I know that the appraisal plays a major role in a buyer's ability to purchase a new house with a loan, but I never expected one of the latest I saw to make such a difference. The appraiser accidentally marked that the property is in a declining market and the lender wanted more money down as a result.
I had to call a couple other appraisers and make sure I wasn't completely out of the loop on this one, but Snohomish County is NOT in a declining market. If anything, I have had a ton of interest from buyers that call, so I was surprised to see the dreaded box checked.
The original appraiser agreed to write up an addendum explaining his error, but unfortunately the underwriter had already seen the box marked declining market. I am sure it looks like we are trying to pull a fast one so the purchase and sale may have to go to an entirely different lender as a result. An appraisal can make a huge difference and value isn't always the issue.
Courtney Cooper ....For all your Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Broker and Realtor serving North King & South Snohomish County. Seattle Real Estate and Seattle Suburbs! Cooper Jacobs Real Estate Services: Experienced REALTOR with a background in accounting - I love my clients and work hard for them! Please call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle (Ballard, Crown Hill, Phinney, Ravenna, Maple Leaf, Green Lake (Greenlake), Greenwood, Northgate, Lake City,University, Sand Point, Laurelhurst, Windermere, Fremont, Wallingford, Queen Anne, Westlake, Eastlake, Lake Union, Downtown, Madison Park), Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!
Courtney Cooper
Seattle Realtor, Owner/Designated Broker/EcoBroker
Cooper Jacobs Real Estate
206-850-8841
(Seattle real estate - search all MLS listings from all companies for FREE), SeattleAfloat.com (Seattle Houseboats), GreenLakeLoop.com (Green Lake Blog), QueenAnneBoulevard.com (Queen Anne Blog), MagnoliaView.com (Magnolia Neighborhood Blog)
About Me:
Seattle real estate has been a big part of my life for well over a decade since I began my career in real estate,but also before that time when I was in the process of purchasing my own first home. Buying your first home can be quite overwhelming,but I have managed to help many first time home buyers along the way.
Move up Seattle buyers and other types of specialized purchasing is a great passion of mine! I love Seattle houseboats and you can find me down on the docks of Lake Union and Portage Bay several times a week. Other aspects of Seattle real estate that I adore include Queen Anne Real Estate,Wallingford Real Estate, Ballard Real Estate, Green Lake Real Estate, Laurelhurst Real Estate, Magnolia Real Estate,andSeattle Waterfront Real Estate.
In addition to being a Seattle residential broker and founder of Cooper Jacobs & Seattle Afloat, I am also a member of CBA (Commercial Brokers Association) and head of the Cooper Jacobs Commercial Division in an effort to provide excellent commercial real estate services to the Seattle commercial real estate industry. With a background in accounting and management, it is my great pleasure to coordinate our Seattle commercial brokers.
About Cooper Jacobs Real Estate's Seattle Branch:
My office at Cooper Jacobs Real Estate LLC is located centrally near all my favorite Puget Sound neighborhoods just a few blocks up from Lake Union in Seattle’s Wallingford. Cooper Jacobs Real Estate is a wonderful place filled with talented Seattle real estate brokers and I count myself extremely lucky that I get to spend so much time with these wonderful people. We specialize in different Seattle neighborhoods and suburbs in both residential and commercial real estate and are all very passionate and excited about each of our favorite Seattle neighborhoods and industries!
©Courtney Cooper ©Cooper Jacobs Real Estate LLC
That is really unfortunate. From the other end it does look like you are trying to manipulate the system. Hope it all works out in the end.
Courtney- Ouch that one hurts. I just had an appraisal that I thought might be dinged in a decling market as well. Not the case. The home actually came in several thousand higher than the original asking price so we were very happy. I hope you situation can be resolved quickly
Best,
Scott
Wow - can't imagine why they wouldn't accept and affidavit of error if the appraiser made a mistake .... except that there is more scrutiny now for everything to be cross examined by lenders.
Hope it works out for the best for you and your clients Courtney.
Sincerely,
Grace
This is good information. I'm seeing some similar 'stuff' here. We have to be on top of everything and not just expect that the other 'professionals' know what they are doing. GBU!!
Yes - it does seem to be working itself out, but it is just annoying. I wish people would just do their jobs:) I have never had to make sure that an appraiser is good for a transaction to go through....