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7 Comments on Home Did not Appraise!
These appraisers need to get back to doing their job!
Was that a surprise for you? We need to unite to take back our industry. Too much Government involvement is not good in a free market
We just had an appraisal on a short sale come in $3,000 under the sales price. The short sale lender won't budge. We got a copy of the appraisal and they used lousy comps with poor adjustments. Can appeal, but it will take time and the home is going to sale. We are woking on it but don't have a resolution yet. Remember the days when the appraiser would call and tell you they weren't making the price - looking for comps, adjustments, or other factors that might help them with the value ... or you could agree the value wasn't there and not be broadsided suddenly a week later by a low appraisal. They need to get back to reality instead of this fantasy world where they are protecting their jobs by taking no risk with their opinion of value - whatever it is.
Hi Donna, thank you for the comment. You are exactly right, appraisers need to get back in doing their jobs. The problem is they are being cut in pay, so what type of appraiser are we getting. he/She a newbie? Where are they coming from? Do they know they area where the property is located?
Hi Harry, thank you for the comment. I guess weare going from one extreme to another extreme, as far as appraisals are concerned. To me its not a free market issue, just dumb laws. If we where in a free market, why do we need so many addendum's and licenses. I am not disagreeing with you, but everything in this country is regulated to a point. Sometimes un-regulated and in some areas over regulated. There has to be a better way, than what we have now, as far as appraisals are concerned.
Jim, I had the same thing with a short sale, just a short while back. I could not believe the bank would not budge also for $3K. I agree with your point on the "Getting Back to Reality." Otherwise what use is the appraiser? They are suppose to be independent from everyone, that is why they get paid a fee upfront. Sounds like to me they are working for the banks.
Once the appraisal came in and proved your price was correct, the seller needed to accept reality and lower the price or take it off the market until the market comes back enough that it will appraise for the price they want. (Sorry they had agents that didn't live in reality)
I agree with Todd. We try to educate the sellers about the appraisal process at the listing appointment so they can see that overpricing can really make you lose out on the sale.