What happens when 2 appraisals were ordered by the lender and one cames at the sales price and the second?

Asked by Durga Gandi, Northern Barton Heights, Richmond, VA Sat May 3, 2008

comes in 11k less? The seller agent wants to order a 3rd appraisal. Will the lender agree?

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Frank’s answer
Frank, Home Buyer, Lovettsville, VA
Sat May 17, 2008
I would check the comparables out who have been used and see which one makes more sense. "Check for close to proximity, size and the most current sales" If you are buying in a declining area then you should trust the lower appraisal.
The appraiser who "Hit the value" does not want to kill the deal and then he/she would not receive anymore appraisal orders from the lender. I personaly do not like lenders I prefer a bank.
The seller agent should not have anything to say since he/she works for the seller not for you. "He/she probably knows an appraiser who would push the value. The agent gets more commission if the house sells higher. If the lender would agree to this then maybe you should change the lender.
The appraiser strictly is working for the lender to make sure that the value is there.
The seller agent would have a conflict because if the appraiser is hired by the seller agent then that appraiser is working for the seller agent not for you nor the bank.
1 vote
Seller, Home Buyer, Washington, DC
Mon May 5, 2008
Having bought and sold houses for over 30 years, never, ever trust anyone, least of all real estate agents and lenders. For example, a family up the street from me overpaid significantly for a house 18 months ago, just got transferred again, and are looking at a huge hit on reselling their house. Their real estate agent did not look out for them. Hire a real estate lawyer and make the lawyer understands that he/she is representing YOU and not the contract. You can also hire your own appraiser. Do some of your own research on the web; you can find comparables yourself.
1 vote
Cindy Jones, Agent, Alexandira, VA
Sat May 3, 2008
SInce you are the buyer this is a question you should ask your lender. Are you being charged for each of these appraisals? The seller can not order an independent appraisal and expect your lender to accept it. Lenders are very careful with the numbers in today's market. Have your agent and your lender talk you through what all of this means to you and your contract.
Web Reference:  http://cindyjoneshomes.com
1 vote
Linda Fosdick, Agent, Mineral, VA
Mon May 5, 2008
Rarely do two appraisals come in at the same value, so you should not be surprised at this discrepancy. However, your agent and your lenders should carefully examine these two appraisals. Your agent will know the local market and recent sales and should be able to identify why there is a discrepancy between the two appraisal values. Perhaps one appraiser didn't have information about a particular comparable that the other appraiser used in their report. Appraisers must examine recent comparable property sales very carefully and compare/contrast each of the differing property features. Your agent and your lender should be able to recognize which appraisal most closely represents the features and value of the property you are buying. They will be able to advise you as to the merit of the two appraisals. They will probably adivse you that a third appraisal should not be needed to resolve an $11k difference. Trust your agent and your lender, they will look out for your best interests. Good luck. Linda
0 votes
Durga Gandi, Home Buyer, Northern Barton Heights, Richmond, VA
Sat May 3, 2008
I seller agent is saying that the house is worth the sales price and they do not want to budge. I am being told by our agent that the lender most probably will not agree to a third appraisal. I thinking this is a buyers market and should we budge and meet them half way through or not budge at all.
0 votes
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