Low Appraisal

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  • #61741
    MATARS08
    Member

    @dangela21 Yes! Thank you so much. This is great info! One more question…Did you happen to get a status or any follow up from the appraisal department while you were waiting or did a new appraisal just show up on your file? I’m looking to give the Sellers an update to give them a little reassurance and to avoid them walking out on the contract before the appeal. Thanks again!

    #61742
    Nelsont
    Member

    There is no appraisal department per se. The appraiser is a non-biased, objective 3rd party and more than likely works for an independent appraisal company if not your local county. You should be able to see the information on the appraisal itself. BOA orders the appraisal and pays for it themselves. It is actually unethical for the bank, the buyer or the seller to have their own appraisal done and use that as the only valuation. This is part of the closing costs that you would normally be charged but, BOA is paying on your behalf as a NACA member.

    #61743
    dangela21
    Member

    @matars08. The appraisal reconsideration has to be requested it’s not automatically done. If you send me your email I will send you what I sent others so that you have a starting point. Your realtor and counselor will need to submit the info on your behalf but I can atleast give you a platform to start from.

    #61744
    dangela21
    Member

    @nelsont. From my experience if you object to the appraisal value you can request a appraisal reconsideration. The realtor and counselor In conjunction with NACA will reach out to the bank and request a reconsideration. When requesting the reconsideration you have to have sufficient evidence to support your claim. At that time the bank will reach out to the original appraiser and a new one will be evaluated. The amount appraised may change or stay the same. In my case my appraisal changed because I had before and after photos of my home that the seller was able to provide along with the complete breakdown on what was upgraded and the amount along with new comps that the appraiser had not included. It’s a process in itself but it’s worth it.

    #61747
    Nelsont
    Member

    Oh absolutely. There are definitely cases in which it is worth it. Especially if the valuation came in 26k lower than expected. To me honestly that means the appraiser didn’t do their job in the first place and causes all sorts of headaches for everyone involved. But for a small difference of say $5000 or less you’re asking them to split hairs.

    #61750
    MATARS08
    Member

    @dangela21 Thank you but I’ve already submitted an approval and used an e-mail I wrote up on my own. Members can actually submit themselves. I received the full process details and have spoken to several people including regional managers and members services, so the appeal is submitted, I even got a response asking for the actual MLS listed comps. At this point, I’m just trying to understand at which point in the process I get a status of the decision on the appeal or if I just get a new appraisal uploaded to my webfile once appeal process is done. Thanks again! Hope this provides enough clarification. Thanks.

    #65927
    newtonhieda
    Participant

    Hello! Do you mind sharing the appeal process with me? newton@summerhill.us
    I’m having the same issue, the appraisal came in low and the seller won’t lower the purchase price.
    Thank you

    #65929
    newtonhieda
    Participant

    Hello @dangela21! Do you mind sharing the appeal process with me? newton@summerhill.us
    I’m having the same issue, the appraisal came in low and the seller won’t lower the purchase price.
    Thank you

    #65956
    2BLESSED
    Member

    I am not sure if this information is any value to you but my appraisal came in low. The realtor sent in several comparables and on Friday the appraiser was sent back. They did in deed up the price $8,000. I know that the diligence put forth with the realtor was a good part of the decision. I originally agreed to the lower price less the $6000 incentive. Now I am getting the incentive, paying the higher amount and have a 2.60% interest rate. I am ecstatic and praising God! NACA is the best!

    #65957
    dangela21
    Member

    @newtonhieda check your email. I sent over what myself and realtor submitted. Let me know if you have any additional questions. And keep us all updated on your progress. It may help someone in the future.

Viewing 10 posts - 16 through 25 (of 25 total)
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