Lee SW IL
Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
Inspected a property in mid-December. This was to be COD.
Owner was to bring me a check for the report before it was to be submitted. After a 2+ week delay the LO sent me a statement that he would pay for the report out of closing, and if it didn't close he would send the payment.
The values of SFR range from $50,000 to $200,000 in this market, with $100,000 predominate. Appraised value $60,000 Only sales below the subject value are foreclosed homes.
Property has cost to cure issues, vinyl siding not complete, no gutters, downspots, damp basement, unfinished interior trim around windows, floors without covering, 1 room totally unlivable, ect. So I rate the property as fair, due to the current conditions of the property.
LO calls today, and stated the UW needs the property changed to reflect condition as "AVERAGE". I started to explain this property is at the lower end of values in this market, and that the property is in fair condition for this market. Please see photos in the report. Before I finished he hung up on me.
What would you do at this point?
1 Nothing, at this time, but wait for due date of payment?
2 Email the him and finish explaining the reason. Even though it is explained in the report?
3 Anyother sugguestions?
Any chance I'll get paid? :evil:
Owner was to bring me a check for the report before it was to be submitted. After a 2+ week delay the LO sent me a statement that he would pay for the report out of closing, and if it didn't close he would send the payment.
The values of SFR range from $50,000 to $200,000 in this market, with $100,000 predominate. Appraised value $60,000 Only sales below the subject value are foreclosed homes.
Property has cost to cure issues, vinyl siding not complete, no gutters, downspots, damp basement, unfinished interior trim around windows, floors without covering, 1 room totally unlivable, ect. So I rate the property as fair, due to the current conditions of the property.
LO calls today, and stated the UW needs the property changed to reflect condition as "AVERAGE". I started to explain this property is at the lower end of values in this market, and that the property is in fair condition for this market. Please see photos in the report. Before I finished he hung up on me.
What would you do at this point?
1 Nothing, at this time, but wait for due date of payment?
2 Email the him and finish explaining the reason. Even though it is explained in the report?
3 Anyother sugguestions?
Any chance I'll get paid? :evil: