Posted on: 04th Oct, 2012 08:59 am
hi
i want to buy an old house in a prime area.house is old yet livable.is not updated so got thorough inspections worth almost $ 3000 done ( by qualified engineers ).
have perfect credit history etc and got conditional mortgage committment ( conditional on appraisal ).
my bank and i are baffled by appraisers.
one appraiser went and did 'refinance' appraisal although been categorically told that its a first time home buyer's 'purchase' transaction.
second time another appraiser went and came out with 'land' appraisal !!!!!!! structure is sound. useful life of house is 30 yrs as per first appraisal.doing a land appraisal ???????
am really disgusted.
my agent and bank are also surprised.
i & my agent and seller believe appraisers are biased and may be dishonest as some of the realtors are also interested in this property.
filing complaints against appraisers and consulting an attorney to take legal action.
but
people - all those who think they need govt control is unnecessary - for middle class people govt control only can ensure that we lead a free life in a democracy else we will be made to live like slaves , slooging our a$% off,in a feudal society.
i want to buy an old house in a prime area.house is old yet livable.is not updated so got thorough inspections worth almost $ 3000 done ( by qualified engineers ).
have perfect credit history etc and got conditional mortgage committment ( conditional on appraisal ).
my bank and i are baffled by appraisers.
one appraiser went and did 'refinance' appraisal although been categorically told that its a first time home buyer's 'purchase' transaction.
second time another appraiser went and came out with 'land' appraisal !!!!!!! structure is sound. useful life of house is 30 yrs as per first appraisal.doing a land appraisal ???????
am really disgusted.
my agent and bank are also surprised.
i & my agent and seller believe appraisers are biased and may be dishonest as some of the realtors are also interested in this property.
filing complaints against appraisers and consulting an attorney to take legal action.
but
people - all those who think they need govt control is unnecessary - for middle class people govt control only can ensure that we lead a free life in a democracy else we will be made to live like slaves , slooging our a$% off,in a feudal society.
Unfortunatly, you can thank the government for that. They enacted the AMC that the appraisers have to go through an appraisal management company. Now you pay more for appraisals, and the appraisers who have taken a paycut will sometimes make mistakes, so they have to revisit the property for another fee. I would challange the appraisers and make them complete the correct, requested appraisal, or you will send in a complaint.