Profile picture for user7756033

Can a lender require an appraiser to modify the appraisal?

We are selling a house "as is" and the lender told the appraiser to adjust the appraised amount and mark report "subject to new roof and add costs to cure" - the appraisal came in at the sale price with comps to support. This seems like the lender is manipulating an independent report and should be illegal. Any thoughts or advise?
  • July 26 2012 - US
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Answers (1)

Profile picture for kapyarets

If the property sold "as is" and there are no comparable properties that were sold in the last 3 month with the same conditions the lander can use comps that are available and adjust the numbers accordingly the property conditions. It's the same rule for the other way around. The numbers in the appraisal can be adjusted higher if the appraised property superior than available comps.

 

  • July 26 2012
  • 1Yes

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