Appraisal Not Meeting The Contract Price Only To Be Appraised By Another Appraiser @ Contract Price?

[Deleted member 80407]

What's up. I utilized the best sales and did not meet contract price in a subdivision in Maricopa. About 2 months later (no other data supporting the current contract price, the property received another contract only to be appraised at contract price for the new contract. Wondering if it is me or there are still appraiser's pushing value. This property was purchased less than 1 year ago as a distressed sale for $173,500 which was below market value. However, not by $71,000+. I reviewed the pictures at the time of the past sale (for $173,500) and compared them to the pictures for the new sale. The virtual tour did not show any difference. My only wish is that this appraisal comes in front at some time in the future as a review appraisal.

 

[CindyR]

of course there are - that will never change

 

[erockinaz]

Just did an appraisal in Tortosa last week. During the course of the inspection, the homeowner told me that I was the second appraiser on the sale, that the first appraiser 'did a bad job' and came in short. Yeah..... I probably 'did a bad job' as well, because I also came in short of the sales price. The million dollar question is..will the lender hire a third appraiser or just accept the reality that the property is over priced (especially for Tortosa).

 

[RSW]

There are still appraisers out there that need a target to hit in order to know how to appraise a property.

 

[Mike Kennedy]

Agreed RSW!

Abolish the Irrelevant, and unmistakably Coercive Bull$eye and cull the herd by 50%.

Another Example: http://appraisersforum.com/forums/threads/what-is-tidewater.207989/

 

[Deleted member 80407]

Just did an appraisal in Tortosa last week. During the course of the inspection, the homeowner told me that I was the second appraiser on the sale, that the first appraiser 'did a bad job' and came in short. Yeah..... I probably 'did a bad job' as well, because I also came in short of the sales price. The million dollar question is..will the lender hire a third appraiser or just accept the reality that the property is over priced (especially for Tortosa).

Hmmm, wondering if I was the 1st or the 3rd appraiser on that property in Tortosa?. My effective date was 7/7/2015. What was your effective date? The property I was appraising was a ranch style house. There was one sale in the market for $170,000 (model match) which could not be supported in the market dating back 2 years and therefore, not utilized. I did have a comment pertaining to the high sale as well as market evidence supporting why it was not utilized. HOWEVER, the appraisal I was performing was FHA insured. I doubt that a 2nd appraisal could be ordered, unless by a DE underwriter. I did received a reconsideration of value request for this assigment, however, not from an underwriter. PLEASE REMEMBER FOR FHA APPRAISALS: An appraiser only answers to the DE underwriter in regards to reconsideration of value requests.

 

[bnmappraisal]

PLEASE REMEMBER FOR FHA APPRAISALS: An appraiser only answers to the DE underwriter in regards to reconsideration of value requests.

Good reminder!

 

[erockinaz]

Hmmm, wondering if I was the 1st or the 3rd appraiser on that property in Tortosa?. My effective date was 7/7/2015. What was your effective date? The property I was appraising was a ranch style house. There was one sale in the market for $170,000 (model match) which could not be supported in the market dating back 2 years and therefore, not utilized. I did have a comment pertaining to the high sale as well as market evidence supporting why it was not utilized. HOWEVER, the appraisal I was performing was FHA insured. I doubt that a 2nd appraisal could be ordered, unless by a DE underwriter. I did received a reconsideration of value request for this assigment, however, not from an underwriter. PLEASE REMEMBER FOR FHA APPRAISALS: An appraiser only answers to the DE underwriter in regards to reconsideration of value requests.

Probably a different property. Mine was a conventional loan and the effective date is 7/8. I did receive a ROV, but the 5 comparables they wanted me to look at were either already in the appraisal (and not supporting value), or were from other parts of Maricopa (RED and Glennwilde). I only used comps from Tortosa - what happens in Tortosa should stay in Tortosa.

BTW - good tip on only answering to the direct endorsement u/w

 

[CANative]

Agreed RSW!

Abolish the Irrelevant, and unmistakably Coercive Bull$eye and cull the herd by 50%.

Another Example: http://appraisersforum.com/forums/threads/what-is-tidewater.207989/

Q7. Why does Fannie Mae require the lender to provide the sales contract to the appraiser?

Fannie Mae’s policy is intended to help ensure that the appraiser is aware of all relevant aspects of the transaction. The sales contract provides important sales and financing data, including whether there are any concessions as part of the transaction. If the contract is amended, the lender must provide the updated contract to the appraiser to ensure that the appraiser has been given the opportunity to consider any changes and their effect on value. If the appraiser determines that there is no impact to value, then no additional commentary is required from the appraiser.