My 3bedroom 70k dollar listing went under contract a few weeks back. Based on the inspection report, the buyer asked for approximately 500 bucks worth of repairs. Both sides signed and away to the closing table right??

 Not so fast...It seems the buyers were getting a loan to purchase the home. Enter mr appraisor dude. He comes back with a 3k price reduction, and another 1k in repairs. Swallowing hard, my seller sign on the dotted line and we are off to closing right???

Not so fast...Once these repairs were complete the appraiser dude had to return to ensure the above repairs were complete. The phone rings around noon today. It seems the repairs we made were fine, but he has some more items to ADD TO THE LIST!!!

 I have NEVER had an appraisor add items after the fact. We were set to close next week so of course this must be done ASAP. Let's just hope this is the end of Santa's list!

 

 

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Doug Rogers

Associate Broker

Century 21 Millennium


Century 21 Millennium

donahue Ferry Road

Pineville, La, 71360

(318) 640-2121

Each office independently owned and operated. Equal opportunity housing. Doug Rogers is a licensed real estate agent in Louisiana



 

 

2 Comments on Appraisal Two Step

MAY
17
2010
966,026 Points 60 Featured Posts Outside Blog Called Shot Master

Doug:  Wow.  I have not had this happen since I first went into real estate in the mid-1970's.  Most of the homes I sold were older, and in the area just east of Cleveland, Ohio.  Most of the financing was FHA... and the appraisers ALWAYS came back with repairs.  And yes, those repairs, once completed, had to be re-inspected.  But... if you think YOU have problems... try this on.

The appraiser who came out to re-inspect the repairs, to make sure they were done correctly... was NOT the same appraiser.  Almost never was.  So, they were looking at the home with a different set of eyes.

It was normal... for the repairs to NOT meet this different appraiser's requirements, and also, it was NORMAL for this different appraiser, looking thru different eyes... to find NEW repairs to be done.  What a mess.  Hopefully this will make you feel a little better... but yikes... was it a zoo... way back then.
5:03pm • #1
535,883 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Scary! I bet it was hard to keep buyers and sellers from over reacting!
5:36pm • #2


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Pineville, LA

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