I just wanted to give a quick update. After leaving a stern voicemail earlier this week, I finally feel that we are getting back on track. The lender has ordered an internal review, which they thought would be done by the end of business today but won't be complete until early next week now, and they will be back in touch with the AMC after that review is complete. We have put in writing a detailed list of factual errors and asked that they be corrected. We have also asked for clarification on other issues. I am hopeful to have some more insight by the end of next week.
The second appraiser is coming out on Tuesday so I have my fingers crossed that we may see that appraisal by the end of next week, but it may not be until the start of the following week.
As you said above, I don't expect the appraisals to come in at the same value. However, I would expect appraisals to be in the same ballpark. I can even understand a 10% variance based on the comps chosen and the adjustments that are made. I understand that this an art and not an exact science and that there are value judgments being made. That's the nature of the business, and I can deal with those types of things. This situation has pushed my frustration off the charts because things such as GLA, number of bed/baths, and sales prices have been wrong pretty much across the board. That doesn't even address that one comp backs up to an active freight line and another house sits at the intersection of a busy street (no mention of this anywhere and obviously no adjustment, but those are more value judgment items). Up until this point, I don't think that the lender has given this the attention the situation has deserved, but now that we have a different contact I am getting a much better feeling. Like you said, it shouldn't be this complicated.
More than likely I will update at the end of next week when we have more information from both appraisers. Until then, we are trying our best to be patient.
