Hello – a while back I had a post regarding the fact that we were going to sell our own house. We had every intention of putting it on every MLS and every list on the internet and seeing what would happen. We also were planning on doing this without packing up and scaling down and without a for sale sign in the front yard.
We also considered doing a re-finance and decided to look into that. We contacted two lenders – Third Federal and B B & T. No lender can choose any certain appraiser, that is against the law. It is not either lender’s fault that our re-fi did not happen but I think both of them could have done more and helped us with their individual underwriting departments.
The first appraiser came out and the only thing she was concerned with was if she would get home before it rained. She mentioned that three times. She never asked any questions and when we received her appraisal it was a duplicate of what any of us can find on zillow.com. We would have needed to put a hefty down payment into the re-fi and we did not want to do that. She never asked one question about any upgrades and was gone in under 30 minutes. Her appraisal came in at $190,000.
Who is monitoring their work???
The second appraiser came out and my husband was here for it. He had also done a lot of homework for this appraiser. He performed our own appraisal – 3 different ways as he was taught in Broker’s classes. On average based on the three homes that had recently sold in our neighborhood our appraisal should be coming in at $202,000. We could live with that number even though we would be “in the hole” so to speak.
Larry showed him all his facts and figures. He went with him into every room pointing out all our features. We were really hopeful. His appraisal came in at a shocking $179,000. It is wrong. We know that. It is what it is though in today’s appraising world, or is it?
Last week I received an email from the President of the National Association of Realtors. It seems this is happening all over the country causing deals to fall apart.
He is taking it to task and below my sign off is a portion of the email he sent. If this has happened to you let the NAR know. Something is not right here.
Carole Sanek, Licensed Florida Realtor
| To: All REALTORS®From: Charles McMillan, 2009 NAR President
Re: Appraisals Dear Fellow REALTOR®, During the past two months, we have heard from many of you regarding problems with appraisals that are causing deals to be delayed or canceled altogether. I assure you that we on the NAR Leadership Team are experiencing the same problems in our businesses. In fact, VP & Liaison to Committees Steve Brown recently shared his experiences in Ohio on the Voices of Real Estate blog. is doing to resolve these problems quickly.NARLet me update you on what On Monday, June 29th, I will be in New York to meet with the Deputy Attorney General and his staff who worked directly on the Home Valuation Code of Conduct. I plan to share our concerns, as well as your stories, and ask for their assistance in resolving any problems related to the HVCC. On Tuesday, June 30th, I will travel to Washington, D.C., to meet with the Director of the Federal Housing Finance Agency to discuss ways we can work with Fannie Mae, Freddie Mac and lenders to ensure that appraisals are accurate. |
Filed under: I Am Selling My Own House, Knowing your real estate market, MONEY!MONEY!MONEY! | Leave a Comment »



