Help! VA Appraisal came in $40K less

[Zoe]

One lender? Lol

 

[Zoe]

One lender that is tied to builder. I love veterans but that is stupid. But you are under contract. How much earnest money did you put down?

 

[Zoe]

The fact that house is not complete means you could change lenders. Closing costs could b a problem based on the contract you signed. Wish you would have got seller to pay closing costs.

 

[Zoe]

Let’s say you put down $1,000 in earnest money and someone else gives you the loan for $5,000 in closing costs.????

 

[Cob]

 

[KYLECODY]

I think we all need to buy stock in 50 year luxury waterproof vinyl plank flooring. Whoever is behind this is a marketing genius, maybe better marketing campaign than AI has for the MAI. I have a guy tell me the other day that if his house flooded, the warranty says he would be able to peel up this floor and ready for this? Stick the same vinyl plank flooring down again, no problem. Another guy told me it was invented by NASA. Me, I'll take hardwood and tile floors, and a real fireplace, not a TV, but that's just me. I wonder if "electric" fireplaces have to be vented? That is probably an underwriter question. I have probably been in 50 houses this year with the exact same vinyl plank floors, "granite that is really quartz", and stick on subway tiles, and the sliding "Barn" doors. How do they not know that all the houses have the same things inside? How do they not know you can buy the same things at Home Depot? It just floors me, but then I guess we are loose in subdivisions every day and they go in the model home and in the home center to choose their "colors" of white and gray and that is it. But that is why I'm an appraiser and not a sales person, I guess.

Yeah everyone wants what they want now. It used to be 12X12 tile, than you had to chip that out for 16X16 and now it has to be the 20X20 or larger if you still do tile. Most people do the rectangular wood look tiles or laminate. Ive done both in flips but prefer laminate for when you decide to tear it out its a quick job. Everyone wants the white "quartz" or the "leathered" quartz which the first few times I saw and felt it I really thought it was dressed up laminate counters from Lowes...in luxury houses. I had to go into the contract/new construction and see what they say it was. I think it looks, feels cheap but people love it.

Ive tried to explain to people, not during a deal, that 2 identical houses, new construction side by side. One spends 100k on options and one spends 20k. Hit the resale market a few years later and you can flip a coin to see which one will sell for more.

One day recently I was in the worst hood in my area and later in a $2 mill custom home. Drywall, same. Flooring, same. Wood for framing, same. Stucco, same. Paint, same. Just dont tell the $2 million dollar guy much of his home is the same quality as the guy on Crackhead Way.

 

[KenAZ]

This thread is still active?
It's over, Go Home, Get out of here!

 

[Netig]

This thread is still active?
It's over, Go Home, Get out of here!

But, Zillow said..... oh wait nevermind

 

[Hopeful2021Buyer]

This thread is still active?
It's over, Go Home, Get out of here!

Ha Ha!

There is a resolution. It appears I will be able to get the house after all! 2 of the borrowers of the other appraisals graciously allowed their reports to be shared with the VA to support my complaint. Ironically, 1 of the 2 appraisals is actually....another VA appraisal that went through the same VA RLC. They were conducted on 10/1 and 10/23.

Comparing those reports for the houses the builder is currently building similar to mine on the same street to the poor appraisal that was done is really eye opening. In the other FHA & VA reports where the sale prices were $274,900 and $269,900 respectively and came in for $290,000 and $280,000 respectively, the appraisers of those reports were through, and I mean thorough. There was detail explanations throughout in the report for every addition, subtraction, adjustment, and even a definition on the current market/trends. They were as long as Tolstoy's War and Peace but written in a way that anybody could understand them and not have to be an expert on the Ocala market.

My report doesn't have that. It was ambiguous and poorly written/explained and comparing the three reports there is simply no way to justify any of the information in mine. Add on top of that that the VA RLC finally called me personally last week and had to admit that they initially put pressure on the VA fee appraiser to revise the report from $237K to $260K so they could refer it back to them and not have to do an ROV, and the fact there is text proof the appraiser appraised the wrong house and tried to cover it up when they came back and took photos of the correct house the next day, and well, it's become one big crapshow that the VA RLC now has to explain to several legislators. Sometime tomorrow I will find out if they will revise the NOV based on the new information in the other appraisal reports, or throw it out entirely and have the appraisal redone. They can't avoid it this time. And then I can get a new contract done.

Thanks again for your support though.

 

[Alsie35]

Daymn. Hat tip to you sir. The squeaky wheel indeed does get the grease, and it appears that after all you were right. You displayed the tenacity that is the mark of a good military man. As a disabled Vet myself I am glad that the VA stepped up and did the right thing. Congratulations and enjoy your new home!