Bank Of Granite Online Banking

We're getting a construction loan for an addition to our home. The bank hired an appaiser and we're concerned. She didn't measure our house at all (and we are fairly certain what the county has from our builder is incorrect and our house is larger than what's on record); she barely glanced in rooms; I gave her a list of all the upgrades we've made and she seemed totally uninterested; she told me that things like upgraded lighting (and ours is upgraded BIG time with things like a Murano chandelier made specifically for our house in Italy that took at year to assemble and have placed in our dining room) don't count AT ALL which goes against everything I've read online about appraisels. This woman brought her grandchild who was bored and wanted to leave and the main thing she talked with us about is her wild partying lifestyle. She was some sort of groovy granny. We called our bank president and told him about what happened and he was just as shocked as we were/are. We're waiting to see what figure she MAKES UP. But, I'd like to know.....don't things like a new roof; repainting your house; upgrading all your plumbing fixtures; granite; hardwood floors and extensively upgraded lighting count at all???? It's scary that people this unprofessional are out there and in control of people's housing future. Who monitors the work they do? Can complaints be filed? I've never heard of an appraiser not even measuring your house. Very unprofessional.

I agree she was unprofessional. However, there is a difference between maintenance type improvements and actual improvements. Keep in mind, you will never get dollar for dollar of what you spent. It doesn't work that way. First what you have to consider is what the other similar homes in your area sold for and what amenities they had like yours. For example if the home next door sold and had exactly the same improvements, then your improvements wouldn't be as valuable. If you had granite and the sold's had laminate, your's is worth more. If all comparable have hardwood floors, then you have an improvement, but it's expected in that level of sale. See what I mean.

Is anyone watching us, you betcha! Each appraisal goes through a review process by the lender. These lenders have hired appraisers with less than 5 years experience to review our work, which results in unnecessary revisions, additional comparables, listings for cryn' out loud, that do not add credibility to the report. They just want to maktheirer employers think they are doing a lot of work. The lenders are the ones that caused this whole economic mess, yet the appraiser is being crucifieded. Also, keep in mind that the appraiser is suppose to be a unbiased, and an objective third party. Neither the lender nor the homeowner is suppose to influence them in any manner.

I understand your concern, but wait and see. By law you are suppose to be given a copy three days before closing. Read the report carefully. If you think she missed something, then I would go back to the bank CEO and ask for them to have it corrected and/or another appraisal done.

2009-07-12 23:36:49 by beautifuldreamerinlr

It's highly recommended to watch in high quality - that's the format I saved it as. Low quality is blurry. My method of using a graahk. I ...