MV
most Lenders we deal with here, absolutely / positively / will not accept any appraisal (Res) if it exceeds 120 days, without either an Update and/or Re-cert of value, based on the flexing market and in general 1 or 2 of the comps may exceed FNMA guidelines & Lender procedure and would now exceed guidelines by over 6-9 months or beyond the 1 mile, thus the request for the needed "update" of data.
In your scenerio, you noted the appraisal was done in Feb and the suit in June (thats already 5 months) if your original comps were 3-4 months old in the origination of the report, they would now be over nine months and considered "old" by most standards, thus the required need for an "update and/or re-cert"; plus if other sales had taken place during that period and would indicate a "Decline In Value" why would you not be able to support the "ever changing marketplace" :?:
To the best of my knowledge, when we go out to the job and base an "opinion of value" it is based on the sale taking place on that day-as if you were the Buyer. Now if the "Owner" did not request you to "Forecast a Value" - how could you know what the value would be 5 months later, hence the needed "Update and/or re-cert of value" -
hope I got my point across, making pizza with the 11 year old and it's comming out the oven now. 8O
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Back from the dinner; you also stated the other appraiser's estimate was higher; the Buyer did some improvements and put it on the market for $290,000 and then eventually sold for less @ $230,000. Now if he overpriced it to begin with, he could have missed the "marketable opportunity time" and created the LOSS himself, as he priced it ABOVE both appraisal's to start off. 8O :? WHY :?:
The loss he created was "Self Inflicted" by way of stupidity & greed. The way I see it, had nothing to do with your old appraisal - :roll: PS: just went back & re-read your post again and you got this suit a year after you appraised the property, :?: - somebody is playin you bud, :lol: $5,000-they'd have ta put me in jail
Good Luck
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