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re: Update --- Mortgage underwriter doesn't agree with appraisal
Posted on 6/1/16 at 8:40 am to cave canem
Posted on 6/1/16 at 8:40 am to cave canem
Maybe when he/she reviewed the other available data it had he/she questioning the appraised value.
Collateral Underwriting is a very scary thing. It is kind of crazy to think how much data has been gathered from all the appraisal reports issued over the last several years. I went to a conference last year and the primary focus was on explaining how small errors on things like condition/age/quality adjustments on comparables within a report will effect future appraisals on property located within the subject properties neighborhood.
Collateral Underwriting
Collateral Underwriting is a very scary thing. It is kind of crazy to think how much data has been gathered from all the appraisal reports issued over the last several years. I went to a conference last year and the primary focus was on explaining how small errors on things like condition/age/quality adjustments on comparables within a report will effect future appraisals on property located within the subject properties neighborhood.
Collateral Underwriting
1
Posted on 6/1/16 at 9:11 am to DieSmilen
I don't doubt a word you posted.
However none of that is the OP's problem. If this is a normal transaction an offer was made and earnest money paid conditional of appraisal. The fact the buyer is unable to secure financing is not the sellers problem.
As the owner I would stay out of this and let it play out how it will. JMHO
To the buyer I would request another appraisal by a third party at the underwriter's expense if they have issues with the veracity of a certified appraisal. If they refused I would find a new mortgage broker ASAP.
Every person involved in this transaction is being paid by the buyer, they defacto work for him/her, always keep that in mind.
However none of that is the OP's problem. If this is a normal transaction an offer was made and earnest money paid conditional of appraisal. The fact the buyer is unable to secure financing is not the sellers problem.
As the owner I would stay out of this and let it play out how it will. JMHO
To the buyer I would request another appraisal by a third party at the underwriter's expense if they have issues with the veracity of a certified appraisal. If they refused I would find a new mortgage broker ASAP.
Every person involved in this transaction is being paid by the buyer, they defacto work for him/her, always keep that in mind.
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