Agent2Agent in 17112>Question Details

Susan Bailey,…, Real Estate Pro in Dauphin County, PA

How can we appeal a VA appraisal?

Asked by Susan Bailey, Realtor®, Dauphin County, PA Tue May 5, 2009

My husband runs a property investment company and I am his Realtor. We recently put a beautiful rehab on the market which is unlike any other home in the neighborhood. I was able to price the property based on the square footage and the amount of renovations done on it. I pulled comps in the area that were all within less than a mile radius and have sold in the last year to support the sale price. We accepted a contract for 10K less than the asking price. Now only 2 weeks away from closing the appraisal has come back 15K less than the sale price. We immediately disputed this with the mortgage company and the appraiser but understand the VA likely won't finance more than the appraisal. He's never had a property not appraise for the sale price. My husband wants to fight this tooth and nail and is refusing to sign the change to the agreement of sale. Is there any other course of action we can take? If he pulls out of the contract, will this affect selling the property in the future?

Help the community by answering this question:

Answers

2
Money in has very little to do with value. (example) Putting granite in a house in an area where most of the homes do not have them will not raise the value the cost of the granite plus profit. Sounds like you might have over built. VA will not lend over the appraisal and if the appraiser ammends his report he will have to prove why and the reason better be good. If you walk which you have every right to do you will not be able to sell to a Va buyer and get a different appraisal for 6 months.
0 votes Thank Flag Link Wed May 6, 2009
Realtormama,
Appraisals seem to be everybodys problem right now. There are new laws how appraisals are ordered. I have found the new laws somewhat frustrating but am trying to get adjusted to them. If you aren't comfortable with the first appraisal, will the Lender accept haaving a second appraisal completed? I am not convinced that every appraiser tries to get the "highest and best use" for each property.
The very best of luck to you!
Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net
http://www.mortgagepro.instantlender.com
0 votes Thank Flag Link Wed May 6, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer