Re: Lousy appraisals? Not if I can help it - Posted by Mr Donald (NORVA)
Posted by Mr Donald (NORVA) on October 17, 1998 at 21:45:32:
Here’s what I do to ensure that I receive a fair and justified appraisal.
Simple. Make the appraisers work easier. Give them what they want, if you have it.
A copy of the survey for starters. Add a copy of the floor plan for the house or unit to be nice as well.
Researching the comps for the appraiser is also a nice touch, and can’t hurt. Is the appraiser bound to using your comps - not necessarily. But will the appraiser look at them? Perhaps.
You’re paying for the appraisal, I presume - so make certain that you receive a copy when all is said and done - and put this in your Contract to ensure that it is released to you for review. They may not like it - but seek and ye shall receive.
Get the Fannie Mae Uniform Appraisal Form in .pdf format (Acrobat) from their site at: http://www.fanniemae.com/singlefamily/doingbusiness/forms/2055.html
Print it, fill it out, and use the three comps that you best support your best “guesstimate” for the appraisal value of your property.
If you have the Listing Summary, or Public Record information on your property, and your comps, then attach that as well.
Fax it off to the appraiser if you know who will be doing your appraisal - or meet the appraiser at the property when it’s being conducted, and give them the information - just tell them that here’s some additional information about the property and the neighbourhood for your records…but do not unduly or overly influence them or suggest what they should do with it - they know, and certainly wouldn’t appreciate it either!
(High comps suggest an appraisal on the high side, low comps on the lower side…
Cover yourself with a clause in your Contract that specifies that a. if the Appraisal does not meet the lender’s approval the Seller pays for it b. you receive a copy of the Appraisal for your review c. if the Appraisal does not meet the lender’s approval or YOUR approval, you can i. you can alternatively negotiate a lower price with the Seller as a result or ii. declare the contract null and void (and get your deposit back).