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.
Because they gave the word that the initial appraisal was at our offer price. Looked like they were saying everything was fine. So we dropped the contingencies because of their word. Then they went back and changed their thoughts on the appraisal.
Talk to your Agent & Attorney ASAP, they must have a solutiion, you have come to the end of things @ apprasial, they have to help you get things right or get your deposit back!! Good luck!
They wound up having a separate bank account so that turned out not to be an issue.
If I remember that thread properly (and maybe I don't), the separate bank account STILL didn't have enough money in it to make that HOA a good place to move into. Maybe the lender feels the same way?
Quote:
Originally Posted by jojo1980
Talk to your Agent & Attorney ASAP, they must have a solutiion, you have come to the end of things @ apprasial, they have to help you get things right or get your deposit back!! Good luck!
THIS ^^^^^^^^^ What does YOUR agent say about the appraisal? Or did you do this without an agent?
Double on what Cully asked. I've never heard of a lender saying that an appraisal is wrong or that they won't lend based on an appraisal that came in high enough with which they disagree. Anyone have that experience?
Double on what Cully asked. I've never heard of a lender saying that an appraisal is wrong or that they won't lend based on an appraisal that came in high enough with which they disagree. Anyone have that experience?
Yeah, it happens. Usually for one of the following reasons:
1. The appraisal was reviewed by a second appraiser and he disagreed with the value.
2. The appraisal was reduced by an AVM (automated valuation model)
3. The appraisal wasn't "pretty". i.e. there were large adjustments, no similar comps, comps too old or too far away, or a number of other things and it was rejected because the property doesn't conform to the neighborhood.
4. It's not actually the appraisal, but something else.
Lenders cannot select appraisers if there is any government involvement in the loan.
The lender can select the appraiser. It's the loan officer, or anyone with a financial interest in the transaction, that can't pick the appraiser. They just need a department separate from loan origination.
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.
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.
Did not
