Appraisal lower than selling price on VA loan

[DTB]

Prior to confirming an appointment with ANY Appraiser, any seller has the right to inquire as to an Appraisers':

license level
experience level
specific LOCAL neighborhood experience level
and experience level representing a specific mortgage lender.

This information should be voluntarily profferred as part of the initial phone discussion with the seller.

When hiring any licensed professional - the Homeowner has the Option and the Control.

Exactly when did this seller hire an appraiser?

 

[Tom McDowell]

When doing a VA loan the appraisal is just one of the pieces of information the Staff Appraisal Reviewer (SAR) looks at to determine the reasonable value of the property. Once the SAR issues their Notice of Value (NOV) then any one in the loan process can request a change in the NOV. That request must go directly to the SAR along with any evidence to support your side.

The appraisal is not to be seen by anyone except the appraiser and the SAR until they issue their NOV.

You need to call your lender, get the name of the SAR and a copy of the NOV. Then request a Reconsideration of Value through the SAR.

Good Luck

 

[Mike Kennedy]

Exactly when did this seller hire an appraiser?

Exactly when did the Seller permitting access to an Appraiser hired by another party relinquish his/her Rights to deny same to out of area incompetents?

 

[Mike Kennedy]

CLARIFICATION REVISION


When hiring, OR GRANTING ACCESS to any property, any licensed professional - the Homeowner has the Option and the Control.

 

[Walter Kirk]

It is interesting that you referred to the price of your property by square foot. Real Estate is not a comodity, you don't buy it by the pound like potatos. You buy it at a price arrived at in relation to other properties in the market area.

You didn't mention your lot. Is it smaller or larger than others in your neighborhood? How about the terrain? Is it on a busy street? Is it located near some negative influence like a gas station or sewage pump house?

Lastly did you consider other properties currently on the market. An appraiser will not generally estimate the value of your property higher than the list prices of other, similar properties in your market area.

 

[Webbed Feet]

CLARIFICATION REVISION


When hiring, OR GRANTING ACCESS to any property, any licensed professional - the Homeowner has the Option and the Control.

Mr. Kennedy,

Can't go with you on this one. The lender has to select the appraiser per Firrea, not the seller. Any lender can tell their borrower if they WANT a loan it is the LENDER's appraiser that must be let in. The real estate agents about then tell the seller that if the seller doesn't want to reneg on the sales contract the seller better give the lender's appraiser access.

Not that I don't appreciate your sentiment, I do. The tough thing is a lot of quality "sounding" appraisers still don't know diddley.

Webbed.

 

[Sicklife]

I am in the same situation. Neither my agent or I were notified of the appraisal or when it was to happen. I have a pit bull that was inside that day and doubt they ever came inside. Do the appraisors have to notify you (seller) of when they are coming?

 

[bjrod]

Thank you for all of the information. I really appreciate it. I will be more prepared and educated if I go through this process again. Our realtor did ask to submit some other comps, but they did not have influence. There are not an abundance of comps in our neighborhood anyway, because we have five bedrooms and most are four. Unfortunately the house down the street did not close before ours. I do realize that there are many factors that influence a property's value other than square foot, although as pointed out, that is what most realtors and the average person turn to. Being a newbie I was afraid I would end up writing a book and did not put in as many details as I should have. Our house is on a corner and I guess that is a negative. However, it is not a busy street. We are in Texas and although our market has been affected, it hasn't been as drastic as other parts of the country. In fact the average selling price in my city has actually slightly increased over the last year. It is my understanding that the market is not going to improve any time soon though. I think the fact that the VA has extra regulations their appraisers need to follow made a difference. Two other appraisers who work in or close to our area valued our home very close to selling price. By the way, we did not use them or another lender. We stayed with the original VA process. The buyers are from this area and did not feel the home was overpriced. They found a way to make up the difference. We made concession also, but will end up selling very close to our original agreement. We did not try to get "top dollar", but did want a reasonable price. We needed to sell quickly because my husband already started a job in another city. We do have several friends whose homes have been on the market almost a year, because they will not come down on price. We did not want to end up in that situation. I was not aware of seller concessions. Is that information available to anyone? You've all given me great insight and information. Thank you very much.

 

[Mike Kennedy]

Mr. Kennedy,

Can't go with you on this one. The lender has to select the appraiser per Firrea, not the seller. Any lender can tell their borrower if they WANT a loan it is the LENDER's appraiser that must be let in. The real estate agents about then tell the seller that if the seller doesn't want to reneg on the sales contract the seller better give the lender's appraiser access.

Not that I don't appreciate your sentiment, I do. The tough thing is a lot of quality "sounding" appraisers still don't know diddley.

Webbed.

Listing Agent Hubbie / Selling Agent Wife (maiden name only) refer list of 3 "U da Man" (a)ppraisers to borrower for referral to Out of Area/State Mortgage Broker or Lender.

"U da Man" #1 assigns order to sub-contractor Sam located 2 hours from subject is either Licensed Asst. or Lic/Cert in buz since 2004" OR Local "Pro" whose reference checks indicate said individual has unblemished track record of superior Archery :new_smile-l:

Owner screens said (a)ppraiser as above ....

welcome mat greets "Robin Hoodlum"

 

[Webbed Feet]

Mr. Kennedy,

LOL! Ok, I laughed and then I cried...

Webbed.