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Subject: Lender Appraisals

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Author Messages
openerbat
Posts:1
02/06/2010 11:24 PM Alert 
Hello,
Do the appraisers that lenders use know the offered price of the home they are appraising? If yes, how can they be objective in the appraisal?
Are there some lenders whose appraisers 'appraise' the home value in such a way that the offer doesn't fall out of Escrow due to appraisal not being equal or greater than offered price? If the home falls out of escrow, potentially the lender can lose a customer (and let's say the customer is a solid guy with 25% down).
thanks.
---
chaozz
Posts:414
02/09/2010 8:50 AM Alert 
get the bank or the sellers to lower the price if its not matching the appraisal.
cbr600f4i
Posts:160
02/11/2010 1:48 PM Alert 
Appraisals now are put into pools so you can't pick and choose who's doing it anymore. Those days are over. MY friend is an appraiser and has said numerous times the buy price is over appraisal so people are unable to come up with the extra cash and had to back out. BTW, if you're wanting a condo, the down payment is now 25%.
sdbri
Posts:594
02/11/2010 2:08 PM Alert 
Yes they do know. You've answered your own second question there.

No human being is going to be perfectly precise or objective. And nobody is going to care if an appraisal is off by 1-2% just so it can match the offer price. Nobody.

Now if someone is trying to match the offer price by moving the appraisal 10% or 20%, that's obviously the problem. The solution is to make sure there isn't a conflict of interest by ending "appraiser shopping".
sdbri
Posts:594
02/11/2010 2:10 PM Alert 
I bought a condo on 20% down just fine. The 25% minimum is to avoid a .75% fee which is treated the same as paying points (i.e. it was listed as such). Fannie Mae then subsequently bought my loan as a fully conforming loan.
wilson
Posts:1698
02/11/2010 10:44 PM Alert 
sdbri,
Are you crazy, or what?!?!?!?! Admitting you bought a condo?
Are you mad?????????????????
sdbri
Posts:594
02/12/2010 2:18 PM Alert 
Your posts aren't making any sense again. You've also missed the 20 other posts I made about my purchase, where you had ample opportunity to use dozens question marks. I notice you're graduating out of exclamations.
wilson
Posts:1698
02/12/2010 6:33 PM Alert 
I figure my extra question marks will bring out the hibernating bears down on you.
hehehe
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 Forums  >  General  >  Financing  >  Lender Appraisals
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