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Old 10-01-2019, 04:01 PM
 
7 posts, read 739 times
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My closing date has been moved 2 weeks further because the underwriting requests changes on the appraisal. We are the sellers and want to know what are some typical changes they could want? I have asked my realtor but she can't answer the question.
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Old 10-01-2019, 04:13 PM
 
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Could be anything - could be a ploy to buy time! You have the right to know. Demand details!
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Old 10-01-2019, 04:20 PM
Status: "Hard Money Lender " (set 7 days ago)
 
229 posts, read 48,182 times
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Quote:
Originally Posted by Tabbievm View Post
My closing date has been moved 2 weeks further because the underwriting requests changes on the appraisal. We are the sellers and want to know what are some typical changes they could want? I have asked my realtor but she can't answer the question.
What type of loan is your buyer using? The loan type can help determine the types of changes that are typically requested or made.
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Old 10-01-2019, 04:35 PM
 
Location: Rochester, WA
6,382 posts, read 3,566,206 times
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If they're asking you to do things based on the appraisal, I'd think you have the right to see the appraisal.
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Old 10-01-2019, 05:47 PM
 
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Originally Posted by Spokaneinvestor View Post
What type of loan is your buyer using? The loan type can help determine the types of changes that are typically requested or made.
They have an FHA and are from New York - buying a home in Georgia.
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Old 10-01-2019, 05:50 PM
 
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Originally Posted by Diana Holbrook View Post
If they're asking you to do things based on the appraisal, I'd think you have the right to see the appraisal.
Nothing has been asked of me ...yet. all i was told was that the underwriting has requested changes from apprasier (in response to my inquiry of why its taking so long)
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Old 10-01-2019, 05:53 PM
Status: "Hard Money Lender " (set 7 days ago)
 
229 posts, read 48,182 times
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Quote:
Originally Posted by Tabbievm View Post
Nothing has been asked of me ...yet. all i was told was that the underwriting has requested changes from apprasier (in response to my inquiry of why its taking so long)
Might be the comps they used, might be the adjustment values, could be safety or repairs the appraiser called out. Hard to know.
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Old 10-01-2019, 06:09 PM
 
Location: Rochester, WA
6,382 posts, read 3,566,206 times
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Quote:
Originally Posted by Tabbievm View Post
Nothing has been asked of me ...yet. all i was told was that the underwriting has requested changes from apprasier (in response to my inquiry of why its taking so long)

Interesting. They obviously feel there may be something wrong in what the appraiser did.

I would think, if they want your cooperation, they should share some information. The Buyer's agent should have the appraisal. With the buyer's permission, they can send it to you, along with, I'd think what the nature of the issue is.

Do you have an agent? Task them with getting it for you.
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Old 10-01-2019, 06:18 PM
 
7 posts, read 739 times
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Quote:
Originally Posted by Diana Holbrook View Post
Interesting. They obviously feel there may be something wrong in what the appraiser did.

I would think, if they want your cooperation, they should share some information. The Buyer's agent should have the appraisal. With the buyer's permission, they can send it to you, along with, I'd think what the nature of the issue is.

Do you have an agent? Task them with getting it for you.
Yes I have an agent. Funny thing is..
my agent (been there 12+ years) and buyers agent (new agent)...both work for the same broker. But unfortunately shes not giving me any info on the appraisal other than " I dont know"
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Old 10-01-2019, 06:19 PM
 
465 posts, read 418,289 times
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Changes can be anything.

Change John Smith & Mary Smith to John Smith, Mary Smith (I've seen it)
Need another comp
Why didn't you use this comp?
Please explain why you did not did not make an adjustment.
Change the flood zone.
Why is comp 3 so far away?
Why is the cost approach higher/lower than the appraised value?
The Subject is higher than the predominant value. Is it an overimprovement?
It looks like some of the comps cross a road. Are they in the Subject's market area?
Other appraisers in the area don't make an adjustment for X, why did you?
Please provide picture of attic. Even when the Subject doesn't have one!
Which comp did you give the most weight?

The list is endless. And, most of the answers are in the report. But, the computer didn't read that part and the check box checker can't proceed until they have the answer right in front of them. They can't be bothered reading the pages of comments we make. The Too Big to Fails are the worst.

The only thing that should concern you is if they are getting the appraisal reviewed. That means either 1. It came up in rotation because they are required to conduct reviews by appraisers on at least some files. 2. There is something wrong with the appraisal. It got a high UAD score (computerized scoring system) and their data shows it should be significantly different. Or, it's a unique property and requires someone with an IQ higher than 60 to actually read the report.

Sorry, it's a sore spot for me. The asinine requests that come from AMCs, lenders and underwriters are endless. The vast majority of the time, there's nothing for the buyer/seller to worry about. And, sometimes, appraisers get blamed for delays when it's not true. I've had agents call me asking about corrections that I either sent back days ago, or never got.
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