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Old 06-10-2009, 04:31 PM
 
Location: Indian Trail
36 posts, read 85,124 times
Reputation: 29

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A similiar thing happened to us. The appraisel was lower than the agreed upon price, so the appraisel amount is all the bank would loan the buyers. The buyers went through the VA and they were also "pre approved" for more than the asking price of our home. We were so far in to the sale and our own move that we took a $15,000 loss. I even went out and got other comparable sales in the area to boost the appraisel but the VA said it didn't matter. They were only loaning the amount of the "low appraisel" from the appraiser that THEY hired! It certainly does seem like a scam. We were too far in to the deal to turn back, so we took the loss. I'm glad we did because we love living in the Charlotte area.
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Old 06-10-2009, 04:42 PM
 
169 posts, read 438,154 times
Reputation: 78
Thank you serovich for sharing that with us. So......we're not the only ones. Like you, the wheels are in motion. The movers come in two days, settlement is in 5 days. We're coming from Maryland and have a contract on a house in Indian Trail with settlement there scheduled in 15 days. How do you stop that kind of train? We'll be taking a $25K loss. We love the area, hopefully we'll love it $25K worth. Where in Indian Trail do you live? We will be living in the Sheridan community.
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Old 06-10-2009, 06:38 PM
 
7,126 posts, read 10,575,074 times
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I *think* that there might me some confusion here on some of the terms . I'm not sure but try this on for size:
1) They were "pre-approved" for a mortgage. But not necessarily so on your house.
2) It was a "bank check". Good funds. But not neccesarily so it's "not refundable" by the terms of the offer to purchase.

I really don't know it's only my suspicion but I wish you the very best of luck.
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Old 06-10-2009, 07:17 PM
 
169 posts, read 438,154 times
Reputation: 78
Hey Johne, the letter from their lender states "The above mentioned purchaser has been APPROVED BY AUTOMATED UNDERWRITING up to a purchase price of $475,000 with 3.5% Down under 30 Year FHA Fixed Rate Mortgage". The $15K deposit was a personal check from them. Does that change the dynamics? We thought it was all pretty clear, till now.....
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Old 06-11-2009, 03:43 AM
 
7,126 posts, read 10,575,074 times
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Quote:
Originally Posted by dukesmom View Post
Hey Johne, the letter from their lender states "The above mentioned purchaser has been APPROVED BY AUTOMATED UNDERWRITING up to a purchase price of $475,000 with 3.5% Down under 30 Year FHA Fixed Rate Mortgage". The $15K deposit was a personal check from them. Does that change the dynamics? We thought it was all pretty clear, till now.....
Discuss with your lawyer today.
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Old 06-11-2009, 04:43 AM
 
Location: Waxhaw
456 posts, read 1,082,991 times
Reputation: 244
DH works for the gov & when we sold our last house the gov offered to buy it from us if we hadn't sold it in time. We had to get 3 appraisals of our choosing & if any of them were more than 5% apart the lowest one was thrown out. We also were 4.9% apart, but fortunately sold it privately. Not sure if that helps but being that you're more than 5% apart you should be able to raise heck if they give you a problem. I imagine that's a standarad # of some sort. Good luck!
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Old 06-11-2009, 04:54 AM
 
169 posts, read 438,154 times
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Thank you all for your info, advice and support. Selling, buying and moving is such a stressful time anyway. Nice to know you guys are out there to help when situations like this come up.
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Old 06-11-2009, 01:14 PM
 
Location: Mauldin
451 posts, read 890,499 times
Reputation: 292
I just asked my wife about this (she's a mortgage processor) and she said that more than likely, it's gonna be $450k. It is possible to dispute the 2nd appraisal (especially with the time thing you mentioned), and there's no guarantee the lender will go with the lower value. But more than likely, they're going to go with the lower value.

Hope it works out for you!
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Old 06-11-2009, 02:19 PM
 
169 posts, read 438,154 times
Reputation: 78
Thanks lanigan911 for the reply. I 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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Old 06-11-2009, 03:42 PM
 
7,126 posts, read 10,575,074 times
Reputation: 2587
Quote:
Originally Posted by dukesmom View Post
Thanks lanigan911 for the reply. I 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.

I like your style of research. :>
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