Help! VA Appraisal came in $40K less

[Hopeful2021Buyer]

OMG, I cannot believe this thread is still alive. Surely, the OP has done something by now.

Yes Zoe I have. I got the house back!! I got bailed out by two other borrowers on the same street that graciously shared their appraisal information and allowed the lender to submit to the VA. Ironically one of those appraisals was also a VA loan and they came in for over contract price.

I'm happy to say I'm back under contract and a new VA appraisal has been approved and ordered. Looking to close sometime just after Thanksgiving.

Thanks for your help. I know you were one of the few ones trying to help.

 

[Zoe]

Yes Zoe I have. I got the house back!! I got bailed out by two other borrowers on the same street that graciously shared their appraisal information and allowed the lender to submit to the VA. Ironically one of those appraisals was also a VA loan and they came in for over contract price.

I'm happy to say I'm back under contract and a new VA appraisal has been approved and ordered. Looking to close sometime just after Thanksgiving.

Thanks for your help. I know you were one of the few ones trying to help.

 

[Hopeful2021Buyer]

Final Update:

2nd appraisal was completed last week. It came in at $295,000 which is above the new contract price of $289,900. 2nd Appraiser's report was thoroughly detailed and used comps from the last 30 days and there's a statement of being conservative on the time adjustments, but it was written very detailed and similar to the three other FHA/VA reports that also came in above contract. We're hoping to close in a couple weeks as the final county inspections have been scheduled and hopefully the Cert of Occupancy will get issued the week after Thanksgiving.

 

[Terrel L. Shields]

t came in at $295,000 which is above the new contract price of $289,900.

Send the other one to the state board

 

[Pittsburg_22_m]

I look forward to the eventual foreclosure post when they can’t resell due to inflated value.

 

[Laurie Collins]

What's fascinating to me is that appraisers are expected to be some sort of confirmation service. Basically, everyone from the borrower, seller, lender, agents, and anyone else you want to throw in would like to fill out the form for you and have you just sign your name to it. We live in a world now where if someone doesn't agree(valuations and beyond) with you then you're wrong for not agreeing with them.

 

[Tiffany Gibbons]

I look forward to the eventual foreclosure post when they can’t resell due to inflated value.

Or when they want a cash out refinance 6 months later (they don't care if interest rate is higher and "roll the Closing Costs into the loan"), and withdraw any equity as soon as they can, oh and that appraisal be be what Zillow said or else!

 

[shrubberyvaluation]

Or when they want a cash out refinance 6 months later (they don't care if interest rate is higher and "roll the Closing Costs into the loan"), and withdraw any equity as soon as they can, oh and that appraisal be be what Zillow said or else!

I love it when zillow will say $500,000 and the comps they use are between $250,000 - $350,000 in sales price and the top sale is far superior.

 

[KYLECODY]

We live in a world now where if someone doesn't agree(valuations and beyond) with you then you're wrong for not agreeing with them.

Excellent point! Differences in opinion are differences in opinion, not fact and not right or wrong. From appraising to politics and everything in between. Social division. People have had it too easy for too long and think its a "right" to try and sway things their way with arguing or getting upset.

 

[PushinValue]

0% with me over the past 15 years. If I submitted an appraisal report, I will defend it in court or anywhere, all day long.

That’s amazing. Never ounce made a mistake? Wish I were as good as you!!!! Seriously. Not even once ?