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Appraisal Process Questions
Posted on 4/27/13 at 9:08 am
Posted on 4/27/13 at 9:08 am
The house we are buying just got appraised on Thursday. I am wondering typically how long before you find out what the home appraised for.
This post was edited on 4/27/13 at 9:09 am
3
Posted on 4/27/13 at 9:19 am to ragacamps
quote:
The house we are buying just got appraised on Thursday. I am wondering typically how long before you find out what the home appraised for.
I found out the next day
Call your mortgage guy or realtor and ask.
Posted on 4/27/13 at 2:38 pm to ragacamps
It depends on how busy the appraiser is but I'd say you should expect numbers within a few (business) days.
Posted on 4/27/13 at 2:44 pm to ragacamps
Few days. Your broker will send you a copy
Posted on 4/27/13 at 9:54 pm to I Love Bama
I guarantee you it will be within 5k or less of your purchase price. Appraisals are the biggest racket in the house buying process, among the other things that you get effed on.
Posted on 4/27/13 at 11:27 pm to TigerRob20
Funny. My house just appraised for 53k more than I paid for it. Needless to say, the loan closed. 
Posted on 4/28/13 at 6:41 am to I Love Bama
It took a week on mine
Posted on 4/28/13 at 6:47 am to TigerRob20
quote:
I guarantee you it will be within 5k or less of your purchase price
bullshite... I've been fricked twice on appraisals.
1st time, the appraisal was off by like 18k... Bothy my realtor and the buyers realtor went appshit on the guy and he moved it about 10k higher, but I still lost out on money.
2nd time, the guy fricked up the measurements and used an investor foreclosure as a comp, it was off by 15k... Took a week of fighting with the guy for him to admit his mistake and change it. He refused to change it for the mortgage guy after officially requesting a review. I had to personally call him and talk to him in order to get him to do anything.
Posted on 4/28/13 at 8:21 am to Lsut81
People bash realttors for pricing/selling their house lower than they think its worth, they dont realize we are seeing appraisers fricking terrified right now and they simply do not sticking their necks out. Those guys got hammered legally in the crash and in many ways I can't blame them, even though most markets have stabilized/appreciated. My team has had three this month come in low, and one of my long time lenders is no longer an option because of their appraisers (2 in particular)
Posted on 4/28/13 at 10:51 am to ItNeverRains
My biggest complaint is that it destroys the free market aspect of home purchasing. If I agree to pay a price, and you agree to accept that price, isn't that price the most accurate reflection of value?
Posted on 4/28/13 at 11:11 am to DrEdgeLSU
quote:
My biggest complaint is that it destroys the free market aspect of home purchasing. If I agree to pay a price, and you agree to accept that price, isn't that price the most accurate reflection of value?
I agree and disagree...
The mortgage company has the right to ensure that the property that they are in reality buying, is worth what they are putting up.
ETA: I think the most unfair part is that the homebuyer has to pay the appraisal cost when its really the Lender that is using it.
This post was edited on 4/28/13 at 11:14 am
Posted on 4/28/13 at 11:40 am to Lsut81
No one says that the lender has to agree with the price. Thus I agree with you - they should independently appraise the property and decide based on that, at their expense.
Posted on 4/28/13 at 1:42 pm to DrEdgeLSU
Lol wut? You are free to pay whatever you want for the property. Just don't ask the bank for money
Posted on 4/28/13 at 7:03 pm to ItNeverRains
Correct under Dodd Frank the appraisal management companies are obligated to review the reports and turn in appraisers to their respective licensing agencies when they run into issues.
I feel for the appraisers in today's market with the turn arounds required by the lenders, the pressure placed on them by agents, sellers, and buyers.
It will be interesting to see the appraisal practice in the next 10 years, with so many appraisers retiring or changing careers and the lack of qualified applicants.
I feel for the appraisers in today's market with the turn arounds required by the lenders, the pressure placed on them by agents, sellers, and buyers.
It will be interesting to see the appraisal practice in the next 10 years, with so many appraisers retiring or changing careers and the lack of qualified applicants.
Posted on 4/29/13 at 9:16 am to TigerRob20
quote:
I guarantee you it will be within 5k or less of your purchase price. Appraisals are the biggest racket in the house buying process, among the other things that you get effed on.
Been a long time since you've bought or sold a house hasn't it?
Posted on 4/29/13 at 10:32 am to I Love Bama
quote:sounds like a great way to dodge PMI
Funny. My house just appraised for 53k more than I paid for it. Needless to say, the loan closed.
Posted on 4/29/13 at 10:45 am to baytiger
I only paid 50k for it. 
Posted on 4/29/13 at 2:04 pm to I Love Bama
Mine came in $76k higher 
Instant equity
Instant equity
Posted on 4/29/13 at 2:25 pm to DrEdgeLSU
quote:
My biggest complaint is that it destroys the free market aspect of home purchasing. If I agree to pay a price, and you agree to accept that price, isn't that price the most accurate reflection of value?
quote:
No one says that the lender has to agree with the price. Thus I agree with you - they should independently appraise the property and decide based on that, at their expense.
I deal with this on the regular, next realtor bashing I'd appreciate you guys remembering this part of my job description.
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