The appraiser is correct, it does not work that way, but if 50 feet is significant then it can affect the value. If you have a 1,850 sq ft home then 50 sq ft isn't going to make a difference... however if you are looking at studios in NYC at 400 sq ft, then yes another 50 sq ft will have an impact as that is a significant percentage of the living space.... more
First, it isnâ€™t your appraisal. Past that, do not waste your time unless you can provide proof the appraisal is wrong, in other words furnish a couple of comparable sales that justify the dispute. I have had builders and Realtors furnish me comps with lower sale prices than what the disputed appraisal used while asking for a higher value. Go figure???
Ask your realtor to provide at least 3 comps in the same neighborhood where your home is located that have sold and closed in the last 3 to 6 months. It only takes one comp to raise the question, however the more you have the better your claim. Unless you can provide solid proof the numbers are wrong most appraisers will stand with the original amount. As for loosing the buyer, who knows? They all are skittish these days.
Just because you got a low appraisal doesn't mean the appraiser was crooked. It's happening a lot nowadays.
Why do you think it was "crooked"? Further, how did he benefit from the low appraisal? Follow the money; how did it benefit him?
Further, it might be legitimate for him to compare foreclosed homes with yours. If a buyer came into your community looking for a house somewhat like yours, would that buyer be able to find a foreclosed home for less than the house you're selling? If so, then--unfortunately for you--those foreclosures are comps. They're comparable to yours.
You could always file a complaint with the state regulatory office. But they're going to be asking some of these same questions: What basis do you have for saying the appraiser is crooked?... more
The short answer is that it is impossible to know what their logic is. It really depends on the investor who holds the loan. If they have pmi they are more opt. To foreclose if they need the cas asap. It depends on what they are trying to do. I tried making sence of it all so I would not go crazy. Our logic and their logic is not the same.... more
Do what a Judge did in New York who got screwed by an appraiser. Sue him.
Appraisal fraud is actually up 50% since the implementation fo something called HVCC, which was a license for banks to make money from the appraisals, raise the price of them to the consumers and get the cheapest appraiser they can find (Not all companies do this, but the practice is rampant).
Take them to a local court and make them prove that they did their job. Enjoin the buyer, the real estate agents and anyone else connected with the transaction who lost money because of this.
Additionally, name the company he works for, the company that assigned the appraisal and the bank that the buyer was going through.
You should get the court date within a month or the lender will take care of getting the appraisal done right.
You can also report him to the appraisal board in Sacramento and even the state AG office. Neither one of these agencies likes fraud.
This is the only way to stop this nonsense.
I am happy to help and tell you more if you need more information.
Best of luck,
I know that you want feed back from non-agents, however, I can tell you that we still have the agents card on our fridge from when we bought our house 15 years ago. The agent always sent a card or christmas ornament! and yes, I would have used the company as the agent reflected well on them.
The contract is the final authority, NOT what someone â€œthoughtâ€ was agreed upon. If the buyer wants the contract to change, all changes have to be agreed upon by BOTH parties in writing. If the contract states you have 45 days to close, then you have 45 days UNLESS you have an addendum stating otherwise.
In addition, if the buyers have already removed all their contingencies, then they could conceivably back out, HOWEVER, they would be in risk of losing their deposit.
Sounds like a negotiation ploy. Just stand strong on your story that you donâ€™t have the assets to comply. I've had this happen a couple times, just reiterate the fact that you canâ€™t afford it, because you donâ€™t have a job or what ever is the case. In my experiences the bank always backed down and didnâ€™t pursue it.... more
Whether a property is for sale or not, the tenant's right is spelled out exactly as what was written in your lease agreement. Please go back and read the agreement carefully, that's where you will find the answer to your question.
The tenant will still need to pay the rent as stated in the lease. The owner will have to honor the lease terms (if a year long lease and there are 6 months left on the lease term, then the tenant has the right to stay thru that period and the new owner will have to honor that also).
As you know California is very pro consumer; so you will want to read the agreement carefully.