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Financing in Manhattan : Real Estate Advice

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Mon Jul 9, 2012
Ricci Dillon answered:
Good question...the appraisal you had done is typically "owned" by the lender as they were the client for the appraisal. They used that appraisal to make a decision about whether they could do a refinance on the property. Since the appraisal came in short, the refi wouldn't work. Although I am not a lender my understanding is the report will stay with "their file". It is not a matter of public record. You are free to go to another lender who may pull a different appraiser, and that appraiser may use other comparables or the same ones if those were the best sales available. An owner sets the listing price of their home, and real estate agents/Realtors advise as to whether or not that price is realistic based on recent sales in your market area and current market conditions. There is a chance you could sell it, receive your asking price, and pull the same appraiser when the buyer's lender has it appraised. (Unless its a cash sale then it may not be an issue if the cash buyer doesn't obtain an appraisal.) However, a good appraiser should place weight on the fact you marketed the property with a reasonable amount of marketing time/sxposure and secured a buyer at the purchase price. (If they are being truly objective and not subjective.) My suggestion is to get a market analysis done on your home by two different Realtors. From that information and the past appraisal that was done you should be able to see if the lower value is a market change or just lack of effort. Your current lender may be willing to get a second appraisal if you are willing to pay for it or wait a certain amount of time and have it re-appraised. Best of Luck! R Dillon Manhattan, KS ... more
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