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12-11-2007, 04:44 AM
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Location: Lackawaxen, PA
102 posts, read 181,813 times
Reputation: 41
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Second Appraisal
Why would the mortgage company for the people buying my house request a second appraisal? Should I be worried? Settlement is 2 weeks away!
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12-11-2007, 08:36 AM
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Location: Nine Mile Falls/Spokane, WA
800 posts, read 2,544,698 times
Reputation: 410
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Sometimes a lender will want a second appraisal if the home has already sold within a short time frame prior to this sale (i.e. fix & flip) or if the comps that the appraiser used seem out of line - either not close to your home or have extreme differences from your home. Is your home unusual or in a remote area? Do you know if there have been other sales in your area in the past 6 months? It could also be that the buyer has credit issues and they want a second appraisal just to ensure the value in case of default.
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12-11-2007, 08:44 AM
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Location: Lackawaxen, PA
102 posts, read 181,813 times
Reputation: 41
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I think it may be that the buyer has credit issues. We live in a blue collar neighborhood. Its a twin. I also think they don't have many comps to go by. The one that I know that they are using is down the street but its a different township, schools are better. It sold for less than ours but our house is updated wherein the comp house was all original plus no bath tub.
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12-11-2007, 10:49 AM
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354 posts, read 668,994 times
Reputation: 80
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Generally, it means the appraisal value was out of line-too high or low. Keep your fingers crossed that the second one comes close to the sales price.
If the lender ordered a new appraisal it would be real tight for the lender to advance funds for a closing in two weeks.
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12-11-2007, 11:10 AM
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Location: Raleigh, NC
9,582 posts, read 14,467,408 times
Reputation: 5190
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Quote:
Originally Posted by GirlsMom
Why would the mortgage company for the people buying my house request a second appraisal? Should I be worried? Settlement is 2 weeks away!
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Call YOUR agent and have her find out for you. Its part of her job. ANYTIME you have questions or concerns, call your Agent. Worrying over needless issues is simply a waste of time.
Vicki |
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12-11-2007, 12:44 PM
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Location: Wouldn't you like to know?
7,898 posts, read 8,477,750 times
Reputation: 2893
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Quote:
Originally Posted by ch123
Generally, it means the appraisal value was out of line-too high or low. Keep your fingers crossed that the second one comes close to the sales price.
If the lender ordered a new appraisal it would be real tight for the lender to advance funds for a closing in two weeks.
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That's what I was thinking right off the bat. I've heard many, many horror stories of soon to be sellers upset because the 2nd appraisal was much lower than the 1st (understandably so)....
Stay in the loop w/your realtor on this... |
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12-11-2007, 01:34 PM
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Status:
"Problems aren't solved by cynics or skeptics."
(set 24 days ago)
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Location: Mountain Ranch, CA The heart of Calaveras County
5,408 posts, read 8,987,383 times
Reputation: 3837
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Quote:
Originally Posted by ch123
If the lender ordered a new appraisal it would be real tight for the lender to advance funds for a closing in two weeks.
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I totally disagree with this statement. The appraisal usually comes near the end of the process. I've seen underwriters fund the loan 3 days after the appraisal was submitted and I would say that's the rule rather than the exception.
I can't imagine there is a state where this would be true, but it's possible. |
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12-11-2007, 02:01 PM
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354 posts, read 668,994 times
Reputation: 80
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Quote:
Originally Posted by DMenscha
I totally disagree with this statement. The appraisal usually comes near the end of the process. I've seen underwriters fund the loan 3 days after the appraisal was submitted and I would say that's the rule rather than the exception.
I can't imagine there is a state where this would be true, but it's possible.
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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. |
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12-11-2007, 07:49 PM
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Location: Orlando FL
1,044 posts, read 2,422,645 times
Reputation: 374
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Quote:
Originally Posted by ch123
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.
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I agree with his statement. I've had appraisals done in just a few days before no problem.
Bottom line is to call your realtor and ask them to find out what's going on. Last time this happened to me it was just that the buyer decided to switch lenders last minute for whatever reason. No problem with the appraisal, just new bank so new appraisal needed. |
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12-11-2007, 08:21 PM
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Location: Las Vegas, NV
403 posts, read 696,476 times
Reputation: 208
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Quote:
Originally Posted by ch123
If the lender ordered a new appraisal it would be real tight for the lender to advance funds for a closing in two weeks.
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This is a ridiculous statement with no basis in fact. |
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