Appraisals in real estate and all that fun

By
Real Estate Agent with Coldwell Banker Legacy

Amazing how different each appraisal "issue" is turning out to be.

In one instance, for instance, yesterday had an appraisal done on a 2 bedroom property, unique for the area.  Appraiser saw the subject property at 11:00, and the appraisal was finished and delivered back to lender, meeting purchase price, at 4:30 p.m.  No issues, no problems.

Then we had an appraisal done for a VA loan - appraiser required carpet/paint be installed before closing as a condition of the appraisal which came in 26K lower than the purchase price.  The bank owned property, of course, is not allowing for any work to be done to the property before closing (which if course no seller should) so deal is killed in process.  And since nobody can talk to anyone about the logistics of this type of 'requirement', nothing can be worked through.

Then, another appraisal is done on a lovely newer townhome, and we get 'alerted' to the fact that the appraisal may be "coming in low" by the lender!  WHAT?  I'm not supposed to know this - nuts, and I don't even want to talk about this....

So, for one seller life is happy - and for two buyers here we go back out to the drawing board!

Posted by

Linda DeVlieg, Associate Broker

Coldwell Banker Legacy

10400 Academy NE Suite 100

Albuquerque, NM  87111

505-750-7549

www.RealEstateInABQ.com


 

 

505-293-3700

 

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Topic:
Real Estate Market Trends
Location:
New Mexico Bernalillo County Albuquerque
Groups:
Coldwell Banker United Realtors
Cyberstars
Tags:
albuquerque real estate
albuquerque appraisals
appraisals
buying a home in albuquerque

Comments 2 New Comment

Rainmaker
74,913
Amanda Wilson
Real Estate Advisor
EWM International Realtors, Inc.

Linda, are you still providing comps to your appraiser?  My appraisers are still requesting comps for the area.

August 19, 2009 09:04 AM
Rainer
33,939
Linda DeVlieg
Albuquerque Real Estate
Coldwell Banker Legacy

No, not as yet - they will call to get access, but have not yet started asking us for comps.

A few of my colleagues have experienced appraisers unfamiliar with areas coming in extremely low, by 10's of thousands.

August 19, 2009 09:11 AM
Rainer
33,939

Linda DeVlieg

Albuquerque Real Estate
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