Asked by Dena Lock, Highland Village, TX • Fri May 2, 2008
lender. A second appraisal was done by the underwriting agency that the lender sold the loan to. The initial walk-through appraisal was $5K less than our already agreed upon asking price. The underwriting agencies appraisal was 10K less than that. This person was an apprentice and no one came through the property. We have completely upgraded everything in our home. New paint inside/out, brand new energy efficient windows, new flooring almost throughout, completely gutted and renovated master bath w/travertine and tile, completely gutted and remodeled kitchen with granite. Letters were written by 2 real estate agents who came through and valued our home to this appraisor as well as by the person that did the proper appraisal telling them their appraisal was improper and incomplete and none of this was taken into consideration. We have now lost $15K on our home. This was our first home and we feel completely screwed.
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