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Low-ball appraisal: Mortgage denied

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Mortgage Professional America | 30 Mar 2012, 10:44 AM Agree 0
You find the home of your dreams. You're pre-approved for a mortgage. You've scheduled the closing. Then ... the appraisal comes in too low and the deal blows up.
  • Carolina Pascua | | 30 Mar 2012, 12:08 PM Agree 0
    What can you do that is how the valuation is being done, value depends on the activity around the property, no activity equals to less value too.
  • B.C. | | 30 Mar 2012, 04:40 PM Agree 0
    “I explained to the appraiser that houses in Norris are older and sell for higher prices than other parts of the county,” said Sellers, past president of the Appraisal Institute, a trade group.

    I suppose Sellers provided comparable sales to support his opinion. Appraisers cannot, and Sellers should know this based upon being the past president of the Appraisal Institute, just decide to adjust without support.
  • P Oed appraiser | | 31 Mar 2012, 01:18 PM Agree 0
    Sellers, Pay backs are hell. What did the Appraisal Instiute do while the industry was gutted? I know, you opened up your own AMC! no doubt. I'm disgusted with what is going on in this "once" profession. You sat back and let Dodd/Frank/Cuomo walk all over your membership. Gee, Dodd & Frank aren't running again. And Cuomo, who's been in recent political ads as though he is the second coming of Christ, has ownership in AMC's.
    Nice, and we are out of business soon to be replaced by on line data and the National Association of Realtors (BPO's), for the NAR it can't happen soon enough. They are offering a NEW class, BPO certification. Why? Try to develop a more credible product. Now, that's incredible!
    In the end Mozillo (Countrywide) is close to his wish of getting rid of appraisers that were thought at the time to only be slowing things down. They ( major lenders) hadn't figured out a MERS like entity to streamline the valuation process, only the recording process. Now with their ownership allowed in the AMC's, like the MERS entity, their costs are lowered. (The banksters no longer paid recording fees to the counties thanks to Mortgage Electronic Registration System, MERS). Yet the consumer is paying MORE for their appraisals and the appraiser, the one's who remain, are chosen by the AMC's by low bid. Go figure. No life ain't fair, here is another example.
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