Mortage Underwriter second guessing appraisers?
Just had a deal where the underwriter in Arizona did not argree with the the appraisal done by a local Colorado appraiser on a Colorado property. Why is my client paying for an appraisal if the underwriter is coming up with the appraised value on his own ? Is the undewriter a trained and licensed professional appraiser in Colorado? Does the underwriter know local market conditions and values of properties in Colorado? I think not, yet the underwriter undermines the appraiser's professional opinion. This is quite frustrating and questionable for both buyers, sellers and realtors.