Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 5 years ago on . Most recent reply

User Stats

362
Posts
221
Votes
Ray Slack
  • Investor
  • White Haven PA
221
Votes |
362
Posts

Question About Underwriter sending appraisal back to appraiser

Ray Slack
  • Investor
  • White Haven PA
Posted

Question: When speaking to an appraiser he told me that the underwriters will fight with him if he appraises a property over the highest prior sold comp. Even if the subject property has more upgrades or renovations.  

So, I think this happened on my current deal.  The appraisal came in and I was told that the underwriter was reviewing it.  No mention of a low appraisal or anything. Then a week later I get the appraisal 10k under selling price.  (I'm thinking the underwriter kicked it back to the appraiser trying to be conservative due to Covid19.

My question is does this happen? When an appraiser submits the appraisal to the lender and then the underwriter wants a lower value and sends it back to the appraiser claiming they don't like his adjustments or comparable selections?

This is a fannie mae/Freddie mac loan.

Thanks

Loading replies...