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Started By
Message
re: Appraisal company didn't appraise house we have under contract for enough....
Posted on 5/13/17 at 8:19 am to CelticDog
Posted on 5/13/17 at 8:19 am to CelticDog
quote:
Great re-frame, 480
I am assuming "re-frame" means I broke down the situation in a way that explains it in a concise way anyone can understand so thanks!
1
Posted on 5/13/17 at 8:28 am to lsu480
Dear OP,
Please tell us you didn't have any conditions on the contract..such as "sale dependent on appraisal" "approval of loan" or "satisfactory inspection" etc..
Not that I would be surprised but damn son.
Please tell us you didn't have any conditions on the contract..such as "sale dependent on appraisal" "approval of loan" or "satisfactory inspection" etc..
Not that I would be surprised but damn son.
Posted on 5/13/17 at 8:34 am to Crow Pie
quote:
Dear OP,
Please tell us you didn't have any conditions on the contract..such as "sale dependent on appraisal" "approval of loan" or "satisfactory inspection" etc..
Not that I would be surprised but damn son.
Or redact the address and post pics of the appraisal. I'd be happy to look it over and see if the OP (idiot that he is) has a leg to stand on regarding getting it amended.
ETA: But I question why he would want it bumped up when he has the perfect tool to negotiate the sale price of the home down.
This post was edited on 5/13/17 at 8:35 am
Posted on 5/13/17 at 8:38 am to Ignignot
Just go ahead and delete this thread
Posted on 5/13/17 at 8:41 am to Passing Wind
quote:
Is this 1952?? man first off the guys wrong, but this statement is absolutely dumb/incorrect. I'm building right now, and I did 100% of the financial end without ever meeting anyone. All done with a national lender. I get you trying to scold his decision, but don't do it with total BS.
its not BS, our office won't work with certain people who have tried to influence value conclusions and provided false information in the past or people who are difficult to collect from. We also talk with other appraisal firms and these people's actions get brought up. I can't say no appraisal firm in the area will work with them, but it certainly isn't a good look and his choices may begin to be limited to national firms, which are generally don't understand the more subtle nuances of a specific market since they work at a national level.
I guess blackballed was an odd term but its kind of standard in business - you have no obligation to provide services to anyone - and there are really not a whole lot of appraisal firms in the New Orleans area for example.
This post was edited on 5/13/17 at 10:51 am
Posted on 5/13/17 at 8:46 am to Sneaky__Sally
Ugh. National Lenders. If there's one sure way to frick up a deal and have a delayed closing, it's using a national lender rather than a local one.
ETA: Wells Fargo is the worst.
ETA: Wells Fargo is the worst.
This post was edited on 5/13/17 at 8:47 am
Posted on 5/13/17 at 9:52 am to Ignignot
If you are the Seller, you're either going to have to get a new buyer or reduce your price. You also could get another appraisal done by another appraiser. However, I would suggest you pay the first one. An appraisal is much like a title opinion. They are the professional "opinions" of persons who do this shite day in and day out for a living. My advice, if you are the seller is reduce your price.
If you are the buyer, and I'm guessing you are, you just got a gift of 5K to use as leverage to get you a better deal. Now considering most banks only loan 80-90% of appraised value, that 5K is an ouch that you will have to pay in cash OR if you had a decent bank, they would intervene and help get this price down and make this work. Remember the bank, realtor, title companies, etc. want this loan to go through. However, those pesky banking regulations won't just allow them to overlook loaning money on an undervalued property.
It sucks, but sometimes this protects you and the bank from being upside down on a house if you decide you can't pay for it.
But pay the appraiser though.
If you are the buyer, and I'm guessing you are, you just got a gift of 5K to use as leverage to get you a better deal. Now considering most banks only loan 80-90% of appraised value, that 5K is an ouch that you will have to pay in cash OR if you had a decent bank, they would intervene and help get this price down and make this work. Remember the bank, realtor, title companies, etc. want this loan to go through. However, those pesky banking regulations won't just allow them to overlook loaning money on an undervalued property.
It sucks, but sometimes this protects you and the bank from being upside down on a house if you decide you can't pay for it.
But pay the appraiser though.
Posted on 5/13/17 at 9:58 am to Waterboy1972
lol wow... i wouldnt be surprised if they cancel your loan
Posted on 5/13/17 at 10:12 am to Ignignot
Now this is a great troll
Posted on 5/13/17 at 10:33 am to Ignignot
quote:
I only needed 5k more and they were assholes
And unfortunately for them they didn't deposit my check yet
So I canceled payment on the check.
Think they'll get the point and change their appraisal??
Congrats on being a cock sucker. Cock sucker.
Posted on 5/13/17 at 10:36 am to Ignignot
Isn't that some form of theft by deception or something?
Posted on 5/13/17 at 12:45 pm to lsu480
Then by all means, bounce a check to your appraisal company on the eve of securing a loan. That will show them that you are your own man and won't tolerate shenanigans and they will expedite the process in your favor. That is my point. Show them who is boss in the situation.
Posted on 5/13/17 at 5:44 pm to Ignignot
You should get a lawyer and sue them. You are their customer and they're suppose to do what you want them to. Not only are you right about cancelling th check but you should send them an invoice for wasting your time.
Posted on 5/15/17 at 2:55 pm to Ignignot
Maybe you should take that 5k they saved you and buy a book about mortgage and finance.
Jesus H dude you're an idiot
Jesus H dude you're an idiot
Posted on 5/26/17 at 2:45 pm to Drunken Crawfish
bump for update
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