My husband and I went to the Bank of Colorado in hopes of getting a home loan for our first house. We put a bid of $50,000 on it and it was accepted.
We paid $500 earnest money and another $225 for an inspection of the house in question. The Bank contacted their lender and they in turn contacted Landsafe to do the appraisal. This is where the whole deal went awry. The appraiser was asked 3 or 4 times to go out to the property and finally when he went out, he found fault with everything dealing with the house and only appraised it at $38,000. We feel he never did go inside the house at all because he was saying that one room need heat vents which it actually had 3. And then saying a built-in bookcase was a closet. This was only a few of the things he claimed was wrong. This man needs to be retrained or relocated in a different occupation. Since that time we had it reappraised by a different firm and they said the property was worth $50,000 plus. Besides anyone that looked at the property said the same thing it was worth more than $50,000.
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