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I just noticed in our report that our appraiser forgot to account for our half bath. He didn't mention a half bath in his reports nor take any pics...any suggestions in what I should do? I mean how much value does a half bath add? Also who would I call...my lender or appraisal company?
(We are refinancing in hopes to remove that FHA PMI and when appraisal came in it wasn't high enough...81.65%...just shy of that 80% mark we needed.)
Do not call the appraiser, he/she should not be exchanging any communication directly with the homeowner regarding the completed report. You are not their client, so they won't listen to you (some may not even acknowledge your call). Send an email to your loan officer pointing out the error. They should have a policy they follow for corrections and reconsideration of value requests. By any chance, is the 1/2 bath below grade? (In the basement?)
No the 1/2 bath is on the main level. Makes a difference in value huh?
Well I did end up talking to my lender about it and he sent the appraisal company a Revision Request. Appraiser came out last night and said I should get the revised report today.
I'm an appraiser and find it troubling that the original appraiser missed that bathroom. It's one thing to have a typo in the report that can easily be corrected, but quite another to have an appraiser inspect a house and miss that bathroom altogether.
I do give the appraiser credit for at least coming back out to look at it rather than taking your word for it. But if you feel the appraisal has any other problems then I wouldn't hesitate to demand another appraisal at the lender's expense.
I'm an appraiser and find it troubling that the original appraiser missed that bathroom. It's one thing to have a typo in the report that can easily be corrected, but quite another to have an appraiser inspect a house and miss that bathroom altogether.
I do give the appraiser credit for at least coming back out to look at it rather than taking your word for it. But if you feel the appraisal has any other problems then I wouldn't hesitate to demand another appraisal at the lender's expense.
It definitely wasn't a typo. He missed it all together - and he acknowledged that when he came back. We have a $50k solar panel system that we bought in February, unfortunately, there was not enough market data to even give us not even a $1 adjustment.
FWIW in the past I have supplied appraisers with a nice summary (1 page) of the house, including a photo of the front.
Included was the # of bed and baths, sq footage, indication of type and make of mechanicals and kitchen appliances, roof type, floor materials, bath and kitchen finishes.
A simple bullet pointed, logical document and (knock on wood) have made out well on my appraisals.
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