Asked by Tshg, Houston, TX • Wed Mar 20, 2013
we were set to close on 3/25/2013 but on 03/18/2013 our loan officer called and said that the investors were not going to approve the loan because the collateral was not built out of brick and the comps were, it had been on the market to long and therefore they didn't think that it appealed to the general public, that it was listed on appraisal as a farm house and the comps were ranch style, and since it looks different then the comps they can't place a value on the property. which brings me to the question of what the heck is the appraiser for then??? if the appraiser's opionion of the property is going to be overlooked during underwriting why even order appraisals at all?? yes the house is a bit different but it is located in a rural area, it is not in a subdivision, yes it was on the market for more than 1 year but the seller originally had it over priced at 230,000.00 but when they dropped the price they began getting offers. anyone else go thru something like this?
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