Your mistake… - Posted by Darrin(GA)
Posted by Darrin(GA) on March 04, 1999 at 22:29:31:
I notice that you said HIS MORTGAGE company sent out an appraiser.
It is true that the mortgage company works for him and the appraiser is hired by (read that as “Will answer to”) the mortgage company. However, you should build a relationship with a good loan officer who knows his stuff. When I send an appraiser out to get a value for one of my clients, he knows full well what value I need and he is under strict instructions to turn around and go home if he can’t provide the comparables. In other words, good loan officers won’t work with lazy appraisers.
Everyone knows what a valuable asset a good real estate agent can be. Don’t under estimate the value of building a relationship with a loan officer of your friendly neighborhood mortgage company.
The investors I work with call me at home (8 am to 11pm)with their buyers’ names and numbers. They know that I won’t let money be wasted on a bad appraisal. ($300 - OUCH!) I want their continued business and the appraiser wants mine.
Sorry, I didn’t mean to preach. Call your client’s loan officer and tell him he has 24 hours to straighten this situation out or he’ll never get another referral from you. I bet you’ll be surprised at the number of comparables that magically appear in that $118k price range over night.
Good luck friend.