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Old 12-11-2007, 08:55 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 33,805,571 times
Reputation: 2661

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Quote:
Originally Posted by ch123 View Post
And I disagree with your statement. I think you are missing the point.

The second appraisal was just asked for by the lender. It takes about 10 days to get one if it is pushed thru. For all it's worth, the buyer might have not yet even contacted an appraiser for it. I know loans can be funded in 3 days but that would be only after the second appraisal is submitted.
You are in over your head. A lot of that around here.

Appraisals are routinely done in 3 days. An expedited appraisal can easily be done the same day.

The only rational for a second appraisal is the underwriter is suspicious. 95% of the time it goes away when the new appraisal comes up close to the first appraisal.
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Old 12-11-2007, 10:46 PM
 
Location: New York, Westchester
506 posts, read 2,064,657 times
Reputation: 234
Default their could be lots of reasons

i just did closing with a client and he wasn't happy with his mortgage broker so he went to another bank hence another appraiser, or like they said their was a problem with the comps..CALL YOUR AGENT that is what you pay them for.........Good luck
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Old 12-12-2007, 04:29 AM
 
Location: Lackawaxen, PA
102 posts, read 289,682 times
Reputation: 41
Called my agent and he said it had to do with the lack of comps in my area and not to worry.
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Old 12-12-2007, 10:33 PM
 
Location: Columbia, SC
9,290 posts, read 18,369,901 times
Reputation: 7050
Quote:
Originally Posted by ch123 View Post
And I disagree with your statement. I think you are missing the point.

The second appraisal was just asked for by the lender. It takes about 10 days to get one if it is pushed thru. For all it's worth, the buyer might have not yet even contacted an appraiser for it. I know loans can be funded in 3 days but that would be only after the second appraisal is submitted.
I have had appraisals ordered and turned in within 48 hours of an accepted contract. It takes longer on VA or short sale appraisals. They normally get 3 weeks. An appraisal can be done in a day.
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Old 12-14-2007, 11:36 AM
 
354 posts, read 1,118,054 times
Reputation: 87
Did the second appraisal get done and submitted to the lender? Do you have any news on it? It's been more than 48 hours now. Just wanted to know how wrong I was.

Last edited by ch123; 12-14-2007 at 11:51 AM..
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Old 12-14-2007, 01:30 PM
 
Location: Las Vegas, NV
403 posts, read 1,084,849 times
Reputation: 209
Quote:
Originally Posted by ch123 View Post
The second appraisal was just asked for by the lender. It takes about 10 days to get one if it is pushed thru.
You're the kind that goes to the New Gun Owners thread and advises people that the best way to check if a gun is loaded is to look down the barrel and pull the trigger, aren't you?

Whether this particular appraisal is completed quickly or not will not change the fact that your uninformed, blanket statement about appraisal turnaround times is false and stupid.

Unfortunately, no one can stop you from making statements on subjects in which you clearly have no expertise, but readers can be warned when your statements and advice pose a danger to them.
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Old 12-14-2007, 01:46 PM
 
354 posts, read 1,118,054 times
Reputation: 87
Quote:
Originally Posted by Eric Young View Post
You're the kind that goes to the New Gun Owners thread and advises people that the best way to check if a gun is loaded is to look down the barrel and pull the trigger, aren't you?

Whether this particular appraisal is completed quickly or not will not change the fact that your uninformed, blanket statement about appraisal turnaround times is false and stupid.

Unfortunately, no one can stop you from making statements on subjects in which you clearly have no expertise, but readers can be warned when your statements and advice pose a danger to them.
Or you? I was just doing a fact check on reality. At least I acknowledge that I could be wrong. While you can't even entertain that possibility. What does that say about you?

And I can tell you one thing for sure that you are wrong on,, I have ordered more appraisals than you have.

And my response was specific to the OP situation. I took into consideration that the lender asked for a second appraisal, which tends to be more thorough (and so takes longer) than the first one which probably got influenced by the sale price or by a real estate agent like you.

Last edited by ch123; 12-14-2007 at 01:57 PM..
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Old 12-28-2007, 05:07 AM
 
Location: Lackawaxen, PA
102 posts, read 289,682 times
Reputation: 41
Settlement was supposed to be yesterday - 12/27. We got a call from our realtor on 12/26 to stop packing. The second appraisal came through low. He said the first appraial came in over $200k and the first came in at $176k. We sold for $193k. He said he compared both appraisals and the second appraiser totally missed my back lot (which is a pretty good size and I told the guy which yard was ours!) and he had some other specs wrong. So as of right now I have heard nothing else. Our realtor said he is filing an appeal. This is a nightmare. How long do you think this will take to get settled? I have kids that are supposed to start a new school 2 1/2 hrs. away on 1/2. I'm also curious why I got the call one day prior to settlement!
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Old 12-28-2007, 08:06 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,819,611 times
Reputation: 3695
Quote:
Originally Posted by GirlsMom View Post
Settlement was supposed to be yesterday - 12/27. We got a call from our realtor on 12/26 to stop packing. The second appraisal came through low. He said the first appraial came in over $200k and the first came in at $176k. We sold for $193k. He said he compared both appraisals and the second appraiser totally missed my back lot (which is a pretty good size and I told the guy which yard was ours!) and he had some other specs wrong. So as of right now I have heard nothing else. Our realtor said he is filing an appeal. This is a nightmare. How long do you think this will take to get settled? I have kids that are supposed to start a new school 2 1/2 hrs. away on 1/2. I'm also curious why I got the call one day prior to settlement!
Sorry to hear as I suspected this might be the case. If it makes you feel any better, you are not alone as this is becoming more common (house appraises at an inflated value, second appraisal done at a later date coming in much lower. The buyer then renegs on agreed price and wants to pay per the lower appraisal value...)

Hopefully the appeal will get you a higher appraisal value...gl
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Old 12-28-2007, 10:58 AM
 
Location: Lackawaxen, PA
102 posts, read 289,682 times
Reputation: 41
But the reason the second appraisal came in so much lower is because the second appraiser totally missed my backyard which is a good size. I would think they would get someone else out here quickly to get a "correct" second appraisal. Wouldn't you think? I'm trying to get in touch with my realtor - left a few voice mails and e-mails - no call backs.
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