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“I disputed the appraisal with three more comps along with receipts of all the upgrades over $25,000 and he still refused to adjust the value,” she said. Actually, he was very quick to get out to the house and do the appraisal, so no problem there. It was definitely a rush job! Wow, since when?
For the past six months, I’ve been blogging with the purpose of assisting loan officers to better understand the appraisalprocess. So far, we’ve covered final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value, bracketing and FHA appraisals.
This entire year, I’ve been blogging once a month with the purpose of assisting loan officers to better understand the appraisalprocess. So far, we’ve covered communication with the appraiser, reconsiderations of value, FHA appraisals and a few other topics you should definitely go check out.
Communicating quickly with the lender is an issue with the appraisalprocess. To read more and see photos, click here To see the listing with virtual tour and very unusual floor plans, Click here My comments: Definitely a challenging home to do a building sketch! In addition, the appraiser should be compensated for his/her time.
Excerpts: Suggested protocols for responding to Reconsideration of Value requests. Click here to listen to Tim Andersen, MAI’s podcast, “Reconsiderations of Value: Satan’s Own Seed, Right?” My comments : ROVs are a PITA for many appraisers. Keep the definition of intended users as narrow as possible.
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