Recently I described a problem I was having with the appraisal on one of my listings currently under contract. Today the buyer's lender called me to say that the second appraiser, one located here in St Pete, also declined to do the appraisal because he would not be able to come up to the purchase price. This morning the sellers had an appraiser come out to do an appraisal so that they could determine what to do if this transaction does not close. That appraiser did not seem to have a problem with finding comparable waterfront homes in other neighborhoods. We'll see how that comes out.
Exit Leon Crawford Realty - Huntsville, AL
Real Estate Agent - Huntsville Alabama
Sharon I had an appraisal issue on a listing not too long ago. They can really be a bear but mine was a real learning experience. Hang in there and I wish you and your clients all the best!
Sep 17, 2007 01:21 PM
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection
Sharon - More and more properties are not appraising which is an indication that there is tightening in the appraisal industry just like that of the mortgage industry. I hope yours will work out.
Sep 17, 2007 02:06 PM
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645
I have run into tight appraisals with some of the VA appraisers. That has been going on even during the hottest time in the market.
Sep 17, 2007 09:06 PM
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
Jennifer - it definitely is showing a tightening. In the past we were always able to tell which contracts might have an appraisal problem - not any longer.
Randy - There have been FHA and VA appraisal issues for some time - this is the first problem we've seen with great home in great neighborhood at a great sales price!
Sep 18, 2007 07:49 AM
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate
I think this is only the start of a rush of these appraisal issues. Appraisers have it tough now too. I'm sure they are getting a lot of pressure from the banks and mortgage companies.
Sep 18, 2007 11:00 PM
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
Joe - not only that, some of them aren't getting enough appraisal orders to stay in business.
Sep 19, 2007 08:25 AM
Majestic Properties - Miami Beach, FL
I have a feeling this has to do with the buyer's agent more than with the appraiser. People will use all kinds of tactics, but it doesn't seem right to me.
Sep 19, 2007 09:02 AM
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
Ines - can't be that - I have both sides of the transaction. Both the buyer and his mortgage broker (who is a good friend and also next door neighbor in Orlando - this will be a second or weekend home, where he can keep his boat on a lift behind his house) are trying to figure out how to make this work. I sent the appraisal done by the seller-chosen appraiser to the mortgage broker. He was disappointed that there weren't more than 3 comps since they were not in the neighborhood and/or within 6 months. I then sent supplementary comments to the MB along with comments on the 3 properties I would have chosen and why, and suggested he run the additionals by his appraisers and/or the underwriter. Lo and behold, I got a call from Appraiser #2 wanting to set a time to see the property. I met him at the property yesterday afternoon, gave him lots of data in a package. We'll see on Monday whether there is any progress.
Sep 22, 2007 09:05 AM
Majestic Properties - Miami Beach, FL
oooops! I guess it's not the buyer's agent Sharon LOL! - We had something similar happen with a Lanai - there were no comparable sales at all and no appraiser wanted to do it. Good Luck on Monday, I hope everything works out.
Sep 22, 2007 01:35 PM
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
Rainmaker
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Sharon Simms
St. Petersburg FL - CRS CIPS CLHMS RSPS
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