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Old 06-27-2009, 07:10 AM
 
69 posts, read 104,645 times
Reputation: 33
Like I said, it is what it is. I am still going to file a complaint because there is more that the appraiser did not do that she said she did so as far as I'm concerned, she is just shady about this whole thing. There really is nothing more we can do at this point as my realtor has exhausted every possible avenue so I will just say that karma sucks and will hopefully find its way to this appraiser down the road. I just really do not like the fact that the appraisers have nobody to answer to. Just doesn't seem fair to me as the seller. What they say goes pretty much. So before the housing mess, it was the buyer that was getting it stuck to them (getting less and paying more) and now it is the seller(not even able to get what your home should be worth). Where is the happy medium? Just don't get it. A little tropical island where I can build a grass hut and do not have to worry about the crap going on in this country sounds more appealing each day :0)
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Old 06-27-2009, 08:54 AM
 
Location: Huntersville
396 posts, read 457,258 times
Reputation: 238
We presently have a bid on our home in Pa for our asking price. Now you have me worried. Our home was reappraised 6 years ago for a refinance and our idiot appraisor had the walls in the house listed as plaster board when all the walls in the house and garage are plaster. Thankfully we still received the lower rate so I did not pursue it. Now we also have to pass a radon test. Probably every house in the North with a basement has radon. That must mean everyone in the North will be dead in the next two decades.
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Old 06-27-2009, 09:36 AM
 
205 posts, read 304,155 times
Reputation: 103
Default Appraisal Problems

Sorry to hear about that. I had a similiar issue when trying to get a HELOC on my home last fall. They sent some yahoo appraiser out here who was way off on my comps too. Two comps he used were foreclosures and they were 20 miles away! I demanded a new appraisal by another randomly selected appraiser and the appraisal cam in 35K higher the second time because the second guy used ACCURATE comps. Just like anything else, there are bad appraisers and good appraisers. Sounds like you got a bad one. I half think these people are so worried they are going to get in trouble, they low ball and that hurts us all. Maybe you can pay for their bank to order a second appraisal?

Good Luck
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Old 06-27-2009, 10:44 AM
 
Location: caribbean island
5,259 posts, read 4,763,046 times
Reputation: 1835
Something to think about: If apprasiers make so many mistakes, and errors of judgement, we consider them bozos. But when all the results of the "errors" are in favor of the lender then how dumb are these dumbos??

Seems to me there is a method to their madness.
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Old 06-27-2009, 11:16 AM
 
Location: Mostly in my head
16,097 posts, read 28,893,912 times
Reputation: 11803
Quote:
Originally Posted by nacmd70 View Post
................ Now we also have to pass a radon test. Probably every house in the North with a basement has radon. That must mean everyone in the North will be dead in the next two decades.
Only if you sleep in the basement over 20+ years. It causes lung cancer but it takes a long time to develop. When I bought a house in Utah, I had a radon test which was positive. At the time, the basement was storage only, with windows that opened, and I was told it was fine unless I wanted to make rooms down there. Evenutally I did re-do the basement and put bedrooms in there. About 2 yrs ago, and in a low-wage state, it cost about $2500 to remediate the radon. Good luck!
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Old 06-27-2009, 11:53 AM
 
69 posts, read 104,645 times
Reputation: 33
Of course there is a method to their madness. Look at what happened to the housing market because so many homes were appraised higher than they should have been because of market conditions. Now it is scewed the other way. they are low balling everything to prevent what happened last year. Oh well, one way or another our home will get sold within the next couple of weeks no matter what. We actually have very smart buyers that actually looked at the first appraisal and knew it was not right and did not come back in with a low ball offer so we'll get it done. Don't want to mess with another appraisal because who knows what will happen. If it comes in higher, great, but if it comes in lower, the bank is going to take the lower one. Just can't mess with these kind of things in this market. We just have to keep moving forward.
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Old 06-27-2009, 12:00 PM
 
35 posts, read 76,717 times
Reputation: 20
Let your Realtor handle it.That's part of their fee. SERVICE. If they want their commission, they'll work it out.
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Old 06-27-2009, 01:28 PM
 
69 posts, read 104,645 times
Reputation: 33
My realtor has tried for the last week to try and get something done. The appraiser won't budge and will not even looked at the comps my realtor has pulled. She only went back out to remeasure because she was wrong based upon the initial measurements that my realtor had done by her appraiser prior to listing.
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Old 06-28-2009, 05:10 AM
 
160 posts, read 252,392 times
Reputation: 103
The appraiser should be willing to look at additional comps that the lender provides them. Don't have your realtor send 10 comps, as that makes it look like you are just trying to waste someones time. Pick out the best 2 or 3 and have them look at them. It's very common to get a request to look at additional comps.

If they are not good comps, it usually only take 5 minutes to explain why. And if they are truely better comps than the ones in my report, I have no problemy adding them to the report and adjusting my opinion of value. I recognize that I'm human and will make mistakes from time to time. Hopefully your appraiser is the same.

But honestly, 95% of the comps I get were ones I already looked at and discredited for some reason. But if they are from your neighborhood and sold within the past 6 months, then they should be considered.
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Old 06-28-2009, 06:33 AM
 
3,059 posts, read 6,876,651 times
Reputation: 985
My understanding is that the banks are sitting on the appraisers to come in lower. I don't think it is the appraiser's fault from what I have been reading.

I am concerned about my house. Our house is unique and it is harder to get comps on it. We have a "bottom line" we could go if we needed to, but if it goes below that we will just have to sit tight.

Dawn
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