Understanding the Home Appraisal Process(4)
USINFO | 2013-11-06 11:08

 

The appraisal came in $15,000 under the $400,000 sale price that seller and buyer had agreed on. The loan officer at Quontic Bank suggested that the couple put down $15,000 more, but Mr. Koss and Ms. Kostkova refused. Discussions dragged on as the loan officer tried to get the appraisal amended. George Lazaridis, the president of the mortgage lending division of Quontic, says there is little a bank can do when an appraisal comes in low. Finally, after four months, the couple went to another bank and, with their Quontic loan officer working closely with the new lender to speed the process, closed two weeks later.

These cases have become more common in recent years. In response to the housing crisis, Freddie Mac, the Federal Housing Finance Agency and the New York attorney general’s office created the Home Valuation Code of Conduct, which prohibited loan officers from selecting and communicating with appraisers — a provision that has since become a federal regulation. Now most banks use appraisal management companies, which in turn bid jobs out to appraisers.

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