Update on appraisal
| I just received a copy of the appraisal that we will be contesting (see previous post). Just giving it a quick once-over, I picked up on three blatant errors. The first is where he listed our basement as a partial basement, when it is a full basement. The second two errors both are because he listed one comparison property as a three bedroom when it is a two bedroom, and the other comparison property was listed as a five bedroom when it only has four bedrooms. I have documentation to prove both of these. I plan to go over it with a fine tooth comb later tonight. I will submit our two previous appraisals, as well as the information about the garage, and my documentation of the errors when I submit the paperwork to contest the appraisal. In light of these gross oversights, I might even try to get my money back. Labels: $37k debt payoff, appraisal |
posted by savvy at 6/06/2007 11:19:00 AM
Comments on "Update on appraisal"
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Shaun said ... (5:28 PM) :
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VADutchman said ... (9:12 AM) :
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savvy said ... (12:37 PM) :
post a commentThe errors you can find on appraisals are pretty amazing.. As you probably remember, I found a bunch on one I had done recently.
My apologies if you went over this in a prior entry, but is this an appraiser that you were directly involved with picking, or was it strictly by the bank? We have had it both ways - sometimes using an appraiser that we wanted and the bank agreed to b/c they were on their "approved" list, sometimes the bank selected their own guy and just gave us the pleasure of paying for their pick. Either way, I would go after the appraiser on this one given the scale of errors - either after the appraiser directly or dump it back on the bank (list of corrections and request for a no-fee corrected appraisal). Good luck!
And congrats on the Kicking Munchkin - that has been a fun stage for my Better Half, and as you correctly note, a good precursor to the lifestyle to come...
All three appraisals were done by appraisers picked by the bank.
I send in my documentation yesterday and forgot to request my money back on the bad appraisal... doh! That's so not like me ;)