All Forum Posts by: Kris Lamb

So we just got an offer on our house for 299,000 . 
the buyer  showed paperwork 299,000 purchase price 15% down loan amount 254,000. Conventional Loan.

We had an offer before of 305,000 but fell thru because a ****** appraisal of 284,000 using comps from 8 months ago and wouldn’t consider the new comps . 

My questions are if I take this loan and for some reason we get the same appraisal lady since there is no rules saying she can’t just has to notify the lender she has done it before. 

If it gets appraised at 284,000 again or higher to 296,000. Will this offer of 299,000 be able to continue since they are putting 15% down and the loan amount will still be less then the appraisal value? 
If my math is right their LVT would be about 88% still below 97% . 
Would the lender let them continue? 
The paperwork said they have to have PMI.

I have a realtor but she is not answering my questions and she told me after va loan fell through we wouldn’t get an offer over 290,000 I lost all faith in her but stuck in a contact. 
She told me appraisal gaps are for houses 100 -200k? 

Thank you for the input and advice .  We did get the appraisal report back and the appraiser would not consider 10 newest comps only 50 sqft difference and similar to the property that we provided and were sold in the last 90 days prior to appraisal and with in less then a mile of the property. 
She used 4 comps on the report all that closed last year, only one that closed this year. 
She stated in the report she couldn’t find any recently comps similar to the property so had to go past 6 months.  The comps she used were 50 to 150 sqft different then the property and further away from the property. 

  I was able to find the appraisers company and from reviews she does this a lot and and buyers and sellers have to get second appraisal that comes in at asking price or more. Totally major difference from her appraisals. Like you said old lady stuck in their way.
At this point we probably just going to re list . 

I am willing to give the buyer a chance to dispute this with their lender and VA since I am a vet and would like another vet to have a fighting chance.

Follow up question. Will we be entitled to the earnest money? I’m sure they did order the appraisal and inspection on time in good faith. The inspection was 8 days and appraisal 11 after the 10 days . But they where both completed past the 10 days in our contact says they are to be completed. I feel they could have pushed both to happen with in our 10 days and all they did was order it and never followed up to make them happen in the 10 days . 

So I am selling my house. It was a brand new house built in 2019 even though they say 2018(probably the year they submitted for permits) but have all the paperwork to show 2019. 

I originally listed as a FBO at 290 but became overwhelmed with that and staging and moving. So hired a realtor. We pulled comps and showed 299 would be listing price a bit on the high side but that's what the comps showed. The lowest comp was 278 and highest 303 average comp 290 according to my realtors comp sheet. So we listed at 299 and got an offer the first day of 305. We went under contract since 6-1-21 and the appraiser just came Tuesday 6-21-21 . We close on 7-2-21 . The buyers are using a VA loan like I did when I bought it in 2019. The appraisal called our realtors and told them it's appraisal is 284 and had 48hrs to show her better comps. I have been searching and pulling more comps from my neighborhood the highest comp sold in the last 90 days newest sale 50 sqft bigger was 320 and the newest lowest 50 sqft was 308 all new builds all sold prior to us listing. The only two house I found in my neighborhood that were resale were 310 100sqft bigger to 296 50 sqft bigger from a year ago. I had gotten a full detailed report from a broker that uses homecanary and the comps on it too and it showed 298 , it showed 289 on the lower and 310 on the higher end. We all feel the appraiser is low balling the house and missed newer comps. The buyers are willing to dispute it. I even provided paperwork from my refinance in 2020 showing the VA said it's worth 298 (my realtor said it never got submitted to the VA / even my current lender says my house is 298 and appraisal value at refi closing was 298)( I did an virrr so an actual appraisal wasn't required just pulling comps type)

My question is why would an appraiser come to such a lower number then all the comps pulled and every report we pulled? 
Is it worth disputing since everything I read says VA appraisal won't change and is an uphill battle.
Should we just wait out tell the buyers back out then re list and not accept and VA loans since this appraisal will stick on it for 6months.
The house doesn’t need any repairs. Only things found in the inspection were really minor things that I have fixed for free since the buyers only asked the carpets be professional cleaned.  The address is 1021 NE 34th Terr, Moore, OK 73160 .