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re: Appraisal Process Questions

Posted on 4/28/13 at 6:47 am to
Posted by Lsut81
Member since Jun 2005
80328 posts
Posted on 4/28/13 at 6:47 am to
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 by ItNeverRains
37069
Member since Oct 2007
25761 posts
Posted on 4/28/13 at 8:21 am to
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)

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