Posted by M Conley on July 04, 2006 at 23:40:27:
That’s probably why it didn’t appraise as a 3 bedroom because it doesn’t have a closet in that room but in the other room there is a small closet guess it was too small of one to be considered a 3rd bedroom. If that is the case what can we do about it or just sit back and watch it go away??
Afraid of losing house deal. - Posted by M. Conley
Posted by M. Conley on June 29, 2006 at 23:30:55:
If the mls listed the house as a 3bed/2bath but was appraised for a 2bed/2bath is there anything that can be done in regards to the seller’s agent? Mortgage commitment and approval is already there however now the appraiser won’t get back in touch with the mortgage lender and it still has to go back to underwriters since the amount has changed. The seller accepted the bid, including 2 extensions because of waiting on appraiser and HUD report but would not extend till next month.
Re: Afraid of losing house deal. - Posted by River City
Posted by River City on June 30, 2006 at 13:25:12:
Appraisers have specific definitions for “bedrooms.” Did this 3rd “bedroom” have a closet? If not, the appraiser most likely did not consider it to be a bedroom, no matter how the seller had the room furnished. Most appraisers I have known keep in close touch with their lenders because they want to continue to do business with them since the lender is their bread and butter. I would take a guess and say that the lender might not be trying to contact the appraiser as dilligently as they are putting on.