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Old 10-12-2010, 11:02 AM
MZ818 MZ818 is offline
Join Date: Dec 2003
State: California
Professional Status: Certified Residential Appraiser
Posts: 590
Default Interior appraisal after exterior

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?
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Old 10-12-2010, 11:04 AM
AnonApprsr's Avatar
AnonApprsr AnonApprsr is offline
Join Date: Jan 2008
State: Massachusetts
Professional Status: Certified Residential Appraiser
Posts: 6,285

Lies. All the time lies.
Anonymous Appraiser
Certified Residential
FHA Approved
Old 10-12-2010, 12:56 PM
TimberRidge TimberRidge is offline
Join Date: Aug 2008
State: Ohio
Professional Status: Certified Residential Appraiser
Posts: 119

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.
Old 10-12-2010, 03:22 PM
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Tony V Tony V is offline
Join Date: Mar 2005
Location: East Hopland, Suffolk County, NY
State: New York
Professional Status: Certified Residential Appraiser
Posts: 5,092

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....
Some of us know the real story behind the phoney on the White Horse..
Old 10-12-2010, 03:32 PM
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Mile High Trout Mile High Trout is offline
Join Date: Feb 2008
Location: -
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 12,755

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.
This forum is packed full of hopeless corporatist drones.
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