Sorry to hear that man. You could potentially get a second appraisal. I know some people or companies will appraise for more or less depending on different factors.

Did the same people that did your most recent appraisal do your previous one?

no, two different companies. I might do that but idk yet



That could certainly be a factor. If you call the same company that appraised your house less than a year ago at $140k, I wouldn't doubt that all those improvements would get you at that $150k (maybe even $160k) level. Judging by the sound of it you went all out, your home value certainly shouldn't have decreased. The market hasn't changed that much in the last 12 months. Not by my non-expert estimation.

Definitely hit the first appraisers up dude. It may be a little more out of pocket up front, but if you're looking to sell or just leverage the equity in your house, you'd want that extra value. Maybe you can call them, explain the situation and they can give you some info. Let them know when they appraised it, the condition the house was in, the improvements you made, and the second, decreased appraisal price you got afterwards. Hopefully they'll be like "that makes no sense" and they can get you a good estimate

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Post #13   9/28/12 5:19:57PM   

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what is the basement and backyard like? From what little I understand those can increase the value of the house

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Post #14   9/28/12 5:23:23PM   

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Posted by Bubbles

what is the basement and backyard like? From what little I understand those can increase the value of the house

no basement and the back yard is bigger than my house and enclosed. Well kept also

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Post #15   9/28/12 5:27:55PM   
 
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