property appraisal loophole - Posted by Laurie Williams

Posted by Kevin on October 18, 2003 at 14:57:14:

Find another appraiser quick. There are appraisers out there who just want to get the deal done, as bad as you do.
Kevin

property appraisal loophole - Posted by Laurie Williams

Posted by Laurie Williams on October 18, 2003 at 14:51:42:

We are trying to close on this duplex for 75K and the appraisal ends up taking too long so we have to file an extension to close. Then it comes back that he’s having a hard time getting it to reach 75K because it is only “average” condition, but instead of appraising it for less and leaving it as it is he put a stipulation that it needs to be painted and recarpeted on both sides and he has to come back out and approve of it before we can close!!! Well in the first place doesn’the just have to appraise what is already in front of him regardless of what the price is, and we had already negotiated an allowance at closing from the seller for the empty side and we would do it ourselves, now we feel like we are caught in a catch 22!!! What do we need to do to attempt to resolve this?

Re: property appraisal loophole - Posted by James Strange

Posted by James Strange on October 18, 2003 at 18:38:24:

Look for one that is cretified to do them for as an FHA 203 loans. They can give you a value in current condition, estimated cost of repairs and ARV.

James