In the past, my Active Rain colleagues have always been an incredible source of information.
I just had an appraisal come back on one of my sales that is killing the deal. So what else is new, right?
Well, apart from the commonplace complaint, I have some issues which I believe are valid. So I'm reaching out to the AR community with some questions:
- Can an FHA appraisal be contested? I believe some gross errors were made on this report.
- If so, is there a time-frame? Someone threw out a 72 hour time to contest an appraisal. Not sure where this came from.
- Should a conscientious appraiser make adjustments for condition if he is using run-down foreclosures as comps? There is a line item for condition. Why is this not being used? The subject property is in PRISTINE condition and is being compared to homes that had cabinets missing, mold on the walls, a/c, water heaters and appliances stolen.
- Does the appraiser signing the report have to inspect the property? Why do I ask? Because the person who signed my report was not at the home. Someone else was, and her name is nowhere to be found on the report, not as a trainee, an assistant or otherwise. And the appraiser signing conveniently forgot to check off that he DID or DID NOT inspect the home. Uh huh. Very convenient.
- Who governs appraisers? If I have to go to someone to discuss this particular appraiser's actions, who do I go to?
Please, appraisers out there, this is NOT a knock on your profession. I have been in the business 5 years and not once have I come across an appraisal that I thought needed contesting. Like everyone else, I have had deals go south because of appraisal issues, But not once did I find that there was anything remotely unethical going on. This time, I am not so sure. At the very least some gross incompetency.
Sorry for not prettying up my post. No pictures. No bolds. Just the facts.
Thanks for any help you can offer.