I find that it is unlikely that no comps exist for Topsfield since I and others in my office have closed on several properties in the past three months. The appraiser may have to adjust for age, size and the like. I would suggest that you call the company again and ask for a manager and have him/her clarify the problem for you. Good luck.
Robin is correct...
Good for you George. I was just trying to stop a year old thread from gaining traction! Ken was the 2nd person to dredge this up..I sent a private message to that person and figured if I posted on the thread it would go back to sleep.
Andrew - I'd be happy to delete this outdated thread, I just don't know how.
BTW, who's Ken?
Thanks to all for your responses. This is a good website.
In the 28 years I've lived in this house I have never missed, or even been late on a mortgage payment. I've refinanced 7 times during those years and never once had any problems. I submitted the CW application on 1/15/09 and am still waiting for a decision. The most current response to my inquiries is that the package is being evaluated by the under writter. That has been the case for the past three weeks. Is this long a delay the new normal?
New regulations will make all lender, banks brokers etc subject to these guidelines. Complaining to the DOB will get you nowhere. If the comps aren't there to support the value they aren't there. I'm by no means defending CW.
This comes up often in areas where there are few sales, and the value as we *know* (as opposed to what we think or feel) is higher than what the appraiser can support.
What we're starting to see is that people are confusing the following three things - what they could sell their house for, what it is worth to them, and the value that can be legitimately supported by an appraiser using actual available sale data and allowed price adjustments.
In plain english, if you really love your home and want to belive it's worth $400,000, but the market reality is that to actually sell it you may get $375,000 for it, *but* if there hasn't been a sale in town over $250,000 in the last 6-12 months the appraiser is not going to be able to support the value even of $375K for a refinance.
It sounds to me that the application deposit and the issues surrounding the appraisal were not thoroughly explained to you by the loan originator. Perhaps you should find a new loan originator to work with in the future, but it doesn;t sound to me like CW did anything really egregiously "wrong" here.
Eric Heinrich, CRMS
1) For the purposes of compliance with USPAP Standard Rule 1-4(a), comparable properties are those properties that are generally similar to the subject property being appraised and may include the following characteristics: building size, architectural style, functional utility, building materials, construction quality, age and condition of improvements, site size, location, view, economic market conditions, and conditions of sale. An appropriate comparable need not necessarily comply with all of the preceding characteristics. However, whenever a comparable is utilized that deviates substantially from the subject property being appraised, the deviation shall be explained in the appraisal report and/or the appropriate adjustment made.
2) Additionally, properties used as comparables, whenever possible, should be competitive with the subject property and ideally located in the same economic market area or neighborhood. If sufficient data on the sales of local comparables are unavailable, transactions involving properties in other comparable, but not directly competitive, neighborhoods or locations may be utilized in the sales comparison analysis.
Eric Heinrich, CRMS
NAMB Certified Residential Mortgage Specialist Mortgage Master, Inc.