Get A Local Appraiser And Lender When Buying At Lake Oconee

By
Real Estate Agent with Keller Williams Realty Lake Oconee 152707

Get A Local Appraiser And Lender When Buying At Lake Oconee

Buyers need to help themselves by obtaining a local lender in the Lake Oconee area when buying a home, since they will in turn hire a local appraiser. Then, you will not have the issue that I just went through for 4 months to try to get a deal closed. The buyer wrote a contract on a foreclosure home in a gated golf community, which was a steal at $175,000! It needed lots of work, so he got hooked up with the listing agent's lender of choice for the 203K loan to get the extra funds for repairs = $80,000.  Well, they utilized an appraiser from Athens, about 50 miles away, and he came back with a remodeled value of $220,000!!!! If that is not insane enough, he used a sold comp that was a quadraplex unit in another gated community!!!! The underwriter should have kicked it out just for that, and ordered a new appraisal. But, they have not done that. Therefore, my buyer called me saying he is throwing in the towel, and moving on. Guess who is the only person that made any money on the deal? The appraiser was the only person to make a dime. And, he is the one that killed the deal!

Maybe you can tell that I am just a little frustrated. Thanks to our government for making the ridiculous rules. Please help us more......... 

  

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Georgia Greene County
Tags:
get a local appraiser and lender when buying at lake oconee

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
60,428
Justin Messer
Supreme Lending USDA, FHA, and Conventional Loans - Peachtree City, GA
Residential Loan Officer, USDA Rural Housing Loan

Alan,

HVCC is a PAIN!  I always try to make sure the appraiser is a local appraiser.  Sometimes, conventional loans can be difficult but we still order the appraisal from someone approved on our list that live and work in the area.  FHA is not problem.  I will always use someone local.  It drives me crazy when a appraiser has no idea of the area and simple takes a stab at it.

Justin

May 04, 2010 08:35 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
369,582

Alan Kent

Lake Oconee Real Estate
Lake Oconee Realtor Since 1989!
*
*
*
*
Spam prevention

Additional Information