Realtors Choose | “My clients are in escrow on a second home.”

The market is very competitive, and as such, we removed the appraisal contingency with the offer.

The appraisal came in a $35K low. I was able to get a $10K price reduction, even though we had removed the contingency.

My clients were happy with that and we were moving forward. Now we are less than a week from closing, and we have removed all contingencies.

The underwriter just decided that they want the appraiser to review the appraisal, as they wanted him to provide additional comps.

The appraisal comes back another $23K lower because “the appraiser mixed up the property with another.”

How much responsibility does the lender carry for this? Do we now have to accept this new appraisal, given the fact that the appraiser clearly made a huge mistake (that they admit?)

He apparently had 11 appraisals that day. My clients love the home, What, if anything, can we do at this point?

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