Our Bank will be foreclosing on us and we provided them with an Appraisal report out of our pockets (Though
we did not have to) and they stated they did not care about our appraisal because they will get a value for our home themselves. I was informed by the Bank manager that they will utilize a Real Estate Agent to value our property. Well they did and it was outrageous. The Real Estate Agent valued the property for less than our report. Our home was valued at $112,000.00 by an approved Appraiser and the Banks Real Estae Agent valued our home at $20,000.00 is this legal by the bank?
Joe: What do you care? If you are foreclosed, the bank takes the property. Whether it's $20,000 or $2,000,000, the bank will give you any proceeds over the mortgage amount. (As if there will be such an amount.)
An appraisal is admissible in court. A broker's price opinion is not but the broker is advising the bank what the current market will yield them. At the price in question, it would seem that the broker suspects that only an investor will be interested. If the bank is thinking of cost/benefit ratios, they may foreclose and then sell at auction. The auction price at that time will be EXACTLY all the place is worth.
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Fair Housing and Equal Opportunity