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!
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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....