Posted on: 18th Aug, 2010 05:53 am
we had our house appraised so we could refinance and consolodate some bills.
the appraiser came in with a value of $121,000.00. we asked for a copy of the appraisal, and when it came back we noticed he didn't include some of the details of our home. he left out central air, lake access and he said it needed the windows scraped and painted. we had new triple pane windows put in 3 weeks before the appraisal. all windows had be completely redone. we called the appraiser a couple of times but he would always say he was doing an appraisal and couldn't talk to us. we talked to the mortgage company and told them it appeared to us that the appraisal he gave us had to be for a different house and i wanted my money back or another appraiser. they said they couldn't do anything about that because he was an independant appraiser, but we could hire another appraise if we wanted to. we were pre-approved for the refi so
i feel we lost the refinance because of this guy and we are out $300. should i talk to a lawyer? if not did i just give my money away?
the appraiser came in with a value of $121,000.00. we asked for a copy of the appraisal, and when it came back we noticed he didn't include some of the details of our home. he left out central air, lake access and he said it needed the windows scraped and painted. we had new triple pane windows put in 3 weeks before the appraisal. all windows had be completely redone. we called the appraiser a couple of times but he would always say he was doing an appraisal and couldn't talk to us. we talked to the mortgage company and told them it appeared to us that the appraisal he gave us had to be for a different house and i wanted my money back or another appraiser. they said they couldn't do anything about that because he was an independant appraiser, but we could hire another appraise if we wanted to. we were pre-approved for the refi so
i feel we lost the refinance because of this guy and we are out $300. should i talk to a lawyer? if not did i just give my money away?
I think your lender ought to go to bat for you, frankly. A good lender, which presumably has good relations with appraisers, ought to be able to correspond with that appraiser and seek an update, based on the information you've provided. The lender is correct in saying that your expense cannot be refunded - after all, it's the appraiser who got paid, not the lender.
Appraisers are professionals, too; and they ought to be amenable to a review of what you've provided as new (or overlooked) information. Adding to their fee is reasonable, but in this case, I'd certainly suggest you ask the lender to absorb any additional sum due to the stress and strain you've undergone. That's not to say they'll be pleased to do it.
Appraisers are professionals, too; and they ought to be amenable to a review of what you've provided as new (or overlooked) information. Adding to their fee is reasonable, but in this case, I'd certainly suggest you ask the lender to absorb any additional sum due to the stress and strain you've undergone. That's not to say they'll be pleased to do it.
I agree with George, I would have the lender make a formal request to the appraiser for consideration of these items and make the appropriate changes to the report. It is likely the appraiser was intentionally avoiding the conversation with you because under current guidelines and regulations, he is not supposed to discuss the appraisal with you at all. Keep in mind, you are not the identified client in the appraisal, the lender is the client (and subject to the rights and priveleges of the appraiser/client relationship including confidentiality agreements) for the purpose of determining the property as adequate collateral in the loan, even though you paid for it. The proper channel for resolution is through the lender. Only they can request the appraiser make corrections.
The property appraisal helps to establish the market value of real estate sales price which is offered if you can bring the competitive market.A open and competitive real estate for many is the belief that the market value of the estimated value of the property is the same. While the home inspector is not the same as the appraiser and appraised value. They are not the same thing.
What a wondrous thing it is to have these astute commentators tell us what something is about. It's astounding the depth of knowledge that they possess and that they're so willing to share with us.
I'm you, Ben, are overwhelmed with joy to know that someone is aware of just what it is that an appraisal report is for.
I'm you, Ben, are overwhelmed with joy to know that someone is aware of just what it is that an appraisal report is for.
And that's all I have to say about that!
pslickparker you are rite but every one not a similar situation when go for appraising. there are lots of problems that we have to deal while performing it. and in most of the conditions you got stuck owing to financial crunch.
Alvina, don't you think you're wasting your time and energy by responding to a post that is dated 19 months ago? That's not to say that I gained any understanding from your words...please speak more clearly and be on point when you respond. People are seeking legitimate answers to legitimate concerns, and if those of us who claim to have expertise cannot clarify matters, they'll remain lost in their issues.
An established property or home evaluation should be accomplished on every house you purchase or offer. If the value of the property is below anticipations, the evaluator can offer details as to why the value of the property is less than other similar houses.