Appraisal Two Step

By
Real Estate Broker Owner with Bayou Properties Realty

My 3bedroom 70k dollar listing went under contract a few weeks back. Based on the inspection report, the buyer asked for approximately 500 bucks worth of repairs. Both sides signed and away to the closing table right??

 Not so fast...It seems the buyers were getting a loan to purchase the home. Enter mr appraisor dude. He comes back with a 3k price reduction, and another 1k in repairs. Swallowing hard, my seller sign on the dotted line and we are off to closing right???

Not so fast...Once these repairs were complete the appraiser dude had to return to ensure the above repairs were complete. The phone rings around noon today. It seems the repairs we made were fine, but he has some more items to ADD TO THE LIST!!!

 I have NEVER had an appraisor add items after the fact. We were set to close next week so of course this must be done ASAP. Let's just hope this is the end of Santa's list!

 

 

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Searching for a Top real estate agent in Alexandria Louisiana? Need help selling your Pineville, Louisiana home? Either way call Doug today!

Doug Rogers

Broker/Owner

Bayou Properties Realty

 

Bayou Properties Realty

130 Woodwind

Pineville, La, 71360

(318) 613-1994

 Equal opportunity housing. Doug Rogers is a licensed real estate broker in Louisiana

 

 

 

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Rainmaker
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Karen Anne Stone
Fort Worth Real Estate
New Home Hunters of Fort Worth and Tarrant County

Doug:  Wow.  I have not had this happen since I first went into real estate in the mid-1970's.  Most of the homes I sold were older, and in the area just east of Cleveland, Ohio.  Most of the financing was FHA... and the appraisers ALWAYS came back with repairs.  And yes, those repairs, once completed, had to be re-inspected.  But... if you think YOU have problems... try this on.

The appraiser who came out to re-inspect the repairs, to make sure they were done correctly... was NOT the same appraiser.  Almost never was.  So, they were looking at the home with a different set of eyes.

It was normal... for the repairs to NOT meet this different appraiser's requirements, and also, it was NORMAL for this different appraiser, looking thru different eyes... to find NEW repairs to be done.  What a mess.  Hopefully this will make you feel a little better... but yikes... was it a zoo... way back then.

May 17, 2010 05:03 PM
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Doug Rogers
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Bayou Properties Realty

Scary! I bet it was hard to keep buyers and sellers from over reacting!

May 17, 2010 05:36 PM
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