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Old 03-03-2009, 07:33 AM
twells05 twells05 is offline
 
Join Date: May 2007
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 61
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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.
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Old 03-03-2009, 07:52 AM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 13,604
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Advise him direct his question to Wachovia.
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Lee Lansford, IFA
"My opinions & my opinions only!"
  #3  
Old 03-03-2009, 08:01 AM
Randolph Kinney Randolph Kinney is offline
 
Join Date: Apr 2005
Location: SoCal
State: California
Professional Status: Certified Residential Appraiser
Posts: 19,634
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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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