FOR REAL. I never would have thought that buying our first home would be so horrific. Our credit is outstanding, we’ve saved for a down payment, and beginning this whole process our lender said we were a cake walk.
Well, you all know what happened with the very last step. Yeah, the appraiser totally screwed us. With a capital S.
After that first appraisal Craig and I got our game face on. You best believe we picked that mother apart like nobody’s business. We had over a page of discrepancies. Two of the six comparables he used didn’t even have the correct flipping address, not to mention he was comparing apples to oranges. I won’t bore you with the whole list – but even if the value didn’t change with a new appraisal, we at the very least wanted one that was fundamentally correct. The papers we received were offensive. We paid good money for something that was just ridiculous.
Last Thursday, Craig and I handed over our concerns to the lender and our agent provided different comparables. Our lender then passed them on to the appraisal management company. And we waited.
This morning we received an email from our lender with an “adjusted” appraisal attached. Except, it wasn’t adjusted. There was a cover sheet that basically said, “Yeah…but no. I’m not changing anything. The value stands.” I was PISSED. You better believe my happy butt was on the phone with our lender immediately. IMMEDIATELY. I was so upset with him because he acknowledged how poor the appraisal was and when it came back with no change, he just accepted it. What? You just got done saying it was one of the worst you’ve seen and now you’re saying it’s okay?
After giving him a piece of my mind, I called our agent and we agreed to get together after work to talk about our other options.
A couple hours later, we received another email from our lender, “I sent the wrong appraisal, here is the ‘real’ one.” First of all, it wasn’t the wrong one – there was a clear memo on top saying we were shit out of luck. But, whatever. I’m not going to make a huge deal of it, because this third appraisal came back ADJUSTED! We gained a significant amount of value, though it still wasn’t where we needed it to be.
We met with our agents and we have been able to meet in the middle with the sellers. WE ARE BACK ON TRACK. No thanks to anyone else. Well, our agents have been FANTASTIC, so I’ll give them credit. But, seriously, we’ve worked our butts off to make this work.
If I have a single piece of advice for a first-time home buyers, it’s this: CYOA – Cover Your Own Ass. Don’t depend on your lender, agent, appraiser to do their job correctly. Do your homework. Ask questions. Be educated! I know more about appraisals than I care to, but our time spent researching and dissecting our appraisal turned a dismal situation into a great success.