Oh Good, you can state the obvious again. I've already stated I'm working with a new lender. This is the old lender where I've got nothing to lose as I've already paid for everything and can only push forward. It comes down to, do you want us to move forward or just forfeit the appraisal fee you paid etc. Since I have nothing to lose I tell them to keep going forward as they have the lowest rate I have locked in.
We are officially contesting the appraisal as soon as I can get someone on the phone about it. This page shown was just the easiest page int he report to show that didn't have person info all over it. On another page it states comparable homes are going for 160,000 to 400k in the area. The reality is, it's 180k for a tear down house. In the appraisal it states the property the house is on alone is worth 160k being that it's .33 acres.
My realtor contacted the two agents where the homes used were pending. Both are selling for over asking price, with one of them having 10 offers submitted in the bidding war. That one is listed as a comparable at "275k". One of the other comparable has 1.1 bathrooms... I had never heard of that till I looked it up. It literally doesn't have a shower. It has a half bath and the main bathroom has a bathtub only.
I think I'm most irritated that things aren't given weight. The house I'm buying has a detached 1500+ sqft 2 car garage plus attached shop and office. Fully insulated, drywalled in, power and water to it, but not sewer. Telephone lines installed etc. It even has a wood burning stove installed. A business was run out of this building. 30 year roof installed within the last 5 years. And yet vs any comparable that only has a 2 car garage attached to the house. It only adds 2.5k to the value of the home.
Comparing houses on 7k sqft lots vs the house I'm buying that's on .33 acres next to a members only golf course... Asinine. If I wanted to live on top of someone else, I'd be buying a shitty new built home and share driveways with other fools. Enough venting.
As soon as the seller agrees to a contract extention, the new appraisal by the new mortgage broker will be ordered. Everything should go like clockwork as they agree financials are in great shape.
As for the mortgage broker who has been doing so poorly. They are Boeing Everett Credit Union. Apparently great for everything except home loans. Which yelp and anyone you talk to would say.
