Appraisal lower than selling price on VA loan

[DTB]

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?

Puts me in mind of visiting a friend in the hospital after a car wreck. But I had the right of way, right? :laugh:

 

[rcsone]

....ALL experts come from out of town................that way they are gone before you can find, load and fire repeatedly in their direction..........rs

 

[Deleted member 77547]

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?

If there are Realtors involved, it is generally their responsibility to notify the owner of the house that someone will be coming. The appraiser usually gets his orders from the purchaser's lender who in all likelyhood doesn't even have your phone number....unless its a FBSO (for sale by owner.)

 

[Dirty Harry]

If there are Realtors involved, it is generally their responsibility to notify the owner of the house that someone will be coming. The appraiser usually gets his orders from the purchaser's lender who in all likelyhood doesn't even have your phone number....unless its a FBSO (for sale by owner.)

My company policy is to only "let myself in" when the house is vacant. If the home is occupied, I require someone to be there. Whether it is the listing or selling agent, home owner, friend, relative, neighbor I don't care. As long as they are 18 and sane, they will do the trick. It is a sound appraisal business practice that has not failed me yet.

As for an appraiser spending only 5-10 minutes at the home. How in the world can you do your job correctly by spending only that amount of time at the subject property? You can't! I don't care if you have 2 years experience or 20 years. It takes "time" to do your job properly.

 

[Ken B]

CLARIFICATION REVISION


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

Come on Mike...

How will this fit into the Dodd/Crowley IVPI rotational appraiser selection process?

I suggest the HO read his listing agreement and/or contract. I bet it states that they will permit property access to any party requiring access. I bet if the HO tries to tell the VA assigned appraiser they cannot enter the property, the HO will be sued for breach of contract.

 

[Indiana Jones]

As for an appraiser spending only 5-10 minutes at the home. How in the world can you do your job correctly by spending only that amount of time at the subject property? You can't! I don't care if you have 2 years experience or 20 years. It takes "time" to do your job properly.

Yes BUT. I always note the time I arrived at the property and the time I left. On a typical house (no more than 6 corners, no bigger than 3k sq ft.) I'm typically there 25-35 minutes. Quicker if it's a 6/3/2 rectangle on a slab.

On more than one occasion I've been accused of "only being there for 10 minutes". Curiously, everytime was on a report where my value came in "short".

 

[Webbed Feet]

Mr. Rasch,

Glad to have you in Oregon.

My typical inspection lasts 40 minutes to 75 minutes. Any less than 30 minutes is atypical, any more than 90 minutes is atypcal. Every now and then I might knock one out in ten or twenty minutes. But then I stay and chat with the property contact while I encourage them to tell me about their property. What I do find is typical of appraisers that inspect much faster than I do? Well I believe that they all can typically end up with a valid appraisal board complaint filed against them for everything they failed to "factually" report due to rushing their inspections.

Webbed.