Updated almost 6 years ago on . Most recent reply
VA appraisal disputes
Hello! I am a realtor in Michigan and my fiancée and I flip homes and have multiple rental properties so he is a big fan of bigger pockets and suggested I take our most recent issue on here for advice! We accepted a VA offer on our most recent flip. The appraiser valued the house 12k lower then our asking price. He initiated the tide water initiative and asked me for my comps which I happily gave him. He did not like my comps because they weren't on the same street and he stuck with his original comps that aren't even accurate! The subject is a ranch and he had a house on there that was a bilevel completely outdated that sold a year ago! That's just one example we had many complaints and arguments with his adjustments and comps. There are plenty of more recent and more comparable homes that he refused to use. Just to note my fiancée had an appraisal done a couple months prior in order to get a hard money loan and the house was still under construction and still appraised for 5k higher then the va appraisal! The buyer submitted a dispute to the local va and they came back saying there's no reason to adjust and are sticking to the original appraisal. Is there anything else we can do? The buyer doesn't have the extra money and because it's a flip that had a couple unforeseen issues our margins are super tight and if there's nothing we can do we will have to go back to market. If you read this whole thing thank you and any advice is appreciated!