Asked by Rushwolf, Newton, MA • Thu Jun 23, 2011
The first appraisal came in 35K less than contract price and was exterior only. BoA, to their credit, paid for a second appraisal since a home purchase needs an int inspection (duh!). The second appraiser used the same comps as the first but correctly updated the GLA of the house (from 820 sf to 915 sf). The end result, a second appraisal even lower than the first! The house is a bungalow in a neighborhood with 3,000 sf homes...there are no comps near us. The appraisers selected comps from a different neighborhood. They made no adjustments for location.
I forwarded info from the City assessor to BoA..the lots on the comps selected by the Landsafe appraiser are the same size as the subject. The comp lots are assessed for $40,000 less on the land. BoA will not reconsider the appraisal. I've been in lending purgatory since. Two weeks and counting with no answer from BoA...
~ Frustrated in Newton, MA
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