Mutter mutter mutter (New house related vent)

[mrs.jacinthe]

grumble grumble

I heard from our realtor today.  Apparently the so-called appraiser who determined the house was commercial NEVER LEFT HIS OFFICE before determining that.  Didn't even drive by.  Just decided "Nope, not a residence."
Soooo, our file is being sent back for another appraisal.  Hopefully this time we'll get an appraiser who, you know, actually looks at the house he/she/it is appraising.  In person and EVERYTHING.  However, between the day we lost yesterday and the holiday on Monday, our loan officer just notified us that we *may* not be able to close on time.  ALSO, we're getting a refund from the company that failed to do anything right ... but they're charging our loan officer a $100 cancellation fee.   Because their appraiser wouldn't do his damn job.  

*sigh*
Sometimes I hate people.

[pitterwoo]

I actually was going to say in your other thread that it almost seemed like he just looked at it from Google streetview or something.

[housegeek]

Oh wow! I would fight that cancelation fee! Ugh. Why can't people just do their jobs??

[sjh722]

I dislike appraisers. I have run into more problems where sloppy work/unfamiliarity with an area hurts deals.

Sorry, J. Hope things speed along for you.

[mrs.jacinthe]

Jan 16, 2013 15:09:23 GMT -5 housegeek said:

Oh wow! I would fight that cancellation fee! Ugh. Why can't people just do their jobs??

This is EXACTLY what I said to the realtor when he called.  Along with some possibly NSFW rantings.  

He was all "don't hold back!"  Which was kind of hilarious because he's like ... 70-something.

[sailorgray]

My parents have a rental property and their tenant had expressed interest in buying the house. The appraiser pretty much did what yours did. I don't know that he/she drove to see the place either and compared it to falling down row homes. My parents place is a 4 bed 1.5 bath totally renovated single family brownstone from 1910. It was appraised at about $100k less than it should have been. The renter made my parents out to be the bad guys b/c they wouldn't sell at the appraisal. They weren't really into selling, anyway, but would have for the right price. The whole thing was full of drama which could have been avoided had the appraiser done their job.

[ssmjlm]

I would probably make a complaint to some state board. And definitely fight the cancellation fee.

[wawa]

Oh, I had a no-show appraiser too! Fucking idiot pulled a bunch of comps for houses in the next county over that were half the size of mine and on busy streets. (county line is about 2 miles south of my house) Ummm...different schools dipshit! Kinda affects property values. We called our loan officer and asked what the hell was going on and she told us that he hadn't actually looked at the house. We pitched a fit and they re-did the appraisal (by actually...you know...looking at the house) and it came in about $20k over our offer. Now THAT'S more like it.

I'm really glad this is all getting ironed out for you MrsJ, though I'm sorry the first appraiser had to suckass.

[ktzmoh]

wow I had no idea it was so common for appraisers to not look at houses! I understand that it's a problem if the appraisal comes in below offer, but is there a benefit to an appraisal coming in above the offer price? (sorry if that's a naive question)

[wawa]

Jan 16, 2013 16:01:54 GMT -5 ktzmoh said:

wow I had no idea it was so common for appraisers to not look at houses! I understand that it's a problem if the appraisal comes in below offer, but is there a benefit to an appraisal coming in above the offer price? (sorry if that's a naive question)

I think it can have an effect on whether you pay PMI?  Not sure about that though.  We put down 20% of our offer regardless so i never paid attention. 

Mostly it just made me feel better about what we had offered.    the house had been on the market for a while and (as you might guess from my endless reno) it needed some work.