3rd Appraisal

Shelly the most I have had to have is 2...and then the deal was done. You may want to quiz your buyer as to why 3 appraisals and if he is getting cold feet...why pay for 3 unless the 1st 2 were completely different...

Shelly - As an LO, I'm seeing this more and more and as such, won't take on a "shopper".  Granted, if there were valid problems or issues with the first two appraisals than, of course, get a third.  However, it's been my experience and belief that usually isn't the case.

It's been my experience and belief that these types of borrowers are either looking for an appraisal that is high enough to support a low enough ltv or they're looking for a low enough appraisal that they can renegotiate a lower sales price. 

Either way it's kind of dishonest and a little sleazy and I can detect one of these types in a five minute conversation and won't bother taking them.  I value the relationships with my lending sources and won't jeopardize them for a shopper who doesn't intend to close with the lender they applied with simply because they can't get the appraisal they want.

I don't understand.  Is the buyer getting 3 appraisals because he's had three different lenders that all need their own appraisal?

Shelly: I'm a loan officer too and TOTALLY agree with Shelly. There was a time that I would take those types of buyers. I've learned how to identify them now and choose not to work with them.

Is there a real NEED for a third appraisal? If yes, then it's diffenret. You just have to but I've never encounter a situation where I needed 3...max was 2.

Good luck!