we put an offer on a fannie mae house that was put up at 74k, we offered 80k figured we might have to eat the 6k we added. They accepted.
the house needed work of course but not a lot.
the 1st mortgage appraiser came back at 55k saying the house was a c4 and needed a roof for SURE. He said it was a 1411sqft with 5rooms, (I counted 6, i have no idea on the sqft). He used comparables from c3 and c4 cash sales, fha, va. The mortgage company says this guy was very very good and has done work for them for 20 years, and stand by him. (I had 2 hire inspectors, a friend who is a roofer and a retired roofer with 50+ years look at the roof and all said the roof has at least 7+ years left in it. All it had was moss on it.) he also put in his report that it did not have a fireplace microwave disposal, shed. It had all of them. He said it had only one deck. The house had 3 decks. I disputed this but again they refused to budge. So we went to another mortgage company and this appraiser said 91k! In his report the only things he missed was the 2 windows a/c units it has. And said the house was 1501 sqft and 6 rooms… Nothing about the roof. He also classed it a c3, using comparables in that class only.
how can there be a 36k swing between 2 appraisers, that's insane?!
Read more: 2 very very different mortgage appraisals?
