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06-10-2009, 01:08 PM
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Member
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Join Date: Mar 2009
97 posts, read 41,553 times
Reputation: 41
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1st appraisal $475K; 2nd appraisal $450K - now what?
We are five days from selling our house to a buyer getting an FHA loan. 1st appraisal was done last month, took 18 days to get the report at $475K, our asking price. 2nd appraisal was done on Sat, 6/6, got the report today for $450K. 1st appraiser was here an hour and forty five minutes, the 2nd appraiser was here 10 minutes. Has this happened to anyone else? Any advice. We're waiting to hear back from our agent. Thanks for any info you can give us.
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06-10-2009, 01:23 PM
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Senior Member
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Join Date: May 2007
243 posts, read 235,326 times
Reputation: 37
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Why did they do 2? I've only had one done when buying/selling a house.
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06-10-2009, 01:30 PM
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Real Estate Agent
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Join Date: Aug 2007
Location: Waldorf
243 posts, read 288,994 times
Reputation: 71
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2 appraisals are required for FHA loans these days, no surprise there. Your Realtor and/or lender should be your best resource for this, but it's a common issue in today's market.
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06-11-2009, 06:04 AM
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Member
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Join Date: May 2009
95 posts, read 27,479 times
Reputation: 37
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1st
1st appraiser must be new and doing everything by the book..
Quote:
Originally Posted by dukesmom
We are five days from selling our house to a buyer getting an FHA loan. 1st appraisal was done last month, took 18 days to get the report at $475K, our asking price. 2nd appraisal was done on Sat, 6/6, got the report today for $450K. 1st appraiser was here an hour and forty five minutes, the 2nd appraiser was here 10 minutes. Has this happened to anyone else? Any advice. We're waiting to hear back from our agent. Thanks for any info you can give us.
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06-11-2009, 03:17 PM
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Member
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Join Date: Mar 2009
97 posts, read 41,553 times
Reputation: 41
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Did some research today on the two appraisers - according to the Maryland State Department of Labor, Licensing and Regulations the first appraiser is licensed, the second one isn't. The first is a member of the Maryland Association of Appraisers, the second one isn't. According to the Maryland Judiciary Case Search website the second appraiser has a long list of judgements against him/her dating back to the early 1990's including Fraud - Sale of Property, Breach of Contract, Forclosure, Due on Promissory Note, etc. to the tune of hundreds of thousands of dollars. The first appraiser had a traffic violation in 2004. All that makes me even more suspicious about the second appraisal. I told my agent, waiting to see what happens.
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