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Updated over 4 years ago,
Question About Underwriter sending appraisal back to appraiser
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