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Purchase a Repo - Expect Appraiser to say "Average&quot

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Pamela Crowley (Florida)

Thread Starter
Elite Member
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
*#@$%*(!

Very nice couple are purchasing a repo house for their family. Moving here from another state. ReMax Realtor puts the deal together. LO they are using........ expects me to say the place is in 'Average' condition. The list of necessary repairs is long. Just because the LO is stupid or lazy or both, they are trying to put this through typical conventional financing instead of some form of rehab loan.

Water well repairs; roof repairs, wood rot in soffits, facia, roof, siding; unfinished drywall; roof leak damage on living room ceiling; all carpeting stained beyond ever cleaning.

Fielding the phone calls this morning has not been fun! :twisted: I finally told the LO that he could sign stating that it's in average condition but that I was not.

Jerk!!!! I would love to see this couple get this house. I do believe that they will do the work and do it well. They are getting a good deal. It's not my fault that the LO is trying to put a square peg into the round hole!!! Why do they think it's no big deal for me to lie for them??? It's only my butt, not theirs.
 

Daniel Williams

Senior Member
Joined
Jan 14, 2002
Professional Status
Appraiser Trainee
State
Illinois
About 2 years ago my wife Shannon and I started the process of bying a Fannie Mae Repo. It had been listed for almost 2 years (by a few different agents) for 92K. There was a large list of deffered maintenence issues but we fely fairly confident we could "do what it takes" to put the home is habitable condition. To make a Very long story shorter (sic) We secured a 100% loan BEFORE making an offer....then the games began, We eneded up getting "our dream home" for $67.5K WITH $5K cash back for repair.(net $62.5). It was a LOT of negotiating back and forth but with the RIGHT backing Repo's can be a great deal. Good luck Pam...I know we shouldn't get "personal" in our work but sometimes it happens....I hope you can point this couple in the right direction!

(P.S. I refie'd 6 months ago and my "repo" appraised for $87.5K....nice ROI)
 

J in Florida

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Florida
"I know the property is 11.5 acres but we need you to say it is only 10 acres because we can't do the loan on more than 10 acres"

" (HUD repo) We need you to say that the bare concrete floor is painted and that that is acceptable floor covering by fannie mae."

"We need you to do the appraisal on the house and the other two lots all as one lot because our investor wont do lot loans."

True stories.

I guess it isn't just me who hears this crap.
 
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