William K
Senior Member
- Joined
- Sep 21, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
I performed an appraisal 2 months ago.
The property was A HUD foreclosure sale in a townhouse development. It was a FHA transaction and the end lender for the Mortgage banker required an appraisal even though it was a HUD property.
The subject property was exceptionally clean , no repairs, good sales data from within the development.
The accepted purchase price was in the $140s and the lowest sale which needed "decorating" was at $171K and all other sales were higher.
The property appraised higher than offer price.
Now the lender calls today and says they need the appraisal done again because the borrower backed out of the original deal and the listing agent re listed the property but lowered the asking price. The Fishy Smell is the old borrower then put in a new bid , this time in the mid $110s and got it accepted!
Anyone ever hear of this?
The property was A HUD foreclosure sale in a townhouse development. It was a FHA transaction and the end lender for the Mortgage banker required an appraisal even though it was a HUD property.
The subject property was exceptionally clean , no repairs, good sales data from within the development.
The accepted purchase price was in the $140s and the lowest sale which needed "decorating" was at $171K and all other sales were higher.
The property appraised higher than offer price.
Now the lender calls today and says they need the appraisal done again because the borrower backed out of the original deal and the listing agent re listed the property but lowered the asking price. The Fishy Smell is the old borrower then put in a new bid , this time in the mid $110s and got it accepted!
Anyone ever hear of this?