The truth is you and your agent (hopefully you have a separate buyer broker and aren't using the listing agent as they get repeat business from the lender and aren't going to do anything to jeopardize this relationship) should be leveraging this appraisal to force the bank to accept the appraised value as the purchase price. While experience tells me that the asset manager will whine and kick and scream that ultimately they will accept this price. As dumb as most asset mangers are even they know that their fighting a losing battle as if they don't accept the appraised value their now forced to find a cash buyer. I'd suggest you dig in, tell the bank to take it or leave it an be prepared to walk if they refuse.
With an REO .....it is what it is..... Always remember that an appraisal is a â€œProfessional Valued Opinion" In all likelihood with the way homes prices are starting to edge up..... The Appraiser is taking this into consideration.
You can appeal the appraisal but with a Bank REO and the way the Homes are flying off the Home Path Web Site with On-Line bidding, youâ€™re better off keeping the appraisal the way it is.
No two appraisals will ever be the same.. Especially Now with the way appraisers are being regulated to prevent any collusion.
Does this make sense to you?
Congrats on your prospective home purchase you bought at the bottom and you in all likley hood giong to see appreciation in the Months to come.
Although your points have some merit, I think that they are minor in nature,
A two car driveway is better than one but I have never seen an appraiser make an adjustment for that. Your house is a detached corner unit or a semi detached corner unit. Comparable sales are closer to lower value housing. so all the comps are to the North and West. How far away from your house are they. You need to provide comps that you would use to support the value and give them to your loan officer. I challenge appraisals frequently and you really need a lot of information to support your case. You certainly need more than what you have stated here.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
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I hope your LO or their manager provides helpful information for you to proceed. If they don't and you're sure you can get a higher appraised value and have sufficient information to support that, you may have to change lenders.
If you need immediate responses, you may email/call me, otherwise, put additional responses here for the benefit of others.
Best of luck to you!