Appraisals- which one is true?

What is the name of your state?
Michigan

This makes me wonder...
We got a mortgage in January and had to have the house appraised. As previously mentioned, we have a house and forty acres. Only the house and five acres were used for the appraisal. The woman who came out to the house asked my spouse how much we were trying to borrow and he said 85,000. So, she appraised the house at 108,000. Now this is a four bedroom two bath stick built home on some prime real estate. We wanted the money now to buy other people off the deed and we needed to pay off some other bills. So, in the summer we wanted to refinance because we are getting reamed on interest. We had to get another appraisal for the other mortgage company and it came in at 146,000. Well, this woman submitted us to so many lenders that our credit rating dropped below her requirements and we didnt get the loan. But, now we are just going to sell so I wonder which appraisal is the most accurate? Should we get a third one?

[Bigfoot]

A prospective buyer is expected to pay for their own appraisal, which will likely be ordered by the financial institution they choose to borrow from. If they are paying cash and ask to see yours, then, by all means, show them the appraisal for $146,000.

[HomeGuru]

Originally posted by sickofthisplace
What is the name of your state?
Michigan

This makes me wonder...
We got a mortgage in January and had to have the house appraised. As previously mentioned, we have a house and forty acres. Only the house and five acres were used for the appraisal. The woman who came out to the house asked my spouse how much we were trying to borrow and he said 85,000. So, she appraised the house at 108,000. Now this is a four bedroom two bath stick built home on some prime real estate. We wanted the money now to buy other people off the deed and we needed to pay off some other bills. So, in the summer we wanted to refinance because we are getting reamed on interest. We had to get another appraisal for the other mortgage company and it came in at 146,000. Well, this woman submitted us to so many lenders that our credit rating dropped below her requirements and we didnt get the loan. But, now we are just going to sell so I wonder which appraisal is the most accurate? Should we get a third one?

**A: how many times were there inquiries on your credit report due to mortgage loan applications?

12

[HomeGuru]

Originally posted by sickofthisplace
12

**A: that is way too many. Now, was your lower credit ( as a result of the numerous inquiries) the sole reason that you were not qualified for financing?
If so, you have a cause of action against the lady and her mortgage brokerage company.

thank you, yes. I never thought about that . The refusal letter said it was because of a credit report from bla bla and the woman herself said that we missed the qualifying by one little point.

[HomeGuru]

Originally posted by sickofthisplace
thank you, yes. I never thought about that . The refusal letter said it was because of a credit report from bla bla and the woman herself said that we missed the qualifying by one little point.

**A: that is a crying shame. Follow up on this and contact the BBB and Consumer Protection Office.

ok I will, but how long do we have to take some sort of action? and what sort of outcome should we expect?

[HomeGuru]

Originally posted by sickofthisplace
ok I will, but how long do we have to take some sort of action? and what sort of outcome should we expect? By the way for those who are wondering..... American Equity Centers out of grand rapids

**A: no further comment. I have a friend here.

here where?

[HomeGuru]

Here on this website.

You will make no further comment on my subject due to having a friend on here who is associated with this mortgage company? Is that what you are saying?

[HomeGuru]

Originally posted by sickofthisplace
You will make no further comment on my subject due to having a friend on here who is associated with this mortgage company? Is that what you are saying?

**A: no, that is not what I am saying.

well, what are you trying to tell me then?