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Was my appraisal altered or just ignored?

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CGgonnabee

Thread Starter
Member
Joined
Apr 10, 2008
Professional Status
Certified General Appraiser
State
Virginia
I was looking for comps this evening...one of the sales was for a property that I appraised (FHA) in July...closing date 9/26/2008. My records show that the contract price was $228,000, appraised value was $235,000, list price was $249,900 with DOM 408. I remember getting a phone call from the loan officer regarding my concluded value...could I revisit (which I did not do or discuss). Public records show that the closing price was $245,000...MLS shows closing with FHA financing for $247,000. All these numbers are wackadoo and the parties to the transaction did not change.
 

Tom Barclay

Senior Member
Joined
Apr 7, 2002
Professional Status
Retired Appraiser
State
Oregon
Why not call the Realtor's involved to start with. Sure sounds like something is fishy.
 

smackodu

Senior Member
Joined
Aug 5, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
What am I missing here? The loan officer works for your client, the lender. I would at least give the Loan officer the simple courtesy of listening. I don't know what your definition of lender presssure is but what you have described isn't lender pressure. The property was on the market 409 days. So. How long was it on the market at $249,900? Is it a short sale? Were the sellers motivated? Your appraised value was above the sales price. I can't tell if something is fishy here. Maybe you should have spoken to the loan officer. Don't expect any more work from this loan officer. I always make it a habit to listen to my clients. It doesn't mean I change my opinion of value. They at least deserve that. It doesn't take much to ask if they have any comparables they believe I should have considered. How do you know you didn't miss something? How do you know you are right?
 

CigarDad

Junior Member
Joined
Sep 10, 2007
Professional Status
Certified Residential Appraiser
State
California
Does not sound fishy to me. Was the recorded borrower the same as your appraisal assignment? One possibility is another buyer. The other is that the sale was renegotiated to a higher price with sales concessions.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
If it was actually Insured by FHA then I would say it is fishy. Its not likely they would insure more then your appraisal.

What is important is did you get paid?
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
It was possible the transaction was renegotiated. It is also the possible DEU found something else to hang their hat on and authorized a higher loan amount. Direct Endorsement Underwriters CAN do that. It is also possible the MLS is incorrect (wouldn't be the first time).

I remember getting a phone call from the loan officer regarding my concluded value...could I revisit (which I did not do or discuss).

Why not?
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Chris,

You have to admit that in todays market it is highly unlikely a DEU would do something like that. Especially when all they have to do first is put intense pressure on the original appraiser.

My Guess's:

1. Not FHA, Found a skippy for a higher conventional, MLS incorrect on financing type
2. FHA case number OP received was fake, Found a skippy and then got FHA case number
3. Altered his appraisal
4. DEU approved loan amount $12,000 dollars higher then OP appraised value.

Its pretty much got to be one of those four. Number five might be the real truth.

5. Agent reported the sale incorrectly to help boost sales prices in the neighborhood for bragging rights of future business. They actually do this folks!!
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Too many unknowns

This where I am left shaking my head....
My records show that the contract price was $228,000, appraised value was $235,000, list price was $249,900 with DOM 408
The appraised value is higher than the purchase price, yet below the asking price, which was the asking price for over a year. The appraiser is then asked to
revisit the value
. But without further conversation, we do not know why. Maybe the seller has offered higher closing costs, although we all know these will be written into the loan amount. Maybe some personal property was added into the mix and the loan. There are so many factors that are unknown as to why the sale price and loan amount went up after the appraisal.

Unless the OP can prove something fraudulent actually occurred, I do not find it a sword worth falling on, especially if the answer to the question
What is important is did you get paid?
is yes.
 

CGgonnabee

Thread Starter
Member
Joined
Apr 10, 2008
Professional Status
Certified General Appraiser
State
Virginia
First of all, I have been paid. The buyer didn't change. The loan officer was NOT my client (this is the part I left out) as this was an assignment through an AMC.

Due to much discussion about reports being altered, I guess I am paranoid.

Thanks for your thoughts.
 

Vegan702

Senior Member
Joined
Feb 24, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
Maybe they came out of pocket with the rest of the money, maybe the Realtor gave up some commission to make the deal work to the buyers, maybe at the time the down payment assistance program was still running and they upped the price by 6% to account for this, but I know the last thing I would be doing would be digging up old files and wasting my valuable time researching things you probably will never find the answer to for no reason.
 
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