Appraisal came in too high......

Lender is bank of america the client owes $257,000 appraisal came in at $304,149 showing equity in the house. This is with HAFA qualification.

 

There is no way this house is going to sell for this price.  Taking into consideration the market here and the amount of work this property needs there is just no way this house is going to sell for that.

 

What are my options here? If we decide to forego the HAFA can we do a traditional short sale and will they have a more realistic view of the value if we do?

 

Did I mention that the appraiser was not from this area, and even though I met him at the house with comps and repairs, he still came in too high?

 

What a wonderful way to start out a Monday morning.

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Permalink Reply by Jeff Payne on August 15, 2011 at 2:36am

That is a tough one, the first thing I would do is contest the appraisal and give supporting data that the appraiser is not from your area and does not have access to local MLS Data (I assume).  Provide your comps and provide your repair estimates from a licensed contractor. 

Did you call the appraiser and ask how he came to those numbers? 
I might think about filing a complaint with your state regulator if the appraiser does not have access to your MLS and is out of the area.  They are supposed to have a working knowledge of the area they are working in.......

Permalink Reply by Janice MacMillan on August 15, 2011 at 4:31am

Thanks Jeff ~ I just found this information out this morning. I have not had a chance to get a hold of appraiser. Could we forego the HAFA for a traditional short sale? Would that help at all?

The appraiser did state he had access to our MLS, but I would think that having working knowledge would mean more than just having access to the MLS or maybe I am assuming too much.

 


Jeff Payne said:

That is a tough one, the first thing I would do is contest the appraisal and give supporting data that the appraiser is not from your area and does not have access to local MLS Data (I assume).  Provide your comps and provide your repair estimates from a licensed contractor. 

Did you call the appraiser and ask how he came to those numbers? 
I might think about filing a complaint with your state regulator if the appraiser does not have access to your MLS and is out of the area.  They are supposed to have a working knowledge of the area they are working in.......

Permalink Reply by Smitty on August 15, 2011 at 8:03am

I can't STAND HAFA..  Every sale seems to have an overly high appraisal.  I'm working on one for Chase right now and we gave supporting comps within 3 miles of subject property, the buyer got their appraisal and we submitted it and it STILL wasn't enough to show Chase that the BPO was sooo far off.

 

I'm sorry but those are usually the options I try, and they aren't working on my current sale.  I'm resubmitting the same offer close to the 90 day mark.  I was told the appraisal would expire then.

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