Appraisal Inaccurately reported? Has it ever happened to you?

29 Replies

Originally posted by @Lee Bell :

The misconceptions and mis information about what an appraisal is and what the appraiser does are mind blowing to this appraiser. I'm not going to spend time trying to unravel it or teach anyone anything. Happy Holidays all.

ROTFLMAO.

What a useful and enlightening contribution.

Thanks Lee

 

OK. Try reading the Limiting Conditions and Certifications that are part of every appraisal on a Fannie Form. You will likely learn a thing or 2.
Better? ;>)

@Alexander Gonzalez

If the rooms are indeed illegal they may not be counted in the HELOC appraisal.

It sounded like the concern in the original post was the wrong comps being used to appraise the property to which I am saying a new appraisal will be done for the HELOC. The HELOC appraisal is the appraisal that needs to use 5 bedroom comps to get the 300k+ value. In my experience, the HELOC lender will not look at the original appraisal

@Lee Bell Teaching and unraveling is 99% of what these forums are all about. It’s mind blowing to me when folks fail to realize that. Enlighten us and spread some Christmas cheer instead of stuffing coal in our stockings.