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Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by twells05, Mar 3, 2009.

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  1. twells05

    twells05 Sophomore Member

    0
    May 7, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I just got this message from a homeowner in my area. At first glance I figured it must be an unreasonable person trying to get a biased appraisal to make his loan work. After investigating, I found that his home is in a pocket neighborhood that is superior to the surrounding areas. He did not mention what this appraisal came in at. What can I say concerning his question without breaking USPAP?

    Question: The bank appraisal performed with restructuring my residential mortgage was done by someone without any knowledge of Sarasota. It obviously came in too low. Can I contest this have an independent local appraiser (like you) at my cost do another or am I at the mercy of the lender (Wachovia), who is paying all my closing costs including the appraisal? Thanks.
     
  2. leelansford

    leelansford Elite Member

    44
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Advise him direct his question to Wachovia.
     
  3. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    57
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    You can be engaged by the homeowner to help the homeowner write a rebuttal letter to the bank as to why the appraisal is deficient and does not represent a credible value. I am assuming the homeowner has a copy of the appraisal.

    Short of that, the homeowner can apply at a different lender to get his loan.
     
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