BOA Tell Appraisers How To Appraise? (inappropriate way)
I am in the process of closing on a property in NJ.
Literally in the mid's of things, title in works, loan approved, appraisal completed, just got it back today (expensive: by the bank).
This is a non primary, investment, putting 20 down.
The LO must of incorrectly completed the contract or hit the wrong key, but the appraisal indicated its a primary, also indicates Subject To, multiple issues within the property which I know, that's why I am buying it! It mentions, new kitchen, floors, paint, a small hole in the wall etc. Also indicated turn on utilities, but the utilities are on, I was there yesterday to prepare for a temp CO.
The issue here is, I called the appraiser, he left his personal # on the appraisal. He tried getting off the phone but stayed professional, almost loosing his cool, but I was calm which kept him calm. He told me "the bank tells him how to assess the property, they do not want to be stuck with a fixer if the new owner neglects on the loan". An AS IS property comes with broken things, that's why I want it!
What are your thoughts here?