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DebG
Pick a cause & stand up for it
Member since 5/05 18602 total posts
Name:
The cure IS worse!
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Appraisers
WOW! Appraisers can make alllll the difference.
We got our house re-appraised in July so we could delete PMI. Now we are re-financing so we had to get our house re-appraised yet again...well 1.5 months later
(and NO improvements from one appraisal to the next) it appraised for $53k more!!!!
The second appraiser I was a little more informed and ready to talk about the market in my town and neighborhood with a little bit more authority...not sure if that made all the difference as well.
Anyway, my point is, if you feel that an appraisal might be a little low, it might be in your best interest to spend a few hundred and get another opinion (especially if you have to pay PMI)
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Posted 9/21/05 8:36 PM  |
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Prudential Douglas Elliman Real Estate
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Appraisers
Message edited 8/31/2011 4:49:21 PM.
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| Posted 9/21/05 11:20 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Appraisers
Posted by nrthshgrl
I'm in PMI hell. I just sent off an email to my mortgage company telling them to let meknow if they'll be deleting the PMI or if I should refinance with another lender.
Can you FM me any recommendations of appraisers? Also how much do they cost (approx)?
If you've been in your house at least a year, you should have 20% equity by now - just based on the recent property value increases alone.
eta: an average appraisal fee is $300-350. Fees can be more or less for different reasons (drive by appraisals, 2 family houses, larger/more difficult properties, etc).
Let me know if I can help.
Message edited 9/21/2005 11:43:24 PM.
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| Posted 9/21/05 11:37 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Appraisers
Posted by DebG
Anyway, my point is, if you feel that an appraisal might be a little low, it might be in your best interest to spend a few hundred and get another opinion (especially if you have to pay PMI)
Good point... but don't bother to get a second appraisal opinion UNLESS you use an appraiser that is APPROVED by your bank.
Using somebody that is not on the bank's "list" is pretty much useless.
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| Posted 9/22/05 9:35 AM |
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DebG
Pick a cause & stand up for it
Member since 5/05 18602 total posts
Name:
The cure IS worse!
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Re: Appraisers
Posted by DjPiLL
Posted by DebG
Anyway, my point is, if you feel that an appraisal might be a little low, it might be in your best interest to spend a few hundred and get another opinion (especially if you have to pay PMI)
Good point... but don't bother to get a second appraisal opinion UNLESS you use an appraiser that is APPROVED by your bank.
Using somebody that is not on the bank's "list" is pretty much useless.
Excellent point! I should have mentioned that as well. Thanks Rich.
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| Posted 9/22/05 12:28 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Appraisers
Also keep in mind that the bank will put your file through appraisal review and "could" reduce the value and/or send someone out there to do another appraisal.
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| Posted 9/22/05 4:20 PM |
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DebG
Pick a cause & stand up for it
Member since 5/05 18602 total posts
Name:
The cure IS worse!
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Re: Appraisers
Posted by melijane
Also keep in mind that the bank will put your file through appraisal review and "could" reduce the value and/or send someone out there to do another appraisal.
whoa? What? huh? really? would this have to happen before closing or at anytime?
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| Posted 9/22/05 4:32 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Appraisers
Posted by melijane
Also keep in mind that the bank will put your file through appraisal review and "could" reduce the value and/or send someone out there to do another appraisal.
Yeah but if they decide to do that... they do that at their own expense.
Usually the people they send out to do the appraisals... or the appraisers on the banks "list" are good enough.
Why would a bank have to review an appraisal... from someone they already authorized to do the work in the first place? Kinda defeats the whole purpose of the appraisal in the first place.
Not saying this is an impossible scenario... but its HIGHLY unlikely.
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| Posted 9/22/05 4:58 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Appraisers
Posted by DjPiLL
Usually the people they send out to do the appraisals... or the appraisers on the banks "list" are good enough.
Why would a bank have to review an appraisal... from someone they already authorized to do the work in the first place? Kinda defeats the whole purpose of the appraisal in the first place.
Not saying this is an impossible scenario... but its HIGHLY unlikely.
Appraisals being reviewed are not that unlikely actually. Often appraisals are reviewed - either by an internal review of the mortgage company or by independant appraisers hired by the bank (they hire another appraiser to review the prior appraisal and either agree or disagree with the determination of value). Value changes aren't that common but they do happen, particularly when appraisers get carried away and overvalue the house.
And they're happening more and more often because the fraud in this business in unreal. I"ve seen many "approved/preferred" appraisers get kicked off of "lists" for shady practices - some even get suspended from appraising or lose their license. Its a fine line we have to walk - making our client (the bank/broker) happy by bringing in the highest possible value, yet also making that a VALID & FAIR value for the property.
Deb, don't worry, it happens PRIOR to closing if its going to happen at all.
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| Posted 9/22/05 10:43 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Appraisers
I KNOW for a fact that many banks have an appraisal review as part of their underwriting process. It doesn't matter who does the original appraisal. The bank does pay for it and sometimes they just do an "electronic" review where they go over certain parts of the appraisal and make sure it meets their criteria. One thing that they look at most often in the comps. They should be sold within the last 6 months and not be further than 1/2 mile from the subject property(your house)
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| Posted 9/23/05 10:21 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Appraisers
And by the way, once you close you are safe!
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| Posted 9/23/05 10:22 AM |
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