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Appraisals in real estate and all that fun
Amazing how different each appraisal "issue" is turning out to be.
In one instance, for instance, yesterday had an appraisal done on a 2 bedroom property, unique for the area. Appraiser saw the subject property at 11:00, and the appraisal was finished and delivered back to lender, meeting purchase price, at 4:30 p.m. No issues, no problems.
Then we had an appraisal done for a VA loan - appraiser required carpet/paint be installed before closing as a condition of the appraisal which came in 26K lower than the purchase price. The bank owned property, of course, is not allowing for any work to be done to the property before closing (which if course no seller should) so deal is killed in process. And since nobody can talk to anyone about the logistics of this type of 'requirement', nothing can be worked through.
Then, another appraisal is done on a lovely newer townhome, and we get 'alerted' to the fact that the appraisal may be "coming in low" by the lender! WHAT? I'm not supposed to know this - nuts, and I don't even want to talk about this....
So, for one seller life is happy - and for two buyers here ... more
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