U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-16-2009, 08:44 AM
 
9 posts, read 33,128 times
Reputation: 10

Advertisements

We are purchasing a home for $359k on LI. The appraisal was done last week and was appraised for $352k. The appraiser's copy of the contract said the house was being sold for $350k. Neither agent was at the appraisal to make sure the appraiser was using the correct info.

Is there anything that can be done on the appraiser's end to correct this? Would the appraisal change knowing that the sale price was incorrect on the appraisers contract?

Our lender was reaching out to them and I am waiting to hear back.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 09-16-2009, 08:59 AM
 
Location: Long Island
9,630 posts, read 21,128,886 times
Reputation: 5405
Quote:
Originally Posted by 1stimer View Post
We are purchasing a home for $359k on LI. The appraisal was done last week and was appraised for $352k. The appraiser's copy of the contract said the house was being sold for $350k. Neither agent was at the appraisal to make sure the appraiser was using the correct info.

Is there anything that can be done on the appraiser's end to correct this? Would the appraisal change knowing that the sale price was incorrect on the appraisers contract?

Our lender was reaching out to them and I am waiting to hear back.
I'm appalled that you're agent wasn't at the house when the appraisal was being done. IMHO it's part of the selling agent's job to be present when both the inspection and appraisal are being conducted. For the appraisal, again IMHO, comps should be provided and it's an opportunity to find out if the appraiser knows the selling price.

An appraisal is an (hopefully educated) opinion of value based on market information and house condition/amenities, etc. which certainly has some flexibility in terms of $352K or $359K. If your lender is reaching out, it would seem to indicate that this is not an FHA loan, which is in your favor; your lender appears willing to listen to a revision. Tough to say what the appraiser will do at this point - depends on the appraiser...

Good luck!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-16-2009, 09:16 AM
 
44 posts, read 50,720 times
Reputation: 54
You need to find yourself a new agent.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island
Similar Threads

All times are GMT -6. The time now is 06:09 PM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top