I just had an offer accepted on a house here in Austin. My mortgage broker said an appraisal was not even necessary as there were so many sales in the area supporting the price. My realtor thinks we might have offered a bit too much because although the neighborhood has a lot of supporting sales and, we are actually in a inferior School district within the neighborhood. Homes less than a block away that would be natural comparables have strong sales prices and I'm afraid that because my house is in a lesser district I might be backwards in the house if I need to sell anytime soon.
Do appraisers typically add or subtract value due to school district within a single neighborhood? I ask because the broker said I don't need an appraiser, which would save me five hundred bucks, but if the school district affects the value of my house I would like it to show in the appraisal so that I might have some negotiating room with the seller. But if the appraiser isn't going to factor that in, there's no need for me to spend the money.
Because the mortgage broker doesn't need the appraisal and I would have to pay out-of-pocket, I can find my own appraiser and possibly direct them 2 accpount for school districts.