Legal Question in Real Estate Law in Michigan

Appraisal of ''For Sale'' and ''Sold'' homes

A house I am in the process of purchasing was appraised in March of 2004 for $208,000 shortly after the appraisal the owner of the home moved and the home has been vacant since with no improvements nor deprications in value. The house was appraised the first week in February 2005 for my purchase process and the same company appraised it at $180,000. I am wondering what legallity there is in a house, with no changes made, being appraised $28,000 less over a 11 month period with no significant economical change in the area. With the new appraisal, I will no longer be lower than PMI and thus my concern in both appraisals.


Asked on 2/11/05, 4:45 pm

2 Answers from Attorneys
Blake Lipman Law Office of Blake P. Lipman

Re: Appraisal of ''For Sale'' and ''Sold'' homes

Was it the same appraiser? If not, two appraisers can honestly differ on their opinion of the value of the house. I suggest you get a second opinion on the value of the house and ask the mortgage company if they will accept another appraiser's opinion as to the value. For more info, please contact my office at (248)851-3171.

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Answered on 2/15/05, 10:07 am
Rochelle Guznack Law Offices of Rochelle E. Guznack, PLLC

Re: Appraisal of ''For Sale'' and ''Sold'' homes

I really do not see a legal problem for the appraiser here. Obviously, the house was appraised for what the appraiser thought the house was worth. Perhaps the fact that the house has stood vacant for a long time has decreased its value since it is likely this has a bearing on its fair market value. It probably also needs maintenance after standing vacant for close to a year. I recommend calling the appraiser and specifically asking him or her why the house value is lower now. You could also seek a second appraisal.

Good luck.

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Answered on 2/13/05, 5:46 am


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