Ever since I found out that my next door neighbor actually bought her townhouse cheaper than me (same exact one, we share a wall) I started digging through public records, and my loan documents, as well as the appraisal. When I was buying the sellers agent convinced me in “secrecy” that I am getting the same townhouse for $10,000 less. I know I should have been smarter then, but I wasn’t. I wasn’t as educated, I wasn’t computer savvy, and I believed them all.
Mind you, on my loan documents, two more real estate agents had big interests in selling me the property, and one of them is also a director of the bank who gave me the loan. In my documents it says payment of 40,000 to one of them, and 10,0000 to another. Also, the appraisal was done by the appraisal company owned by the bank, so they all very much know each other.
Here are the facts from my appraisal:
Comp #1
Used listing price and stated date of sale as 3 months prior, and that town home is still on sale today, 3 years later. Same exact town home was sold within 6 months prior to appraisal but for $5,000 less.
Comp#2
Used listing price and stated date of sale as 3 month prior, when in fact that property was sold within 6 months for $1,000 less. Not big of a deal…
Comp #3
Used listing price for the house that my neighbor bought 1 year ago, and stated date of sale as 3 months prior. Actual sales price was $12,000 less than the listing price when it was listed, a year prior.
My question: Is it OK for the appraiser to use only active listings, or past listing for sales comparison approach when there are closed sales available six months prior to appraisal? What to do? Can I go to the bank, and ask for adjustment?
Mind you, on my loan documents, two more real estate agents had big interests in selling me the property, and one of them is also a director of the bank who gave me the loan. In my documents it says payment of 40,000 to one of them, and 10,0000 to another. Also, the appraisal was done by the appraisal company owned by the bank, so they all very much know each other.
Here are the facts from my appraisal:
Comp #1
Used listing price and stated date of sale as 3 months prior, and that town home is still on sale today, 3 years later. Same exact town home was sold within 6 months prior to appraisal but for $5,000 less.
Comp#2
Used listing price and stated date of sale as 3 month prior, when in fact that property was sold within 6 months for $1,000 less. Not big of a deal…
Comp #3
Used listing price for the house that my neighbor bought 1 year ago, and stated date of sale as 3 months prior. Actual sales price was $12,000 less than the listing price when it was listed, a year prior.
My question: Is it OK for the appraiser to use only active listings, or past listing for sales comparison approach when there are closed sales available six months prior to appraisal? What to do? Can I go to the bank, and ask for adjustment?