InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Buyers financing appraiser is saying we MUST fix something??? Posted by bukzin on January 01, 2010 at 2:19 PM In Reply to: Re: Buyers financing appraiser is saying we MUST fix something??? posted by JK (the other JK) on December 28, 2009 at 6:13 PM : : We are about to close escrow and the appraiser won't issue his report unless we show proof of fixing a couple of things. The property's roof leaked during the last rains and we had it fixed (very minor leak) but it did leave a water damage mark on the ceiling in a room. The appraiser wants proof that we fixed the leak (easy) but ALSO wants pictures we fixed the drywall on the ceiling. Is this normal? The property is being sold as-is and the buyer isn't making waves...the appraiser is. : I think something is getting lost in the communication process. I've never heard of an appraiser dictating that something must be fixed. I have heard of a lenders demanding that something must be fixed and requiring an appraiser to verify that it has been done. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ We (as sellers) are seeing this often. It is sometimes driven by the appraiser and other times by the underwriter for the lender. Makes no difference to us. It is an additional hassle and expense. As-is home sales seem to be a red flag; these folks want confirmed 'good condition homes', ie NO PROBLEMS which the new buyers may not afford to address. Its a pain for us but the banks are calling the shots. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : We are about to close escrow and the appraiser won't issue his report unless we show proof of fixing a couple of things. The property's roof leaked during the last rains and we had it fixed (very minor leak) but it did leave a water damage mark on the ceiling in a room. The appraiser wants proof that we fixed the leak (easy) but ALSO wants pictures we fixed the drywall on the ceiling. Is this normal? The property is being sold as-is and the buyer isn't making waves...the appraiser is. : : I think something is getting lost in the communication process. : I've never heard of an appraiser dictating that something must be fixed. I have heard of a lenders demanding that something must be fixed and requiring an appraiser to verify that it has been done. : ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ : : We (as sellers) are seeing this often. : It is sometimes driven by the appraiser and other times : by the underwriter for the lender. : Makes no difference to us. : It is an additional hassle and expense. : As-is home sales seem to be a red flag; these folks : want confirmed 'good condition homes', ie NO PROBLEMS : which the new buyers may not afford to address. : Its a pain for us but the banks are calling the shots. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455