House appraised for 2 sets of price $250,000 and $280,000 I signed a P&S contract for a home. I was
dealing with a mortgage Co. The mortgage Co. appraised it at $280,000, then i got denied for the loan. So i applied for a mortgage with a local lender, but the local lender did they own appraisal, and they appraised it for $250,000. The purchase price is $278,000. I'm willing to split the cost with the seller, and it seems that they're not interested.........I've already give my landlord my notice to vacant my apartment for the second time, and i'm just so frustrated with the whole process......Any advice?
I would be curious to look at both appraisals and see what the differences are. Unfortunately, HVCC prevents the loan officer from arguing the appraised value. You may ask your loan officer to discuss the appraisal with the underwriter and provide the original appraisal to compare. That is a pretty big difference.
Why did the original lender deny the loan?
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