# Home Appraisal



## newfoundlander61 (Feb 6, 2011)

Our daughter is trying to obtain a mortgage and was approved but the lending company would like a second appraisal done. Is this common to do 2 appraisals?


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## kubatron (Jan 17, 2011)

only if the first one bombed in value.


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## marina628 (Dec 14, 2010)

when the bank wants a second appraisal it is never good news ,maybe she is paying too much for it ?Or the house may be in bad shape ?


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## newfoundlander61 (Feb 6, 2011)

We agreed on a price for our daughther to purchase our home for $220,000 the first appraisal came in at $215,000. Oh well we can only charge her whats its worth so we see what the second appraisal prices it at and take it from there.


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## crazyjackcsa (Aug 8, 2010)

newfoundlander61 said:


> We agreed on a price for our daughther to purchase our home for $220,000 the first appraisal came in at $215,000. Oh well we can only charge her whats its worth so we see what the second appraisal prices it at and take it from there.


I take it she isn't putting that much down?

I can't see the 5k difference being that much of an issue.


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## OhGreatGuru (May 24, 2009)

The non-arm's-length relationship may be what triggered the request for a 2nd appraisal. Though why they would suspect you would sell it to your daughter for more than market value is beyond me - usually it would be the other way around. 

But from a lender's point of view, I suppose there is the possibility of collusion between buyer & seller to get the seller a higher price than FMV. And the buyer might subsequently walk away from the mortgage, leaving the lender holding the bag. And since you apparently agreed on a price $5K higher than the appraisal, maybe that set off alarm bells in their system.


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## newfoundlander61 (Feb 6, 2011)

Good point, if all else fails we will obviously accept the lower price. The agent we used to find our new home said it was a good fair price we were asking.


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