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Answers (8)
- real estate mike
- Contributions:2001
This is not your problem. The appraiser the lender hired is stalling, lazy or both. A second appraiser can be hired who actually knows what to do! Tangible property always has a value and an experienced appraiser will do the workfile to obtain an opinion of value, might be based on cost to build in this case. Communicate with your lender that this is not acceptable. If they can't or won't fix the problem you have options. You and your buyers agent can hopefully withdraw your offer, go with another lender, and get this property funded correctly. I have had to do this recently on an f.h.a. loan and it is a hassle and takes more time but ultimately was the right path. best of luck to you!
- Scott Langley, "scottlangley"
- Contributions:311
What does the county tax records say? There is a good number for you as the buyer to go by.
- Jay Knorr, "auburnalproperties"
- Contributions:146
The lender shouldn't be finding the comps the appraiser should. If the appraiser cannot find comparables, they can do a Cost Approach appraisal which is a little more involved and not AS accurate.
- buffyh13
- Contributions:3
The lender is the one telling us that there is no comps. They say thier hands are tied on it and they can't find any within 15 miles of the house. We are doing a FHA loan with a second mortage loan so that we don't pay anything down. They tell us there is noting else to do that there is no lender that is gonna be able to find any comps. Any suggestions? This is our dream house.
- sunnyview
- Contributions:25115
The owner's appraisal will have comps listed on it. I am not talking about a realtor's comparative market analysis (CMA) either. I am talking about an honest to god appraiser 3 comps listed minimum appraisal done within the last 30-60 days max. Ask them for a copy of it. If it is older than that 60 days, get a new one. Prices are likely to be lower than they were in the first appraisal. As for comps, that's your lender appraiser's problem. They do that for a living. If there are truly no comps, they can do an appraisal from scratch to estimate value or use a larger radius with approval from your lender. This is not your problem, but it would be a problem for the seller if their house does not appraise out. Check your contract for an "appraisal clause" that says that the house must appraise for at least as much as the sales price. If you have one, you're protected. My guess is that the house was worth more on the last appraisal than it is now. Do not be afraid of a new appraisal, it will do nothing but potentially save you money on the selling price.
- Aaron Lazenby, "mortgagewithme"
- Contributions:99
If the house has appraised for $171,000 then they must have at least one comp for it. An appraisal is not telling you what the house is worth, only what the market would bring by comparing it to other houses that are comparable to it. Therefore, there is no way they brought in a value of $171K unless they had something to compare it to.
The appraiser has access to the MLS system and public records to pull comps. You are most likely not going to be able to find a comparable sale that the appraiser is not aware of. Have you spoken to your lender to see what your options are? As NTETS stated, usually in a circumstance such as yours you will either have to bring more money to the table or go back to the seller with the appraised value. The thing that is very confusing is the fact that you say you are purchasing the house for $136,500 but it is appraising for $171,000? What is the lender willing to lend?
- buffyh13
- Contributions:3
Ok we are new at this and have never bought a house. They say that the house apraises for 171,000.00 and we are giving 136,500.00 for it. But that they have got to have a comp to compare it to and can't find one. A) can and how do I find one? B) What if I can't find one?
- NTETS, "Mr Caveat"
- Contributions:6436
offer to buy the house next door!
seriously though what do you mean "cant"? tell them that house x sold for y on z... you can even print it out for them and highlight if you feel like underscoring their foolishness.
more likely is that the comps they did find wont support the value you are asking for and they want either a bigger down payment or a lower selling price. ask them what they CAN justify and take that number back to the seller.
seriously though what do you mean "cant"? tell them that house x sold for y on z... you can even print it out for them and highlight if you feel like underscoring their foolishness.
more likely is that the comps they did find wont support the value you are asking for and they want either a bigger down payment or a lower selling price. ask them what they CAN justify and take that number back to the seller.
What can we do if the mortage company can not find a comparable sale?
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