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SD Realtor
ParticipantCAR what you are saying makes sense but how then does anyone know the difference. Two homes with similar layouts, and square footage, sell and one had concessions spelled out in the contract and one did not then how does the appraiser know?
Wouldn’t that lead to an appraisal that was incorrect?
BTW I do agree that the way it works now with the contract being viewed by the appraiser is not something I agree with either. Don’t get me wrong there needs to be a better way. Also lets not forget the appraiser doesn’t know of any of the loan mods in the area as well, (to me this is more damaging then having the contract) so what can you do.
What also sucks is that some appraisers do not even check on the condition of the comps that they use. Some do call the agents for those closed sales and some do not.
Anyways, lots wrong with the way it was done, and I don’t agree with them seeing the contract but I am telling you what they have told me.
ParticipantCAR what you are saying makes sense but how then does anyone know the difference. Two homes with similar layouts, and square footage, sell and one had concessions spelled out in the contract and one did not then how does the appraiser know?
Wouldn’t that lead to an appraisal that was incorrect?
BTW I do agree that the way it works now with the contract being viewed by the appraiser is not something I agree with either. Don’t get me wrong there needs to be a better way. Also lets not forget the appraiser doesn’t know of any of the loan mods in the area as well, (to me this is more damaging then having the contract) so what can you do.
What also sucks is that some appraisers do not even check on the condition of the comps that they use. Some do call the agents for those closed sales and some do not.
Anyways, lots wrong with the way it was done, and I don’t agree with them seeing the contract but I am telling you what they have told me.
ParticipantCAR what you are saying makes sense but how then does anyone know the difference. Two homes with similar layouts, and square footage, sell and one had concessions spelled out in the contract and one did not then how does the appraiser know?
Wouldn’t that lead to an appraisal that was incorrect?
BTW I do agree that the way it works now with the contract being viewed by the appraiser is not something I agree with either. Don’t get me wrong there needs to be a better way. Also lets not forget the appraiser doesn’t know of any of the loan mods in the area as well, (to me this is more damaging then having the contract) so what can you do.
What also sucks is that some appraisers do not even check on the condition of the comps that they use. Some do call the agents for those closed sales and some do not.
Anyways, lots wrong with the way it was done, and I don’t agree with them seeing the contract but I am telling you what they have told me.
ParticipantI have had appraisals vary as well on the same property when a second appraisal was ordered. Another tough call is properties on boundaries. There are areas where there can be extreme diversity and homes that may indeed look like comps may in reality not be due to environmental conditions that vary block by block.
ParticipantI have had appraisals vary as well on the same property when a second appraisal was ordered. Another tough call is properties on boundaries. There are areas where there can be extreme diversity and homes that may indeed look like comps may in reality not be due to environmental conditions that vary block by block.
ParticipantI have had appraisals vary as well on the same property when a second appraisal was ordered. Another tough call is properties on boundaries. There are areas where there can be extreme diversity and homes that may indeed look like comps may in reality not be due to environmental conditions that vary block by block.
ParticipantI have had appraisals vary as well on the same property when a second appraisal was ordered. Another tough call is properties on boundaries. There are areas where there can be extreme diversity and homes that may indeed look like comps may in reality not be due to environmental conditions that vary block by block.
ParticipantI have had appraisals vary as well on the same property when a second appraisal was ordered. Another tough call is properties on boundaries. There are areas where there can be extreme diversity and homes that may indeed look like comps may in reality not be due to environmental conditions that vary block by block.
ParticipantCAR the appraisers need to see the contract more for conditions/concessions then the price. Appraisals are done differently these days. Now independent appraisal management companies have been created. For most (but not all) loans the appraisal is ordered by the lender, the order is received by the management company, they contact an appraiser who goes out and does the appraisal. The appraisal is then submitted back to the management company who usually does their own review of the appraisal and then they send it to the lender. Copies could be made available for the party paying for the appraisal. I say most but not all because I think certain lenders like credit unions do not use the management companies but don’t quote me on that.
As far as where the price can come in at, it depends mostly on comps but concessions can play into it as well. SO for this situation, 8k below list price is, well, 8k below list. Ask the seller to reduce the price or the buyer needs to come up with the money. As far as the appraiser thinking that the price was different… well… that sounds like the appraiser kind of boofed it.
ParticipantCAR the appraisers need to see the contract more for conditions/concessions then the price. Appraisals are done differently these days. Now independent appraisal management companies have been created. For most (but not all) loans the appraisal is ordered by the lender, the order is received by the management company, they contact an appraiser who goes out and does the appraisal. The appraisal is then submitted back to the management company who usually does their own review of the appraisal and then they send it to the lender. Copies could be made available for the party paying for the appraisal. I say most but not all because I think certain lenders like credit unions do not use the management companies but don’t quote me on that.
As far as where the price can come in at, it depends mostly on comps but concessions can play into it as well. SO for this situation, 8k below list price is, well, 8k below list. Ask the seller to reduce the price or the buyer needs to come up with the money. As far as the appraiser thinking that the price was different… well… that sounds like the appraiser kind of boofed it.
ParticipantCAR the appraisers need to see the contract more for conditions/concessions then the price. Appraisals are done differently these days. Now independent appraisal management companies have been created. For most (but not all) loans the appraisal is ordered by the lender, the order is received by the management company, they contact an appraiser who goes out and does the appraisal. The appraisal is then submitted back to the management company who usually does their own review of the appraisal and then they send it to the lender. Copies could be made available for the party paying for the appraisal. I say most but not all because I think certain lenders like credit unions do not use the management companies but don’t quote me on that.
As far as where the price can come in at, it depends mostly on comps but concessions can play into it as well. SO for this situation, 8k below list price is, well, 8k below list. Ask the seller to reduce the price or the buyer needs to come up with the money. As far as the appraiser thinking that the price was different… well… that sounds like the appraiser kind of boofed it.
ParticipantCAR the appraisers need to see the contract more for conditions/concessions then the price. Appraisals are done differently these days. Now independent appraisal management companies have been created. For most (but not all) loans the appraisal is ordered by the lender, the order is received by the management company, they contact an appraiser who goes out and does the appraisal. The appraisal is then submitted back to the management company who usually does their own review of the appraisal and then they send it to the lender. Copies could be made available for the party paying for the appraisal. I say most but not all because I think certain lenders like credit unions do not use the management companies but don’t quote me on that.
As far as where the price can come in at, it depends mostly on comps but concessions can play into it as well. SO for this situation, 8k below list price is, well, 8k below list. Ask the seller to reduce the price or the buyer needs to come up with the money. As far as the appraiser thinking that the price was different… well… that sounds like the appraiser kind of boofed it.
ParticipantCAR the appraisers need to see the contract more for conditions/concessions then the price. Appraisals are done differently these days. Now independent appraisal management companies have been created. For most (but not all) loans the appraisal is ordered by the lender, the order is received by the management company, they contact an appraiser who goes out and does the appraisal. The appraisal is then submitted back to the management company who usually does their own review of the appraisal and then they send it to the lender. Copies could be made available for the party paying for the appraisal. I say most but not all because I think certain lenders like credit unions do not use the management companies but don’t quote me on that.
As far as where the price can come in at, it depends mostly on comps but concessions can play into it as well. SO for this situation, 8k below list price is, well, 8k below list. Ask the seller to reduce the price or the buyer needs to come up with the money. As far as the appraiser thinking that the price was different… well… that sounds like the appraiser kind of boofed it.
ParticipantStop making so much sense CAR!
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