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Answers (12)
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
That is unfortunate. Appraisers do this all the time. I have had some of them so worried about over appraising properties they come up with a value then cut a few points off. So in theory with every sale in a neighborhood the value has no option but to decrease by those few points every time there is a sale. Until the change some of the appraisal rules these appraisers will keep us in a declining market.
- jablum
- Contributions:16
Fannie did not budge. I did not want the Homepath financing. The deal went busto. The appraiser refused to redo.. He killed the sale because he was waaay off appraisal wise and did a poor job in using the appropriate comps. I am upset, but also relieved. It has consumed me for months.
- jablum
- Contributions:16
Thanks for all the advice. I am soo nervous. I have decide to submit the appraisal and hope that Fannie will accept it. My realtor is more along the lines of " you don't have much choices--you are FHA and is encouraging other financing options". But my thing is why pay more..and really it is up to Fannie. So there it is...I will let you all know what the conclusion is.
- steven stewart, "Steve Stewart Sr"
- Contributions:27
The first thing is talk to your agent and find out if they have sent the apprisal to the bank. Im in las vegas and have experience in the issue you are facing. Most of the time the lender/fannie will lower the price. If not they could ask for a new BPO which would delay you again. 10K variance in price is hard to say high or low without knowing what the value of the house is, it may be large %or a low one. But either way step back and let your agent work it and if he cant call his boss/broker to help.
As far as being used, it doesnt sound like you are the appraisal etc has to benn done and the bank/owner of the property doesnt care what the appraisal comes in at. Only you and your lender do.
Good Luck
Steven Stewart
- shapiroamg
- Contributions:3058
Norm,
at this point the CFPB want to hear everything the is bothering consumers and I think they should be obliged.
at this point the CFPB want to hear everything the is bothering consumers and I think they should be obliged.
- Alma Kee, "Realtor Alma"
- Contributions:133
I had this happen on a Fannie Mae and we submitted the appraisal to the listing agent and there was no big deal... price was lowered.
Let us know how it works out!
All the best,
Alma
Let us know how it works out!
All the best,
Alma
- Wes Black
- Contributions:509
Submit the addendum to lower thebprice to match appraisal. I'll bet Fannie Mae matches it and you win.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
nice link Shapiro, but let me see if I understand the complaint....
"I want to overpay for a house but my lender won't lend me enough to do so".
and Jablum, just submit the contract addendum to lower the price along with the appraisal. In all likelihood (i.e. based on experience) they'll lower the price.
"I want to overpay for a house but my lender won't lend me enough to do so".
and Jablum, just submit the contract addendum to lower the price along with the appraisal. In all likelihood (i.e. based on experience) they'll lower the price.
- shapiroamg
- Contributions:3058
- jablum
- Contributions:16
I am so stressed. My realtor says she does not think Fannie is going to come down 10,000.The list started at 149 and then down from there to 125000. We were hoping the appraisal would come in at at least 120,000 because the comps in the community support it, but the apprasier for whatever reason..decided to use other comps..so we challenged the appraisal based on facts. I certainly do not want to pay more than it is worth,by no means but in negotiaing this deal it's a matter of playing to the seller and LA..I don't want anyone to come behind me and get the property after I have invested the time and money, for the best price. I do not have the money for the diffference. I may have to walk away and start over. Thanks so much for the replys I appreciate the opinions sooo much. It helps to calm me down.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
The seller needs to come down on the price. Your lender doesn't want to loan more than the house is worth, and you shouldn't be willing to pay more than the house is worth. Is it worth $10,000 dollars out of pocket, up in smoke, poof, gone....just for the pleasure of moving in?
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
The lender is simply using the appraised value to calculate the maximum amount they will loan you.
You are free to pay the $10,000 difference, get a mortgage and proceed. Outside of the question of why would you overpay for the house?, it really isn't a deal killer, the lender isn't going to nix the deal over the appraised value rather they're simply going to adjust the loan amount.
You are free to pay the $10,000 difference, get a mortgage and proceed. Outside of the question of why would you overpay for the house?, it really isn't a deal killer, the lender isn't going to nix the deal over the appraised value rather they're simply going to adjust the loan amount.
How do you deal with an appraisal gone bad? I stand to loose time and money.
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