05-19-2008 12:28 PM
05-19-2008 01:22 PM
05-19-2008 05:50 PM
Bran9192 wrote:Call your lender back and have them to call whoever did your appraisal and see if they can adjust it. I went through the same thing on my apprasial but the lender called and had the appraisal co to adjust the figures. It's a long shot but worth a try!
05-19-2008 07:41 PM
Yup, it's called "steering" and it's considered fraud... your lender may give an estimate of the property's value to the appraiser but cannot make payment on the appraisal contingent upon getting a certain value, or refuse to send future business to the appraiser if a certain value isn't reached, etc. Now if there are material items that would give the home more value that the appraiser missed in the original appraisal, that is worth the appraiser taking a second look at the value.
Bran9192 wrote:Call your lender back and have them to call whoever did your appraisal and see if they can adjust it. I went through the same thing on my apprasial but the lender called and had the appraisal co to adjust the figures. It's a long shot but worth a try!Any reputable lender wouldn't do this. Reputable appraisers wouldn't either.
05-21-2008 04:58 AM
05-21-2008 07:16 AM
Now that you've explained the situation in more detail it sounds better. There has been times where I've ordered appraisals and the value comes in way off, so we order a second one to get another opinion and the value comes in more accurately... so we use the more accurate appraisal.
Bran9192 wrote:The lender was quicken loans and the guy that did my appraisal was not from the area ( out of state )and didn't take into consideration the $$$ of improvements that we had done. Further more he used the county assessments to come up with his figures so the lo I was working with sent another guy to do the appraisal over ( which included the improvements ) so the new figures were much better. They were pushing me for an ARM loan that I refused to do so I refi'd with another mortgage co.All I'm saying is who ever did your appraisal may not have included some details of the home/property that would increase the appraisal/value of your home.
05-21-2008 09:57 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.