Browse Forums Real Estate 1 Feb 15, 2011 1:44 am Im in WA and this week we had 4 appraisals done on our property. 2 came in at $499K and then the other 2 at $430ish. Im trying to get my head around how there can be such a huge difference in the price. With the first one she came in the house and took a good look around and then gave me her appraisal, explaining it while going over comparative sales etc. the second one came in a gave me a price of $420K before even looking but then took a look around realised we had a pool etc and then reassessed based on comparative data and said $499. The next came in, looked around, took notes, asked how much we paid for putting in our games room and then just added the price I said (I thought she was just curious and I gave her a round abouts figure without putting much thought into it), added the price she thought we paid for the pool, added the cost/m2 for the house size and block size and said that 'it equates to $449K but you wont get it.' It appears her comparisons are for 4x2s with the same land area. The next guy said if it were jsut the house it would be $420ish but because we have the pool and games room, workshop he reckons we'd get $430. He showed me comparatice sales but I noticed the ones he compared ours to either looked over, or backs onto the train depot centre and future freeway sandpit or is on the corner of main roads. I said I wouldnt even contemplate selling for that and hoped for $470. he said he could try but it would be difficult but we're better off not selling for now. I sort of took it that he couldnt be bothered working for his money and for $420 he's be guaranteed his commission but I have no idea. Can someone plese explain to me how there can be such a huge price variation? Re: Confused by varying appraisals 2Feb 15, 2011 11:08 am Its worth looking at this site to see how agents work http://www.jenman.com.au/ The last house I sold was through a Jenman Agent and I was very satisfied with the whole deal. The Harder You Try - the Luckier You Get ! Web site http://www.anewhouse.com.au Informative, Amusing, and Opinionated Blog - Over 600 posts on all aspects of building a new house. Re: Confused by varying appraisals 3Feb 15, 2011 11:24 am We are going through the same thing with our house atm- we had a few varying prices for agents but ended up agreeing to selling through an agent friend. Our house has been on the market since Nov last year and we are going to take it off shortly and then try again later in the year. We had 2 offers well below our from price (we were seeking offers from $570k and got 2 offers at 550k - we are looking to get about $585) Unfortunately the market is a bit soft in WA at the moment. I have heard that next year it will improve dramatically but who knows? The market is just not meeting most sellers expectations at the moment so I would imagine that is why a few of the agents you have met with are being conservative with their pricing. Logic will get you from A to B. Imagination will take you everywhere. —Albert Einstein Re: Confused by varying appraisals 4Feb 16, 2011 7:26 pm It's the way the industry work- when there are "human" involved rather then "processes " the outcome will vary a lot based on that "person's" experience, emotion, feel on the day etc.... It's like the same as asking: when i ring my insurance company or vodaphone why did 2 Representative give me 2 different answers for the SAME PRODUCT AND COMPANY? ( no offence to voda, but they do suck ) End of the day, even if they all said the valution was $420k ...if you went to sell it- you will probaly get a different price ...comes back to the human emotion theory P.s just make sure you get a valuer who looks like he has no emotion...ie hates his job Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au If this is a custom build then I would expect the builder to set out the door frame closer to the wall to avoid the gap between architrave and the wall and or specify… 9 8288 |