Lodging a grievance against a real estate appraiser?

[Playa]

We are at the end of a real estate deal, closing on Tuesday 11/20. The appraiser assigned to appraise the house we are selling was a full week late (deadline) delivering her appraisal value. The appraisal was $3k less than the agreed on price. While I think she was wrong and we have comps susbstantiating that, that isnt the issue. Because the appraisal didn’t match loan value we are having to negotiate again. Closing disclosures are required to be signed today in order to close Tuesday. My issue is her missed deadline jeopardizes the closing date and now we are having to make thousands dollars decisions under tight time lines

Can I file a complaint and if so, to who?

[rvd]

I'm not going to be much help but I have dealt with appraisals being late a couple times before, both times with an appraiser arranged by a lender and paid for by me. Very frustrating, I refused to use those appraisers on subsequent deals, which has cost them quite a bit but never had much luck finding any other recourse.

[Codie]

We are at the end of a real estate deal, closing on Tuesday 11/20. The appraiser assigned to appraise the house we are selling was a full week late (deadline) delivering her appraisal value. The appraisal was $3k less than the agreed on price. While I think she was wrong and we have comps susbstantiating that, that isnt the issue. Because the appraisal didn’t match loan value we are having to negotiate again. Closing disclosures are required to be signed today in order to close Tuesday. My issue is her missed deadline jeopardizes the closing date and now we are having to make thousands dollars decisions under tight time lines

Can I file a complaint and if so, to who?

it happens, especially in busy markets. Best I know you would be spinning your wheels and wasting even more additional time by spending any time attempting to report an appraiser for not completing your appraisal on the original timeline that they expected it to be completed in.

[tkuehn5410]

You can ask for another appraisal from another service, but sounds like deal is already being done today...

[Playa]

It just seems like a broken system. They get work assigned to them by random selection and they aren’t accountable to anyone

[CaptainDave]

It just seems like a broken system. They get work assigned to them by random selection and they aren’t accountable to anyone

Not 100% true. Turn your complaint toward the mortgage company. Believe me, the last thing the LO wants is a delayed closing. Mortgage companies will black list appraisers that burn them; whether it be with not being reliable or just plain bad work.

With that said, appraisers can be tough to come by in busy markets. There is a shortage of real estate appraisers, especially in the high volume markets. It's really tough to obtain a certification. More people would get into the business if they could and it's not about a lack of education. The industry itself is much to blame.

[JGreen31]

Had the same thing happen and had to ultimately reduce my price down to the loan value.

Let a sour taste being that the lender sent the appraiser and wouldn’t offer a different appraiser. They did at least send out a superintendent which he correct some minor errors and admitted the mistake on sq. Footage.

It was about a $1,200.00 mistake but then he refused to adjust the appraisal stating that it would “matter much”. [emoji3062]

Just seems like a conflict of interest to me.


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[JeffJ]

It just seems like a broken system. They get work assigned to them by random selection and they aren’t accountable to anyone

The random assignment came about via the housing crisis. Lenders had appraisers asking, "what number do you need me to be at?".

[CabezaBlanca]

I had it happen to me to the tune of 28K. Lucky for me the buyer agreed the appraisal was off and upped his down payment 28K more.

The appraiser bummed several beers and cigarettes off of me while he was there!

[DFWPI]

We've had 2 deals just this week where appraisals have come in under listing and negotiated price. One was our daughter's house we closed on today. Wide was the agent and we actually tried to talk daughter or of buying, but she had it in her mind she was doing it. Had to pay 2k abiyve apprasial. But hey, what do mommy and I know LOL. This is her 3rd house to buy, she is 28 years old, and from the first 2, she has profited about 200k when we sold them for her.

The other one, we actually had to get square footage right because apprasier shorted us almost 200 square foot. He did correct it after we paid to have it verified.

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[rvd]

The random assignment came about via the housing crisis. Lenders had appraisers asking, "what number do you need me to be at?".

The good ol days

[Preacher Man]

I’ve heard people refer to it as the good old bad days