Home Buying in Mauldin>Question Details

Kaya, Home Buyer in Mauldin, SC

Have contfact on home and am supposed to close on Aug. 24th. I got a call from my lender yesterday that a

Asked by Kaya, Mauldin, SC Tue Aug 11, 2009

second (drive by) appraisal came back under the first detailed appraisal by about $25,500. Now it is panic mode. I read where the laws have changed and I am getting an FHA loan. The first and second appraisers are not budging. The first came in above my purchase price but the second as I stated came in below. The second appraiser did not enter the home like the first. I am worried now that we will end up losing this house. What will likely happen in my scenario? The comparables are hard to come by because this house is unique ie. acerage and sqaure footage to the comparable sales in the area. Please help!

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Why was a second appraisal ordered when the first satisfied the contract price?
0 votes Thank Flag Link Mon May 3, 2010
Ask your agent to do a complete CMA and submit it to the appraiser, Also ask your agent to find out from the appraiser what they used for comps, and ask them to review them. The appraisers are quite scared to make the wrong move right now, so they seem to be coming in low all the time. Keep in close contact with your lender as well, as they may have to order a 3rd appraisal, which might be a few hundred dollar expense.

Good Luck!
Web Reference: http://www.abemills.com
0 votes Thank Flag Link Tue Aug 11, 2009
Even though the lenders are no longer able to talk to the appraisers (according to recent rule changes), the real estate agents still are. Perhaps the listing agent could talk to the 2nd appraiser and see if the appraiser had accurate facts about the home or its competition. Now, listing agents must be prepared to "sell" the appraiser, just like a buyer. We agents need to see our competition, so we can tell the appraiser about the defects in them that make our listing either not a good comp to them or worth more. We need to know the facts of the neighborhood, what makes our listing worth the price we have asked.

Failing that, perhaps a third appraisal is in order?
0 votes Thank Flag Link Tue Aug 11, 2009
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