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Interior appraisal after exterior

Discussion in 'General Appraisal Discussion' started by MZ818, Oct 12, 2010.

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  1. MZ818

    MZ818 Member

    0
    Dec 12, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Last month I did an appraisal for a condo exterior. The lender recently ordered the full interior on this one. When I called to schedule the appointment, the borrower said that the exterior appraisal came back too low and that her loan officer said that it was a glitch in their system and a full interior needs to be ordered. Lol. She said that's what her loan officer told her and that because of the glitch, the value came in low and we need a full interior. What are they telling these people?
     
  2. AnonApprsr

    AnonApprsr Elite Member

    0
    Jan 21, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Massachusetts
    Lies. All the time lies.
     
  3. TimberRidge

    TimberRidge Sophomore Member

    0
    Aug 28, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Ohio
    Most of the loan programs that allow exterior only appraisal reports are usually ones with low LTVs. It's likely your value was too low for that homeowner to qualify for the loan the lender intended so they are switching to a program that requires a full URAR.

    You didn't try to sell them on a product they didn't qualify for. No shocker that the used car salesman LO lied to the homeowner so they wouldn't lose the business. Do the second appraisal and don't worry about it.
     
  4. Tony V

    Tony V Elite Member

    7
    Mar 29, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    I wonder what the H O reaction will be when they get the copy of the appraisal and you have stated within the report that you have provided service on the subject within the prior 3 years....
     
  5. Mile High Trout

    Mile High Trout Elite Member

    2
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Report the information you have learned, within the appraisal report. State your involvement in the previous appraisal within 3 years.
    Include statements that you have the true and final report copies from both appraisals. Let them clean up the mess.
     
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