Rules Smules - This is Craziness with Appraisals
3 appraisals and it's still not right. Has somebody been smoking something? This is not acceptable for my buyers. I know there has been a big mistake and nobody wanted to fess up and make it right. Nobody wanted to take responsibility and fix it. They all kept saying there is nothing we can do. They succumbed to it's the 'new rules and washed their hands of it. Rules Smules - this is craziness!
Appraial #1 came in fine but the lender couldn't lend on this condo. Next lender - Appraisal #2 came in $15K lower, had about 200 square feet less than what's been there since 1984 and the worst comps imaginable were used. We jumped up and down and contested it so they sent the same appraiser out to re-do his figures and comps. Sure -you betcha. Not likely that he'll want much if any egg on his face, is there? Appraisal #3 came back only $2k higher, didn't use a 3 week old comp of exact same model across the street and refused to change square footage. Can you see the steam coming out of our ears by now? It gets hot in Phoenix and let me tell you I was pretty hot under the collar.
I politely demanded that there be a 4th appraisal as the 2nd and 3rd were bogus and about as real as ocean front property in Yuma Arizona. They used an inexperienced appraiser to save money and now were being asked to pay for this one. Were they happy campers? No. Did I insist they do the right thing? Yes. Did they do so? Not without a whole lot of messing around with them. Craziness.
My buyers deserved better than this - by a long shot. They are well qualified buyers relocating here to the Phoenix area and referred to me by Cindy Marchant. I was going to do everything in my power to make this work for them. They knew they were getting a fantastic deal at the original price - we all did. There is no way I could find another property like this for any dollar amount remotely close to that price in Moon Valley.
The lender ordered Appraisal #4 and put a rush on this one! I'm thankful this lender valued our business.
#4 came out better than the first one and no more discrepancy in square footage plus appropiate comps were used. The old saying - 'You Get What You Pay For' is so true in this case. The appraiser of whom I met at the property had 15+ years experience and knew what she was doing. Experience makes such a big difference - even more so in this crazy market of ours.
Fast forward to today! Buyers are happy, moved in, getting settled and
loving their new home and neighborhood, Moon Valley!