Agents: Has anyone had a second appraisal to come over 50k below the first?

Asked by Marcus, Fort Washington, PA Sat Dec 8, 2012

Have a deal going through rehab loan.. Original appraisal expired, Loan had to be switched to another bank. Clear to close pending appraisal. orginial appraiser updates to reflect a reduction of 50K plus in value. Stating new home construction start pricing is much lower now. This is a period of 5months..

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Richard Iarossi’s answer
Richard Iaro…, Agent, Gambrills, MD
Sat Dec 8, 2012
Appraisals are an opinion of value at a given point in time. That being said, a 50K decrease in 5 months seems on the high side for Waldorf. Like Ariana said, petition for a reconsideration. Appraisers are not opposed to changing the value if you can provide them with better comps.
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Ariana Loucas, Agent, National Harbor, MD
Sat Dec 8, 2012
Dear Marcus,
I have filed for reconsideration on value and have won. Of course, you have to be able to provide comparables to support your original value and argument. Or at least meet some place in the middle from your 1st and 2nd appraisals. If you do some homework and have the lender's processor file a ROV it could help.
Good luck!
Ariana Loucas
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