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re: Update --- Mortgage underwriter doesn't agree with appraisal
Posted on 6/4/16 at 7:26 pm to ItNeverRains
Posted on 6/4/16 at 7:26 pm to ItNeverRains
A review will not turn out well. There is no incentive to meet the value. Depending on the final number your buyer may be having to come with more money. He will also have to pay for the review.
I would suggest he move to a local bank or CU. It will change his whole deal and possibly his rate. The biggest part of this is containment of original deal info to new lender. There may also be an issue of appraisal release.
If he has paid for anything he may hold steady and continue with the sale through a new lender. However, if this is limited money down, rural, FHA, etc., you may want to tell your realtor to start showing it again. I have seen this happen before and the deals didn't close. Created bad feelings all around. His UW doesn't care so, my experience says put the onus on the buyer, but I would start the process of finding another.
I would suggest he move to a local bank or CU. It will change his whole deal and possibly his rate. The biggest part of this is containment of original deal info to new lender. There may also be an issue of appraisal release.
If he has paid for anything he may hold steady and continue with the sale through a new lender. However, if this is limited money down, rural, FHA, etc., you may want to tell your realtor to start showing it again. I have seen this happen before and the deals didn't close. Created bad feelings all around. His UW doesn't care so, my experience says put the onus on the buyer, but I would start the process of finding another.
1
Posted on 6/5/16 at 7:07 pm to tiger94gop
OP 3 questions:
1.) how many true comps have sold since Dec 2015
2.) what kind of difference are we talking about? $10,000 on a 300k house or more like 100k on a 200k house?
3.) can you find a reasonable reason for the difference in sales price?
The tricky thing about comps is there easily could of been something like termite damage in a pre-foreclosure property that never made it to foreclosure because an investor bought it that is throwing the comps off. It could also be a terrible lot, super outdated, etc. I'd do 30 mins of research, heck go talk to the people that live in the Dec 3015 house to see why they got a 'deal'.
1.) how many true comps have sold since Dec 2015
2.) what kind of difference are we talking about? $10,000 on a 300k house or more like 100k on a 200k house?
3.) can you find a reasonable reason for the difference in sales price?
The tricky thing about comps is there easily could of been something like termite damage in a pre-foreclosure property that never made it to foreclosure because an investor bought it that is throwing the comps off. It could also be a terrible lot, super outdated, etc. I'd do 30 mins of research, heck go talk to the people that live in the Dec 3015 house to see why they got a 'deal'.
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