How much difference in apprised value between 3 to 4 bedroom SFR?

NEW -> Contingent Buyer Assistance Program
J

jinkds_IHB

New member
I need your advise !!

I'm trying to buy a short sales property. After 2 months of waiting finally got a response back the bank.

the property is 2100 sq. 3 bd SFR. with 3 car garage.

Based on their property appraised value our offer was seemed to be too low, but the funny thing is that

the property was appraised as 4bd instead of 3BD. Their justification was that the property had over 2000 SQ. + 3 car garage...???



Now they gave us 2 option...



1. they will drop 10K below their appraised value



2. In next couple of days, get a new appraised value as 3bd. SFR but I'll have to pay for that.



mu questions...



Typically how much value difference are there between 3 & 4 BD SFR?

How much is it to get a how appraised ?
 
1. If you are getting a loan on the property, your bank can not accept an appraisal that does not properly appraise the house and the true bedroom count. This would make your loan file fraudulent, and they would be up sh*ts creek if anything, like you defaulting on the property were to happen. It's fraud, and your bank should never accept that appraisal. If your bank ordered the appraisal, they need to get it fixed and you need to make them aware that it is fraud if they do not fix it.



2. The bank handling the short sale is knowingly and willingly committing fraud by not having an appraisal that is correct. They need to get the appraiser to correct the appraisal, and there shouldn't be any extra cost. The appraiser is just stupid, and shouldn't ever be used again for something so sloppy. I have seen 1000s of appraisals, and never once have I ever seen one where they mis-counted the bedrooms.



3. Who cares what the price difference is between a 4 and 3 bedroom, $10k or $25k, this is fraud, and there should be no questioning about correcting the appraisal. I'm stunned that with lending standards as they are today, and this kind of fraud is partly what got us here today, that they would still be so grossly incompetent.



4. An appraisal costs roughly $350, something that you shouldn't have to pay after reading my first three points.
 
[quote author="Geotpf" date=1240274839]Has anybody ever had a hassle free, straight forward short sale transaction?</blockquote>
No such thing as a hassle free regular sale, let again a hassle free short sale.
 
You must log in or register to reply here.
Back
Top