"deal Killer" No Value Added For Permited Guest House

[suzuki4444]

What's wrong with the seller receiving a copy of the appraisal, I would think when it comes to your biggest asset and someone you don't know is going to put a price on it, good or bad, there should be an explanation of how he or she came up with that valuation. If I wouldn't have seen the report I would have no idea why he was $69k off my contract price and after this mess I've learned there are appraisers that take their job seriously and some that just don't care.

 

[JTip]

What's wrong with the seller receiving a copy of the appraisal,

You didn't pay for it, you are not the 'intended user', you cannot question something that is not yours to use. You have zero rights to view, use or question an appraisal report that was never intended for 'your' use.

 

[The Warrior Monk]

The seller doesn't have any right to the appraisal, for reasons noted earlier. That said, if you have a copy of it, feel free to complain to the lender and/or the state licensing division. A complaint is appears to be warranted in this case. If you complain to the lender, keep in mind that they are not likely to listen because you are the seller and have an interest in the deal going through. The wording of the complaint to the lender should be such that appraiser dismissed something that is likely to have a significant impact on the value of the property. It probably won't go anywhere, but the lender should be made aware of the competency level of the appraisers that they, or their third party provider, use.

 

[suzuki4444]

I know I'm not going to win this, while I didn't pay for it, it directly effects the seller. Don't you think that they are entitled to know why a person came up with that number. We are talking about a large sum of money. If you weren't an appraiser and someone said your house was worth 150k and you believed it was worth 250k and all the other houses in your neighborhood were around 250, wouldn't you think you deserved an explanation from the person who is telling the most important people (lender and buyer) it's worth 100k less than everyone else.

 

[JTip]

I know I'm not going to win this but here goes, while I didn't pay for it, it directly effects the seller

So, in a pretend world, if the buyer didn't qualify for the loan due to credit issues, would you demand to see their credit report?

 

[suzuki4444]

Before the agent shows houses in this area, the clients are preapproved so that's a non-issue and a persons credit doesn't effect the value of my house.

 

[NachoPerito]

Will be interested to see when you go under contract again. If it eventually sells at the elevated number then you will have more ammunition in your case.

 

[JTip]

Before the agent shows houses in this area, the clients are preapproved so that's a non-issue and a persons credit doesn't effect the value of my house.

Pre approval is about as worthless as the paper it is on.

Pre qualified is full blown 1040 review, pay stub and credit report.

 

[suzuki4444]

I've decided if and when I get another contract, first I will ask their agent if they are going through Chase or Bank of America, if so I guess I can write off the deal. I'm not going to give the place away and after spending my entire life in the Houston area I guess I will open a homeless shelter for disgraced unemployed appraisers and we can all be miserable together.

 

[TRESinc]

I know I'm not going to win this, while I didn't pay for it, it directly effects the seller. Don't you think that they are entitled to know why a person came up with that number.

no, it does not affect the seller, it affects the buyer's ability to borrow someone else's (the bank) money. i got news for you, deals are not completed every single day of the year due to the buyer's inability to obtain a loan. since you are so certain of the value of your home just leave it on the market and another buyer will snatch it up for what you want. if that doesn't happen then something in your logic is flawed and you will have to take a long hard look at yourself and your ideas to find out what it is and how to change your point of view.

no, you are not entitled to any reasoning behind the appraised value. the appraisal was completed for the lender, no one else. it is their money that is being sought here. perhaps you should hire a local appraiser to have them perform an appraisal on your home and see where it lands. i routinely do 3-5 of these types of appraisals a month via referrals from agents.