Posted by rm on October 02, 2003 at 14:01:10:
I’ve had two recent instances where I wrote very low offers on properties, which were not arbitrarily low, and the mortgage companies told ME to pay for the appraisals.
In the first instance, the appraiser told me, “It’s probably going to cost $25k to fix this house!”
In his appraisal, he only made a $12,500 adjustment for condition. Which caused the appraisal to come in higher than it should.
GMAC said that if I wanted, I could get a BPO to dispute… which I did, and her numbers were very close to mine.
My challenge lately is that these bank-ordered appraisals are wholesaled out to very inexperienced, inept people. People who couldn’t accurately price a property if their lives depended on it.
I don’t want to continue wasting time disputing erroneous appraisals.
Would I be smarter to just order an appraisal immediately, with an appraiser who knows what he’s doing, and just call it a cost of doing business?