Replies to This Discussion

Permalink Reply by Ben Racela on June 15, 2010 at 3:02am

I don't think they will "match" your appraisal. If the appraisal was done recently it may be within "range" but not a exact match. There are many comps to choose from and each appraiser will select what they feel believe is the most accurate.

Permalink Reply by Dee Catzin on June 15, 2010 at 3:06am

Thank you Ben- would you agree, that this is a good sign?
Since they are looking into a complete appraisal and are paying for?

Permalink Reply by Ben Racela on June 15, 2010 at 3:15am

I would consider it a good sign and the type of loan will determine if they will do a BPO (interior or exterior) or a full appraisal.

Permalink Reply by Dee Catzin on June 15, 2010 at 3:21am

Thank you-Ben
The BPO was done and has expired.
Now they want to do an interior.
I offered full asking price but my lender appraised the property for less with the current comps.
My loan is FHA.
I qualified and was willing to pay the full price. But now the market has dropped and has changed and my lender will not give me the loan unless I come out with the difference (Which is a lot)
Thank you for your feedback

Ben Racela said:

I would consider it a good sign and the type of loan will determine if they will do a BPO (interior or exterior) or a full appraisal.

Permalink Reply by Laura Forty-Garcia on June 15, 2010 at 4:46am

They will order appraisal usually they get a higher number, but try and make sure the appraisal your client did is an FHA appraisal. That is good and stays in the system for 6 months.

Permalink Reply by Dee Catzin on June 15, 2010 at 6:23am

Thank you- Laura.
It is FHA

Laura Forty-Garcia said:

They will order appraisal usually they get a higher number, but try and make sure the appraisal your client did is an FHA appraisal. That is good and stays in the system for 6 months.

Permalink Reply by Jeff Payne on June 15, 2010 at 7:22am

Make sure the listing agent and/or buyers agents meet the appraiser at the house. Having your appraisal in hand would not hurt either.

Permalink Reply by Dee Catzin on June 16, 2010 at 2:57am

So now the 2nd BPO was done by BOA and the property remains at the asking price offered 8 months ago.
My lender is changing from FHA to Conventional on the loan, this might help with the first appraisal which came in too low the first time from my lender, Is this true? are conventional appraisals done differently than FHA? I believe the first appraisal was 450.00 should I pay for second? Thoughts? input, opinions, experiences? Thanks in advance.