latest lender request

[David Dietz]

The fact their paper work fell between the desk and they have not closed the loan is on them not you. In my market two months would reflect roughly a 4-6% lower value than the original appraisal. New report new fee.

 

[David Sawyer]

Had an email request from lender the other day requesting an additonal comp, 3 bed, 3 bath sold withing last 90 days! This was on a 7 week old appraisal on a REO sale.

I made call, explained that 2 comps were within 90 days, 3rd was 100 days, 4th was pending and 5th an active. There was also a negative time adjustment from date of contract on all three closed sales per market data representing 2%/ month decline with comments that 2,200 sq ft living area was higher than median in area and lack of sales of larger residences. Value was $20,000 over the contract amount. She intially said check and see if the pending is now a closed sale. My response was that as of the effective date it was a pending sale and I could not reflect it as a closed sale under the SOW. Her response was ..."I better go over all of this with the U/L. That was a week ago and have not heard anything.