How can I appeal a ridiculously high appraisal to Freddie Mac
I am involved in a short sale with Navy Federal Credit Union representing the seller. The property is a very well kept single bathroom home in a neighborhood with mostly 1.1 to 2 bathroom homes in similar condition. The average fairmarket value of homes with multiple bathrooms in the neighborhood is $179,000. The appraisal came back with a value of $174,000 for this single bathroom home.
My conversation with the NFCU rep was that the neighborhood noted by the appraiser warrented the high value for this home. I have it listed at $150,000 with a contract for $144,000.
NFCU says the investor wants a shortsale price of $163,000 based on the appraisal.
There are no singel bathroom properties listed in the neighborhood for that amount including fairmarket sales. The only single bathroom property that sold sold for $148,000 as a fairmarket sale. in this entire area single bathroom properties are extremely difficult to sell unless they are in great shape at prices below $150,000.
I believe we have the best offer we are going to get and to turn this buyer away will be a terrible mistake.
How can I get an appeal directly to the investor Freddie Mac?
Replies to This Discussion
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Permalink Reply by Marc Celeste on
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You can dispute and appeal everything, but this may be waste of time. Here's why, the appraisal probably included a nominal adjustment for the lack of mulitiple baths, so that factor is most likely addressed. Thus the reason the value is slightly below the neighborhood average of $174k. The bank discounted it 6% - $163k.
I would counteroffer and approach the buyer to see if there willing to increase their offer. Request a concession and adjust it to the banks net offer. If not, you need to find another buyer.
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