VA did incorrect appraisal. And stands by it. (Wells: wood floors, mortgage broker)

[Nick_tx]

Hey everyone. To make a long story short, and it is a long story. Went through USAA for VA mortgage. Did all the hoop jumping. Appraisal ordered and came back $15K under contract price. Upon further inspection of the appraisal, we notice it is for a 3 bed 2.5 bath, not a 4 bed 2.5 bath home. House is in Southern Trails. Very nice, new wood floors, very good shape. Dispute was sent back and the VA appraiser is standing by his appraisal! WTF!! At this point we have no idea what to do. The difference between a 3 and 4 bedroom home has to be huge and for the area the guy is agressivley priced. Seller will not come down and I don't blame him. We cannot make up the difference.
Any advice or ideas on what to do?

[swopoe]

What is the appraiser's explanation for calling it a 3 bedroom instead of a 4 bedroom? I mean, the house is what it is, right?? What a mess!

[Nick_tx]

Originally Posted by swopoe

What is the appraiser's explanation for calling it a 3 bedroom instead of a 4 bedroom? I mean, the house is what it is, right?? What a mess!

Don't know yet, since there are 4 distinct bedrooms and it was built as a 4 bedroom house in 2007. Should be receiving his reasons tonight from our loan processor. What a mess indeed. And after we showed them the mistake and gave him the comps he should have used, he still stood by the price.

[swopoe]

Well, I hope he realizes he is wrong if it really is a 4BR. He can't call it a 3BR if it was legally built as a 4BR. It needs to be priced as a 4BR.

We just had our house appraised too because it is under contract, but thankfully our appraiser called it a 4BR because that is what it is.

Keep us posted.

[cheryjohns]

Your first mistake was going through USAA. They used to be good - but in the last three year have become horrendous. Add to that that appraisers are deemed to be higher than God, and some are either incompetent or seem to take delight in screwing up appraisals - and it spells disaster. Get with another lender - ASAP - before that appraisal sticks. He will never correct it. Move quick, if you want the house.

[Nick_tx]

Originally Posted by cheryjohns

Your first mistake was going through USAA. They used to be good - but in the last three year have become horrendous. Add to that that appraisers are deemed to be higher than God, and some are either incompetent or seem to take delight in screwing up appraisals - and it spells disaster. Get with another lender - ASAP - before that appraisal sticks. He will never correct it. Move quick, if you want the house.

Thanks CJ. Yeah, we didn't find out how bad they were until after. He's sticking by his assessment even after being shown proper comps and told he appraised it incorrectly. Is there a lender who is good? We were thinking about going to Wells Fargo since that's who we bank with.

[cheryjohns]

Originally Posted by Nick_tx

Thanks CJ. Yeah, we didn't find out how bad they were until after. He's sticking by his assessment even after being shown proper comps and told he appraised it incorrectly. Is there a lender who is good? We were thinking about going to Wells Fargo since that's who we bank with.

NOT Wells Fargo, B of A, or Chase.. PM me.

[Athena2c]

I know of a pretty incredible mortgage broker too-was really impressed with how hard she works. Feel free to PM me if interested.

[City Love]

Cheryl probably knows of a good one. I know a good VA broker as well. He can usually close deals within 3 weeks. Maybe 12 days in your case if the inspection has been done and they can get the ball rolling from day 1.

I've fought a VA appraisal before. Luckily, I had success. After the appraiser wouldn't listen to our comps, we were able to have a different appraiser from the same company go out there and reappraise. I had to write some very lengthy explanations arguing the comps. Have your Realtor do the same.