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David - Appraiser
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I provide Real Estate Appraisal and Consulting Services in Maricopa and Pinal Counties, Arizona.
David - Appraiser answered:
Requesting a "reconsideration of value" is not a good idea and won't happen. The appraisal done in July was based on the condition of the property at that time. Since the additional undates were done to the property after the appraisal, they would not be allowed to be considered for that appraisal per regulations. By requesting a reconsideration based on updates after the fact, you are asking the appraiser to commit appraisal fraud.
What you need to do is request the buyer's lender order a new appraisal, with a new effective date and value. The buyer's lender has the option to order a new appraisal with a new case number, or not, if the buyer is going FHA. FHA appraisals generally stay with the property for 6 months. Perhaps your buyer can switch to conventional, or some other type of financing.
What you need to do is request the buyer's lender order a new appraisal, with a new effective date and value. The buyer's lender has the option to order a new appraisal with a new case number, or not, if the buyer is going FHA. FHA appraisals generally stay with the property for 6 months. Perhaps your buyer can switch to conventional, or some other type of financing.
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