Appraisal not meeting value

[SVT Lurch]

Then fire their asses and get another appraiser. Then provide the new appraiser with comps up front rather than after the fact. If the lender doesn't like that then fire their fucking asses off the roof as well.

I just negotiated an 18% value increase on a portfolio of 57 buildings last week. But this happens on every loan I do, no surpise to me at this point. Fucking pricks had no clue what they were doing and these are supposedly the hot shit commercial boys, I can't even imagine the dumbfucks working in residential.

That's the beauty of HVCC, you can't fire the appraiser. Even if you did, you still pay for the appraisal upfront so you'd have to pay to get another one which no borrower wants to do. The appraiser also has to be on your "list" to even use them so if you've got an appraisal you had done previously on the property according to HVCC it's no good. You could fire the lender, but FNMA requires forms verifying the appraisal was ordered according to HVCC guidelines so unless you're at a portfolio lender with a 6%+ rate you're pretty much out of luck.

We've tried to find loopholes for all parts of it and we have blown up the phone and inbox every representative at the state and national level to get rid of it but so far it has all fallen on deaf ears. It's supposed to protect the borrowers and provide accurate market value, but everyone is so scared to post a higher value than 20 other comps support they end up screwing up the whole loan. Absolute horseshit.

Yeah...get another appraiser and TELL them what you need. The bank/mortgage company can't do it, but the homeowner can.

That's the other fun part - anyone on the "production" side cannot contact the appraiser.

[Rick the Home Inspector]

If the house does not appraise for the amount of the loan, they should be able to get a cancellation letter from their lender to submit to the builder and get all of their earnest monies back.

Rick