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Updated about 13 years ago,

User Stats

49
Posts
4
Votes
Buddy Chou
  • Involved In Real Estate
  • Milwaukee, WI
4
Votes |
49
Posts

Appraiser say they have 30 days to respond to a rebuttal? BS?

Buddy Chou
  • Involved In Real Estate
  • Milwaukee, WI
Posted

Has anyone one heard of a law that allows the appraisal management company up to 30 days to respond to a valuation rebuttal? My buyer is getting an FHA loan. Since we are selling the property within 90 days of our acquisition. The buyer's lender is requiring 2 appraisals (this is standard). The first appraisal exceeded our sale price. The second appraisal came in 20% less than our sale price. The second appraiser was using comps from much farther away. We gave the comps from the first appraiser which were much more closer and in the same school district.

We requested a formal rebuttal, but the appraisal management company said, by law, they can take up to 30 days to respond. Has anyone heard of this? Or is just still more BS from appraisal management companies? Thanks.