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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"
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 backs days ago, or never got.
Ah...thanks for this! I will hold on to hope that all will be well!
Keep in mind residential appraiser competence runs from none to lots with a high concentration of residential appraisers in the lower tier of competence.
You may have gotten the random incompetent appraiser that did a poor job. Poor appraisals tend to create questions for the underwriting crew.
W had this happen when we refinanced. They wanted local comps. There weren't any. They said to use whatever there was locally and just make adjustments for differences. In other words, guess. The report said we had central AC but we dont. They wanted it adjusted. He changed the price about $5000, however since it was all a guess anyway, he increased the appraisal by about $5,000 based on some of their other requested changes and came in within a few hundred $ of the same number. . He said all the systems were new. They disputed that. We submitted our permits and sign offs. There were a handful of technicalities they wanted changed. It as about2010. Lenders were still very nervous.
My current home’s appraisal was the only one I was ever happy with as it came in over purchase price and was very specific and detailed.
Before that the appraiser massively under appraised new construction (basically appraised as builder standard without upgrades), the lender balked and we had to scramble 2 weeks before closing to get another lender.
I am dealing with a similar situation. The appraisal came back almost 20k under the sale price. 10k under what I offered initially. I am the buyer. The seller isn't budging on the sale price. Their position is my appraiser used the wrong comps. These comps are in the same town so I don't know what they are on about. They want to do their own appraisal but my position is this has going on for 2 months and it would behoove the seller to negotiate. Sorry to hijack this thread but it is extremely frustrating.
I am dealing with a similar situation. The appraisal came back almost 20k under the sale price. 10k under what I offered initially. I am the buyer. The seller isn't budging on the sale price. Their position is my appraiser used the wrong comps. These comps are in the same town so I don't know what they are on about. They want to do their own appraisal but my position is this has going on for 2 months and it would behoove the seller to negotiate. Sorry to hijack this thread but it is extremely frustrating.
What does your agent say? They should be helping.
What does your lender say?
You agreed to the sale price so unless something has changed it’s not the seller’s problem to solve.
If they're asking you to do things based on the appraisal, I'd think you have the right to see the appraisal.
Sellers do not have the right to see the apprasial report because the buyer is the one who paid for it therefore it does not belong to the seller and buyer is not entitled to show it to them.
OP, you didnt provide us with enough details regarding the contract, however speak to your real estate attorney and discuss with your attorney about potentially calling time of essence.
Sellers do not have the right to see the apprasial report because the buyer is the one who paid for it therefore it does not belong to the seller and buyer is not entitled to show it to them.
OP, you didnt provide us with enough details regarding the contract, however speak to your real estate attorney and discuss with your attorney about potentially calling time of essence.
I’m lost .. how does “Time is of the essence” play into this? I am not trying to be argumentative, simply curious.
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