A couple weeks ago we wrote a post that was entitiled: The appraiser wanted to know WHAT ? which was the result of an appraiser's questions that feel into the "None of your business and why does that matter to the value of the property?" category. Things like...Why is the Seller Selling the property ? How many people were interested in the property....and it kept getting better....where are you comps for this price ? (Gee I thought that was your job,,,) Why did the Seller select this buyer ?
He complained about but did not request a survey. He even wrote that we said in effect that we picked the price "from thin air." His comps were largely out of the county....and did we mention he had been an appraiser for 3 years...and had been a realtor.
The appraisal came back at a ridiculous number not acceptable to either the Buyer or the Seller.
What would you do banking members of AR? This is a commercial loan.
The "deciding banker" is out of town until next week...the loan officer remains mum, and we dumbfounded while the buyer considers another lender.
Know what you don't know...and if you get an assignment you can't handle...admit it...don't guess...you only make yourself look incompetent and frustrate everyone involved.
Stay tuned,....I feel a chapter 3 coming on !