The Spaghetti Technique, New Milford CT Real Estate
We had a local appraiser in the office today for our office meeting, Andy O’Hazo from Washington, CT. He has been in the business for 20 plus years, and he knows his “stuff”. He took some of the mystery out of appraisals, explained the process he has to go through, and most importantly promised me that there really is no secret decoder ring.
What he also told us was that active home sale prices affect appraisals. Straight from the horses mouth. He will pull active listings first because he needs to know what the lowest comparable is currently priced at. Then he will look at the sold comparable homes. The active listing, should it be lower than the sold homes, will pull the price down!
The appraiser does not throw numbers against the wall and see which one sticks
We also talked about those pesky additions that were done without permits. Lenders want to know, they want all the ducks in a row, they want to know that the additions are legal. This means the appraisers are going to the building department to look at the file for the home. No permit for the deck? No permit for the finished lower level? It will come up, it will be a problem.
The Spaghetti Technique of pricing a home in New Milford, CT is just not working!?