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Updated about 9 years ago,

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3
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0
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Kerry Cordes
  • Investor
  • Kent, WA
0
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3
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Appraiser is causing a myriad of problems and delays!

Kerry Cordes
  • Investor
  • Kent, WA
Posted

The appraiser, who you could quickly tell was not a true professional in his field,  has caused all sorts of problems with a Seattle 4 plex that we have been working on closing since October.  First he claimed that the offer price was $130,000 over market value which is a joke since there are far better comps than what he pulled up. I have to now cough up the additional $. 

 And then he names a couple of repairs on the appraisal.  This delayed our closing and is making it impossible to get the loan to close.  The RE agent was told the repairs were all done but now this appraiser is saying that majority was not done.  I've never heard of an appraiser calling out items for repair.  The items that he called out are a mossy roof (hello-it's Seattle) and the wooden walkway boards needed to be replaced.  All of that has been done but his report states that majority of the repairs have not been done and includes a cosmetic board in one of his pictures that was never originally called out. And mentions that the North side of the building wasn't cleaned but that was also never called out.  I feel like he will sink this deal unless a completely different appraiser comes on board but the bank won't let me pay to have it reappraised. What can I do to stop the madness? 

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