changing value

[raquel berrios]

This is the first time that a broker has asked me to do this.
I appraised a 2 family house in queens and valued it at 630k.
I reviewed the contract and the sales price was 629K.
Now the loan officer calls me and tells me that they gave me the wrong contract and the purchase price is 660K and this appraisal was already submitted to the bank.
He wants me to change the contract price and change the value to 660k. Now i told him that i can't change the value, due to he already submitted
it to the bank. Now was that the right thing to tell him? Or do i change the sales price and get new comps to support the value or leave the same comps? Won't the bank question me on why i did not come in at that value to begin with.

Thank You
Raquel

 

[Charles Witt]

Sounds to me like you are unsure what the value of the property is. If you did an upright appraisal the value that you established would be the value. Did you use the best comparables? Etc.?
Are you dealing with a bank or mortgage broker?

 

[Pamela Crowley (Florida)]

Raquel,

If you never saw that contract and NOBODY gave you any value of any kind,
what would the 'credible' market value of that property be, according to the definition of market value on the Fannie forms?????


Amazing.....

 

[Annemieke Roell]

No, you can't change the value because you appraised it at the value as indicated by the market. Right?

Sounds like they may need to renegotiate the contract. Or bring cash to the table.

Btw .... it would be ok to amend the contract price .... but I would make a mention that the contract was amended after the appraisal was completed in the comment section. And give the amended report a new number and make a mention that any previous report is nul and void. But nothing to worry about .... doesn't look like they are interested in just that.

 

[Scott Kibler]

So what would you have done if you had not already sent it to the bank?

 

[T.E. Faravelli]

Won't the bank question me on why i did not come in at that value to begin with.

Probably. I'd worry about Messrs. Smith and Bryce et. al. and their questions.

 

[Smokey Bear]

If it wasn't worth $660k before you saw the new contract, it isn't now. Besides, how would you explain to the board why you have 2 appraisals out there with 2 values? And when they see your work file with the request to bump up the value to the new contract price..... BTW, see if you can get a copy of that addendum lurking around that they didn't send you showing the $30k credit back to the borrower. Sounds like fraud to me. Do you really want anything to do with that?

 

[raquel berrios]

I am dealing with a mortgage broker and the adjusted sales prices of the comparables fall in a range of 630- 665. So i valued it at the lower end.
What do i tell this broker now?

 

[CANative]

That a purchase contract doesn't carry enough weight to alter the reconciliation of the market data you analyzed.

Or did you simply weight the low range because it was similar to the purchase agreement you were looking at?

 

[Lobo Fan]

You could be getting worked. If you change the value, you better have a nice long addendum explaining why the value rose 5% in the matter of days. ditto about someone getting a cash rebate. If it were me, I would just say no. The value can't be changed just because someone asks you to do it. The next thing will be to remove the photos of the leaking roof, or some other little favor. After about 3-4 favors you will have a bogus report.

It is best not to let this crap get started. If you are a skippy for a little bit it doesn't take ;ong to graduate to a full blown skippy.