Reader Question: They paid $20K more for the property than it was worth. My daughter and her husband purchased a home for $145,000 and found out a few weeks later, the appraisal was only $125,000. Neither their agent nor the lender advised them of it. Who should have? Monty’s Answer: There are several considerations […]
Reader Question: I have appraisal issues. I applied to an online lender a year ago to refinance my mortgage. The loan was approved. The only remaining step being the appraisal. The appraisal came in with a value that was woefully inadequate. The appraiser did not use fair comparables and neglected to perform due diligence in […]
Reader Question: I had a low appraisal. I recently closed on a home for $180,000. I just learned the appraiser along with the agent and lender adjusted the appraisal from $176,000 to $179,000. They never informed me of the original price. Had I been informed, I could have negotiated for the $4,000. What can I do […]