Appraisals in real estate and all that fun

Real Estate Agent with Keller Williams Realty 32893

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 we go back out to the drawing board!

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Keller Williams Realty

6703 Academy NE

Albuquerque, New Mexico 87109


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Comments (2)

Amanda Wilson
EWM International Realtors, Inc. - Fort Lauderdale, FL
Real Estate Advisor

Linda, are you still providing comps to your appraiser?  My appraisers are still requesting comps for the area.

Aug 19, 2009 02:04 AM
Linda DeVlieg
Keller Williams Realty - Albuquerque, NM
Albuquerque Real Estate

No, not as yet - they will call to get access, but have not yet started asking us for comps.

A few of my colleagues have experienced appraisers unfamiliar with areas coming in extremely low, by 10's of thousands.

Aug 19, 2009 02:11 AM