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Answers (13)
- Gene Riggs, "govagent1"
- Contributions:72
Hi, I feel for you and your pain. Our system leaves a good deal to be desired.
One of the appraisers is out in lef field. There are good appraisers and bad.
You already got some good answers. We as lenders and we as Brokers have no decision on who is going out to do the appraisal. They all go through a management company. Not a good system at all.
It sounds like they may be other issues if it took five months just to get to the point of ordering out the appraisal. Many times on any home regardless of value the lender may request additional comperable sales if they do not like what the appraiser used or the appraisers comments. My big issue in Michigan is Appraisers mentioning things that do not belong on the appraials and or taking pictures of items without comments and it leaves he lender in a learch. Slows things down and I believe it doen to collect the additional $150 reinspect fee in my area. Most of the appraisals have this sort of thing one there and the buyer gets screwed out of of another $150.00
Under the present system the appraisers are paid less so maybe this is why we are seeing this type of foul play. Please do not blame the lender.
Best of Luck
- Russell D Croft, "Russell D Croft"
- Contributions:3
In Colorado the appraiser are drawn out of a pool. The lenders do not have a business influence on the appraisers. Some banks are not lending, especially jumbo loans, with interest rates this low and the expectation the rate will increase of the next 30 years of your loan.
Best of luck with all your real estate goals,
(hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for more information.)
Best of luck with all your real estate goals,
(hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for more information.)
- sunnyview
- Contributions:25139
It is in the banks interest to get a qualifying appraisal, but it is also in their interest to make sure that they have good collateral for the loan. Banks used to be able to use in house appraisers or choose appraisers from their list.
That changed when HVCC was adopted, but that change also created other issues. Now appraisers may be doing appraisals without knowing the local area or with limited experience in dealing with anything other than subdivision style houses.
That changed when HVCC was adopted, but that change also created other issues. Now appraisers may be doing appraisals without knowing the local area or with limited experience in dealing with anything other than subdivision style houses.
- Vicky Henry, "VickyHenry"
- Contributions:36
Given the new guidelines, appraisers are no longer picked but randomly chosen from a pool. Appraisers are not the same. Professional familiarity with an area helps appraisers give an accurate number. If they don't have first hand knowledge of the "closed" property, it's difficult to come up with a correct value.
- Appraisal guy
- Contributions:120
I've been appraising homes for ten years now. Sometimes, banks will require a second appraisal and take the lowest appraisal no matter what. Sometimes, they will split the difference. Sometimes, they will require one appraisal and whatever you say is gold regardless of anything. So, it depends on the bank that you are going with, the type of loan and the underwriters' looking at the appraisal. You just never know and neither does the appraiser.
- TrekMaster
- Contributions:2
My best friend from school is an appraiser, and he has told me about so much of the games that they play. Not him, but other apprasiers. I wouldn't be surprised to find out if the banks did that. Maybe you can pick your own appraiser - like my buddy!
- Chris Herford, "Oklahoma Lender"
- Contributions:188
UB TEAM - Ask Amy Bladow about me. I believe you office from the same goodyear green location. Then again, I love to tell people "Google me". :)
Eubanks, you and and I have been on the opposite side of a few transactions together. Let me know when you would like to discuss ways I can help grow your business!
Cheers,
Chris.
Eubanks, you and and I have been on the opposite side of a few transactions together. Let me know when you would like to discuss ways I can help grow your business!
Cheers,
Chris.
- Chris Herford, "Oklahoma Lender"
- Contributions:188
you can contact me on my cell 405-406-9222 or by email chris.herford@wjbradley.com
- sniffy4321
- Contributions:2
Could I get the contact information for Chris in OK?
- Clay Branch, "Georgia Loans"
- Contributions:7839
@ UB Home Team, you too should speak with Chris, he is only 35 miles from you. I have referred several clients to him in OK and seen him finance several unique properties no other lender could do.
- Clay Branch, "Georgia Loans"
- Contributions:7839
Contact Chris in OK, he MAY be able to use the higher appraisal only. It is definitely worth your time to speak with him.
http://www.zillow.com/profile/Oklahoma-Lender/
http://www.zillow.com/profile/Oklahoma-Lender/
- Clay Branch, "Georgia Loans"
- Contributions:7839
Describe the comps on the higher appraisal, are the comps pulling from the Tulsa area with the 2nd appraisal using closer comps/smaller homes with adjustments?
- UB Home Team, "UB Home Team"
- Contributions:5031
Try another bank for your refinance options, or pay for a third appraisal - if allowed. You also have the right to contest the comparable properties used in the appraisal(s), if you have the resources to find other comparable properties "missed" or incorrectly used, (e.g. distressed sales, excess age/sf/distance variances). Some Realtors may do this for a "consultative fee".
A lot of factors go into an appraisal and there are ways to contest them. Very few items can/will be re-evaluated by Appraiser and/or Underwriter, (based upon our experience w/Appraisal rebuttals). Another option is to wait six months and try again.
I have never experienced an Appraiser chosen to "low balls numbers". But I have experienced Appraisers providing "lower than expected" numbers, because surrounding comps/activity did not match what was experienced when we originally listed a home. This is common during winter months, coming out of winter months, and/or with new construction... due to lower activity in a market area.
A jumbo loan taking this long is not uncommon, from beginning to end. Taking 5 months for appraisal results is very uncommon and should be questioned. Plenty of Lenders out there... if you have the funds (and patience) to experience the entire process again.
Best of luck!
A lot of factors go into an appraisal and there are ways to contest them. Very few items can/will be re-evaluated by Appraiser and/or Underwriter, (based upon our experience w/Appraisal rebuttals). Another option is to wait six months and try again.
I have never experienced an Appraiser chosen to "low balls numbers". But I have experienced Appraisers providing "lower than expected" numbers, because surrounding comps/activity did not match what was experienced when we originally listed a home. This is common during winter months, coming out of winter months, and/or with new construction... due to lower activity in a market area.
A jumbo loan taking this long is not uncommon, from beginning to end. Taking 5 months for appraisal results is very uncommon and should be questioned. Plenty of Lenders out there... if you have the funds (and patience) to experience the entire process again.
Best of luck!
do banks deliberatley pick an appraiser that low balls so they can deny the refinancing loan?
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