I paid for and got an appraisal done as part of the process of purchasing a house. $400 later, my house appraised at value. 3 weeks later, my mortgage gal calls and says that the seller's company did some sort of appraisal (I am thinking that this was done based on the info - don't think whoever it was actually went to the property, but I am not sure) and the house that appraised at $250,00 now according to them appraises at $218,000. My mortgage gal said that ANOTHER appraisal would be needed and said if it was one kind (starting with an S?), I would have to pay for it, but if it was another kind (starting with a D?) I would not have to pay for it.
I am very confused and a bit miffed. Why did I pay $400 for an appraisal if that wasn't "good enough" for the seller's company? (I might need to mention that this is a foreclosure). Is this a sneaky trick, or is this something normal? Are my chances of getting this house suddenly in serious jeopardy??
Thanks for the help!!
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