Posts Tagged ‘ fha loan ’

One D.C. Condo, Two Appraisals & a $200,000 Difference?

All of us are fully aware of the recent changes in the appraisal industry.  Another victim of yesterday’s market, there is now a “hands off” message that lenders take very seriously.

home-value-appraisalWhat I have observed is that the bigger the lender, the more distance that exists between loan officers and appraisers.

For instance, it’s my understanding that Bank of America uses a third party company to set up appraisers…whereas some of the more local lenders are able to “select” a pool of local appraisers thru whom they can rotate business.

As a listing agent, I have found that my input in this new climate is crucial.  My job is not to influence, but to educate.

In a couple of instances, I have opened the door for appraisers who were clearly outside of their geographical comfort zone and the information and comps I have provided were important in verifying a clear market value.

A recent experience clearly confirmed the need for listing agents to meet with appraisers.  The names, location, and exact pricing have been changed to protect the innocent…but, otherwise, this is a 100% true story.

In September, I received an offer on a condo that was listed for $1.45 million in Georgetown (three cheers for Georgetown, right? But that’s another story of market holding strong).  After a round of negotiation, the seller accepted an offer for $1.375 million.  The lender for the buyer was a large, national company.

Although I asked the buyer’s agent to let me know when the appraisal was scheduled, the lender did not  keep either of us in the loop (perhaps he couldn’t…because he, too, was not in the loop) and, because the building had a concierge, the appraiser did his on site inspection without giving me notice. Continue reading this post

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Posted by: Kevin Koitz on October 30th, 2009 under Market Trends, Regional

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