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Old 04-30-2009, 09:05 AM
 
80 posts, read 216,988 times
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Well I left a message with the appraiser. He, obviously doesn't have to call me back seeing that I didn't hire or pay him, but I do hope he will call back.
Thanks for the positivity in some of your posts I appreciate it.
I've gotten over it and look foward to the other possible offers that may be coming in so I'll keep you updated.
That's also a good idea to file a complaint with the bank if the new appraisal comes in alot higher, I'll look into that.
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Old 04-30-2009, 09:21 AM
 
Location: State of Being
35,885 posts, read 66,993,147 times
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Well, here is the thing. Banks are telling the appraisers (in many cases) to be very conservative. Now, the appraisers depend on the banks for their work - so they don't want to lose their income. Banks can be very subtle about "steering" an appraiser. They give guidelines such as how to deal w/ any foreclosures in your area. Just by doing that, they can skew the actual "value" of your home.

So you are gonna find that the attitude of the bank - their philosophy at this time about lending - is gonna have a huge impact on how the appraisal looks.

Hopefully, the next potential buyer will use a different lending institution!

Also, I was told once along the way that the appraiser will NOT speak to the homeowner as this is a violation of their fiduciary relationship w/ the bank. Of course, if you HIRED them, that would be different. And maybe what I was told was just one bank's rules. But thought I would pass that on.
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Old 04-30-2009, 10:28 AM
 
5,869 posts, read 7,696,943 times
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I don't really know a whole lot about this stuff, but why should the appraisal matter if they already offered over the asking price anyway (as long as there is nothing wrong with the home that they didn't know about)? As I think you mentioned before, if someone is willing to pay that price, than that's what it's worth.
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Old 04-30-2009, 10:41 AM
 
Location: Up above the world so high!
45,270 posts, read 88,277,742 times
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Quote:
Originally Posted by GoPhils View Post
I don't really know a whole lot about this stuff, but why should the appraisal matter if they already offered over the asking price anyway (as long as there is nothing wrong with the home that they didn't know about)? As I think you mentioned before, if someone is willing to pay that price, than that's what it's worth.
Because this was the banks appraiser and a bank is NOT going to loan the buyers more than the appraiser says the home is worth, even if the buyers were willing to go higher.
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Old 04-30-2009, 10:42 AM
 
1,877 posts, read 4,302,772 times
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Quote:
Originally Posted by GoPhils View Post
I don't really know a whole lot about this stuff, but why should the appraisal matter if they already offered over the asking price anyway (as long as there is nothing wrong with the home that they didn't know about)? As I think you mentioned before, if someone is willing to pay that price, than that's what it's worth.
As long as they're paying for the house in cash. If the buyeris using bank money, the bank wont loan more than the value of the house. Heck, some wont loan more than 70-80% of the home's value.
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Old 04-30-2009, 10:49 AM
 
1,350 posts, read 3,301,613 times
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I would think since there were multiple offers around the same amount that the value is close to the asking price(JMHO)
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Old 04-30-2009, 11:09 AM
 
Location: State of Being
35,885 posts, read 66,993,147 times
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Quote:
Originally Posted by ssd3 View Post
I would think since there were multiple offers around the same amount that the value is close to the asking price(JMHO)
That is what I was thinking, too - and I believe that is what the homeowner is thinking. I mean - Gosh - it really does come down to buying at a price you feel the house is worth and by having offers . . . seems to me that others are confirming that the house is priced right. This is very troubling - b/c it says to me that some banks are being impossible to deal with - they really do NOT want to lend money.
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Old 04-30-2009, 01:19 PM
 
1,039 posts, read 2,665,669 times
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Quote:
Originally Posted by anifani821 View Post
That is what I was thinking, too - and I believe that is what the homeowner is thinking. I mean - Gosh - it really does come down to buying at a price you feel the house is worth and by having offers . . . seems to me that others are confirming that the house is priced right. This is very troubling - b/c it says to me that some banks are being impossible to deal with - they really do NOT want to lend money.
There plenty of places for people to get loans. The banks that are not playing fair are not doing themselves any favors.
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Old 04-30-2009, 02:20 PM
 
Location: State of Being
35,885 posts, read 66,993,147 times
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Quote:
Originally Posted by gkleoni1 View Post
There plenty of places for people to get loans. The banks that are not playing fair are not doing themselves any favors.
Yeah, but how does the average person know this? How do you know which ones are turning down loans and making sure appraisals come in low?

I think a lot of banks are turning down loans hard and fast through these methods.
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Old 05-01-2009, 05:05 AM
 
Location: Charlotte, NC
7,041 posts, read 13,101,421 times
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First, let me tell you that appraisals are opinions, not a science.

Secondly, let me tell you that from an appraiser's perspective, upgrades in this market are only worth it if...
(please read this carefully)
THE LOWEST SALE WITHIN A 5 MILE RADIUS OF THE HOME WITH SIMILAR UPGRADES SOLD AT A PRICE THAT INCLUDED THESE UPGRADES (HAD TO HAVE BEEN IN THE LAST 3 MONTHS)

Banks no longer care what the purchase price is...(used to be, the appraisals matched the purchase price) now, they look at the value. Is it a good value for the client and/the bank.

Obtaining an independent appraisal would be worthless. The bank would not (could not) use it. Wasted money.

Thirdly...and, more importantly...are there any foreclosures/short sales, distressed sales in your area?? (I actually think that there are some in Gastonia). Those sales are what is determining YOUR sale price.

Just input from a mortgage underwriter.....
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