Opinion Request on Rebuttal of Appraisal (Tidewater)

[Cob]

*****The appraiser actually requested to enter the premises but the listing agent did not want to enter the premises with him***** Has anyone talked to the listing agent about this, why is no one in the transaction upset or asked the listing agent about this, just curious as it sounds like the appraiser actually did want to go inside of property, yet he is being labeled as arrogant by parties in the transaction?

 

[glenn walker]

The issues are if the appraiser discussed any part-details-of the actual report with anyone other than the client--lender/VA. Like comps selected, why, adjustments,etc. Just answering a couple general questions probably not.

Almost all lenders tell the borrower to have their realtor find some comps. In over 30 years I have never seen or worked for any lender that cared who sent the comps or who spoke to the appraiser. The lenders goal is to get the loan closed and funded in rare cases the appraiser can contact the lender or AMC and request that they ask the Realtor not to call them. I have also never seen any lender care about lender-client privilege and that's why lenders rarely jump in to protect an-appraiser if he is being sued. I had one Lender say to me one day why do appraiers ask us if he can talk to someone or release the appraisal to another company ? I am like well because you are the Client not other parties. He say once those deals are dead we are not even working with that borrower or appraiser anymore so we tell them we don't care. I said what if the appraiser requests you give them permission in writing ? He looks at me and says did you hear me we don't have time to play silly games.

 

[glenn walker]

*****The appraiser actually requested to enter the premises but the listing agent did not want to enter the premises with him***** Has anyone talked to the listing agent about this, why is no one in the transaction upset or asked the listing agent about this, just curious as it sounds like the appraiser actually did want to go inside of property, yet he is being labeled as arrogant by parties in the transaction?

I think you missed the part about the buyer getting $40,000 to repair or replace a crumbling retaining wall yet the seller just did $295,000 of upgrades and remodeling ? Me thinks the Realtors do not want anyone inside that house or in the rear yard because a $40,000 repair or in this case a seller paid concession changes the entire game plan. because usually $40,000 of wall damage is one heck of a big job and often due to poor drainage or slippage. Or what if the wall is perfectly fine and the appraiser says where is the $40,000 of damage ?

An-interior VA requires the property to meet MPR and that $40,000 damaged wall suddenly changes everything. Whats inside the seller and Realtor don't want the appraiser to see ? Does the listing agent have an-agenda and he hoped the drive bye would get lucky and bring it in at $675,000 and it didn't ? I initially thought the exterior was ordered because some States don't want appraisers inside houses BUT that's not the case this property is Vacant and the appraiser can go inside the home so a party or parties to the transaction had a reason ?

We will never know the agenda but its dead in the water because the appraiser is not changing his value and if he or she do a full interior and exterior maybe the value will even be lower. One thing I know about Realtors is when you have property that supposedly has $295,000 of upgrades and remodeling you want the appraiser to go inside that property. So the Listing agent shoots himself and his seller in the foot ? Not unless they have a cash buyer standing on the sidelines or some other agenda.

In my opinion the appraiser is on solid ground and VA is not going to go along with all this non-sense- If I was the SAR I would call the listing agent and ask him-her why the appraiser was not allowed inside the property ? And there better be one heck of a good story and I want some photos of that $40,000 damaged wall and photos of the rear and sides I know the SARS I worked with would want to dig deeper before funding this loan at any price and require a full interior and exterior report or the Underwriter would suspend the loan based on appraisal issues all being addressed.

 

[Tru Red]

Never heard of any appraiser adjusting for a driveway.

Wondering if the appraiser is so good.....he/she can provide an opinion of value down to 50 cents +/-

 

[jay trotta]

I think you missed the part about the buyer getting $40,000 to repair or replace a crumbling retaining wall yet the seller just did $295,000 of upgrades and remodeling ? Me thinks the Realtors do not want anyone inside that house or in the rear yard because a $40,000 repair or in this case a seller paid concession changes the entire game plan. because usually $40,000 of wall damage is one heck of a big job and often due to poor drainage or slippage. Or what if the wall is perfectly fine and the appraiser says where is the $40,000 of damage ?

An-interior VA requires the property to meet MPR and that $40,000 damaged wall suddenly changes everything. Whats inside the seller and Realtor don't want the appraiser to see ? Does the listing agent have an-agenda and he hoped the drive bye would get lucky and bring it in at $675,000 and it didn't ? I initially thought the exterior was ordered because some States don't want appraisers inside houses BUT that's not the case this property is Vacant and the appraiser can go inside the home so a party or parties to the transaction had a reason ?

We will never know the agenda but its dead in the water because the appraiser is not changing his value and if he or she do a full interior and exterior maybe the value will even be lower. One thing I know about Realtors is when you have property that supposedly has $295,000 of upgrades and remodeling you want the appraiser to go inside that property. So the Listing agent shoots himself and his seller in the foot ? Not unless they have a cash buyer standing on the sidelines or some other agenda.

In my opinion the appraiser is on solid ground and VA is not going to go along with all this non-sense- If I was the SAR I would call the listing agent and ask him-her why the appraiser was not allowed inside the property ? And there better be one heck of a good story and I want some photos of that $40,000 damaged wall and photos of the rear and sides I know the SARS I worked with would want to dig deeper before funding this loan at any price and require a full interior and exterior report or the Underwriter would suspend the loan based on appraisal issues all being addressed.

I agree with your thoughts and reasoning 100%.....(my Bold added) something smells funny @ nearly 50% in upgrades & concessions.

 

[leslie7622]

Hold the Horses your initial post stated the sellers had done $295,000 of improvements ? and now you say you guys want $40,000 to repair crumbling retaining walls etc ? AND THE LISTING AGENT did not want the appraiser to go inside the home ? RED-FLAGS-big time and the reason the Realtor did not want the appraiser going on the property is because he knew the Property would not meet MPR minimum property requirements until repairs and inspections had been completed. And also that $40,000 was going where ? Not accusing you but now things are starting to look like real Wonky and not adding up. This fresh cream puff is starting to sound more like a day old box of pocket donuts .

My New Summary : Move on game over the appraiser is not changing his value and if he gets inside and into the back yard and it may even end up lower and not meet (MPR ) until these $40,000 of repairs have been made. In my opinion VA will back the appraiser 100% and so saddle up those horses and go home. As far as the Realtors i would say they were incompetent but maybe everyone involved just created a transaction that backfired and the VA appraiser was one step ahead trying to protect the VA .

The listing agent is an older lady that never went into the house with us. I never asked but I assumed that she was social distancing to the extreme. I think the appraiser took personal offense when she didnt want to go in with him. Apparently the appraisal called my agent and ranted about her for an hour.

The retaining wall outside is held up by old corroding steel pipes and would cost about 30k to repair. The other 10k was for garage floors being wooden, a missing termite system for the garage, to correct basement outlet being wired incorrectly to the upper floor apartment, replace handrail in the back. Otherwise, the inside looks very well renovated with good quality materials (according to inspectors and contractors).

Ive decided to just get seller to go down in asking price or just walk away. The reason i wanted this house was it was a renovated property that would house my family and my extended family comfortably while earning a little income. However many are telling me to wait until next year since a lot of people are predicting property values to go down significantly. I dont know how willing the seller is to go down but i dont think i will buy unless its really close to the valuation.

Thank you everyone for the input!

 

[leslie7622]

Here are pics of that retaining wall. Approx 40 feet long. The appraiser did not see this

 

[glenn walker]

Here are pics of that retaining wall. Approx 40 feet long. The appraiser did not see this

$40,000 ? Please enough stop its a dead deal and the $295,000 of seller upgrades is dead -We have done a lot of flips, remodels and investments for many years- So now we are $295,000 in upgrades and another $40,000 for this retaining wall ? =$402,000 -- Please stop LOL

 

[Sparrow]

The listing agent is an older lady that never went into the house with us. I never asked but I assumed that she was social distancing to the extreme. I think the appraiser took personal offense when she didnt want to go in with him. Apparently the appraisal called my agent and ranted about her for an hour.

The retaining wall outside is held up by old corroding steel pipes and would cost about 30k to repair. The other 10k was for garage floors being wooden, a missing termite system for the garage, to correct basement outlet being wired incorrectly to the upper floor apartment, replace handrail in the back. Otherwise, the inside looks very well renovated with good quality materials (according to inspectors and contractors).

Ive decided to just get seller to go down in asking price or just walk away. The reason i wanted this house was it was a renovated property that would house my family and my extended family comfortably while earning a little income. However many are telling me to wait until next year since a lot of people are predicting property values to go down significantly. I dont know how willing the seller is to go down but i dont think i will buy unless its really close to the valuation.

Thank you everyone for the input!

You finally mentioned income as your reason to buy. Did the appraiser do income approach?

 

[leslie7622]

You finally mentioned income as your reason to buy. Did the appraiser do income approach?

Yes. Unit 1 2br1ba assessed at 1700
Unit 2 2br1ba assessed at 1700
Unit 3 2br1ba assessed at 1400.
Grm =125
Valuation 600k

However unit 1 comes with a 600 sf finished basement and probably should go for 2100 which would turn valuation to 650k