All Forum Posts by: Phillip Dwyer

Hi Ed,

If the bank orders a review appraisal, the review will be conducted by a different appraiser. Did the original appraiser explain why he/she used the comparables in the report?

Charles Perkins I think Ed paid that much total for 3 properties.

Jeff S. Inventory is down to an average of a 1-month supply throughout the valley. That said, acquisition in this price range is not easy right now. Most $60,000 properties will likely rent for less than $1000.

I've noticed when I try this on my iPad, mentioning doesn't work at all. I have no problems on my PC though.

Ed O. This is great information that you should share with the LO and/or appraiser. Do you know what type of appraisal report they ordered (2055 or 1004)?

Hi Robert,

I'm not an expert on land contracts or seller financing. That said, the current market conditions appear ripe for theses strategies. At the moment, much of the valley has around a 1-month supply (shortage).

You're right. I'm not sure why the site is down. Try back after the weekend.

Read through the appraisals thoroughly once you get copies. Look for errors. Research the sales used in the appraisal. Research the rentals used in the income approach. If you have sufficient data to support a different conclusion, talk to your lender about asking the original appraiser to reconsider or order new appraisals. If the appraiser did an obviously horrible job, I would ask the lender to eat the cost on the new appraisals.
In my nearly 10 years of appraisal experience, I've found most appraisal reconsideration requests are bogus. The new data supplied by the borrower or agents is usually garbage. In the very few instances where data or information was supplied after appraisal that I missed or I didn't have acces to, I revised my appraisal. So, if you have legitimate information to strongly support a different conclusion go for it. However, if you simply "feel" like your properties are worth more, you're probably out of luck.

Check your math. It looks like you may be giving a full year worth of rent collection to properties you added to the portfolio after month 1.

Jeff,
She was asking about Summerlin specifically. You won't find property in Summerlin fo $60k, unless you have an insiders deal.