These Appraisal Restrictions are getting out of hand! I understand that part of the benefits to a System such as LandSafe's is that is cuts down on "Relationships" between Lenders and Appraisers to ensure that over-inflated appraisal values aren't rampant... Which got us into this whole mess.
On the other hand, I just received an appraisal on one of my listings, priced at 135K that came in appraised at 125K. I can see this happening in the 400K range where there may not be many recently Sold Comparables... But homes in Spokane for 135K are a dime a dozen.
Like another post I just read on this site, our appraiser also stated there was no Heat Source in the Upstairs bedrooms... He must have just overlooked the Forced Air vents in the floor.
I've spent the majority of the day putting together my own list of comparable properties to give to Bank of America, who will in turn give them back to the appraiser and request a "Reconsideration of Appraisal". BofA supplied me with the comps the Appraiser used... They aren't even close.
So here's the question, can this appraiser swallow his pride and give this home a proper appraisal so that both Buyer and Seller can move on with their "Arms Length", fair agreement for purchase of the home?
Here's another twist to the low-appraisal: because it's an FHA Appraisal, the appraisal will stay on record for 6 months. Which means should this deal fail because of the low appraisal, the Seller will not be able to sell to another FHA Buyer for any more than $125K.
Somethings gotta give!
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