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Re: second appraisal
Posted by Jules of CA on 7/15/19 10:24am Msg #608416
I am also a real estate broker. The standard contract in California has a 17 day contingency for inspections and the appraisal. In practice, the contingency for the appraisal is often 21 days or extended because difficult to get the appraisal in 17 days.

If the Buyer is using a loan, the lender orders the appraisal through an appraisal management Company. I have seen appraisals come in low because the appraiser wasn't familiar with the area. We also seem to see that the contract is given to the appraiser and that the appraiser value comes in very close to the contract price.

We are in a market transitioning to a Buyer's market. Possible that second appraiser found more recent sales the were lower. If, Buyer relies on second appraisal they must provide copy to Seller.


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Messages in this Thread
 how does this happen? - notarydi/CA on 7/14/19 12:57pm
 Re: how does this happen? - Lee/AR on 7/14/19 2:26pm
 Re: how does this happen? - Luckydog on 7/14/19 2:30pm
 Re: how does this happen? -  JanetK_CA on 7/14/19 3:14pm
 there was a bidding war.... - notarydi/CA on 7/14/19 4:15pm
 Re: there was a bidding war.... - Luckydog on 7/14/19 6:37pm
 Re: there was a bidding war.... -  Anita Edwards on 7/16/19 9:54am
 Hooray for the buyer's agent! - Bear900/CA on 7/15/19 1:26am
 It's Di who is right... ;>) n/m -  JanetK_CA on 7/15/19 1:57am
 Right on ... - BobbiCT on 7/15/19 6:50am
 Re: Right on ... Totally agree w/BobbiCT - Lee/AR on 7/15/19 7:12am
 Re: Right on ... - Luckydog on 7/15/19 9:43am
 Access to same sales data, does not mean they are comps - sigtogo/OR on 7/15/19 12:03pm
 Re: second appraisal - Jules on 7/15/19 10:24am
 the seller's agent - notarydi/CA on 7/15/19 11:47am
 i thought you meant the agent was on vacation! - sigtogo/OR on 7/15/19 12:01pm
 so many unanswered questions to figure out what happened! - sigtogo/OR on 7/15/19 11:56am
 Notarydi/CA: This Is What I Think Happened -  PegiT_MN on 7/15/19 4:23pm



 
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