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| re: Contesting an Appraisal I TRIED to contest an appraisal when we were converting our construction loan to conventional. We had a dipstick for an appraiser. Due to the HVCC rules (Thank you, Mario Cuomo...not), we were not allowed to even speak with the appraiser. Yes, we paid for the appraisal, but the mortgage company ordered it so he would/could talk to only them. He made so many mistakes that it was almost comical. However, the comedy faded fast as our conversion deadline loomed and his appraisal was WAY off base. No reasonable comps, the comps he did list weren't even located at the address or area he had listed, he didn't sign the appraisal himself and much more. You can't choose your appraiser any more if you are going FHA, VA, FnM, etc. Their names are put in a hat and one is drawn out, so to speak. You could get the same appraiser two times in a row for all you know. The bank which financed our construction loan was flabbergasted at his low ball appraisal. The builder was in great disagreement with him, also. We could have requested another appraisal, paid for it, but that wouldn't have helped us any. His appraisal was on record and the underwriters wouldn't question it. We finally financed with the credit union which utilized their own in house appraiser and didn't involve any banks or mortgage companies. But we were still out the initial appraisal fee. This is the primary reason we haven't refinanced. I tell these finance companies and mortgage brokers that if they want to pay for the appraisal, then we'll go for it. I will not waste time and money dealing with these incompetent appraisers again.  Reply • Back to Top |
| you can thank Barney Frank and the HVCC/Dodd-Frank Act for your situation. seriously Reply • Back to Top |
| i would also like to thank Frank and his a-hole buddies for telling me how much money i am allowed to make under thier new rules. Reply • Back to Top |
| The lender-appraisal game is a joke. Reply • Back to Top |
quote: I am at 83.6% I am using US bank. I didn't know you could buy out. But after reading this thread I think I may try the credit union. Reply • Back to Top |
| Not trying to hijack this thread, but the subject at hand (HVCC rules) are part and parcel of the downturn in new home construction as well as existing home sales. Too many incompetent appraisers and bad appraisals have resulted in a strangle hold on home financing. I've seen it first hand. Reply • Back to Top |
quote: I wasn't talking about an actual fire either. A fire sale is just what you described (a sale that needs to be made fast). But that is still completely different than a not at arms length transaction (a sale between family members for example). Reply • Back to Top |
| I get the family sale to each other but I also thought that it had to do with fair market value. If a seller is willing to sell it for far less than market value and its not a short sale, is it really an arm's length transaction? Reply • Back to Top • Refresh |
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