I applied for a loan with the mortgage company online. I did get approved with my credit score around in the 700. They did all the paper work. They sent out an appraiser. He appraised our home at $105,000. I gave them a good faith estimate of around $130,00. I told them we had 9.1 acres, but we had 7.1 acres. Now when the appraiser came, he only appraised our one lot with the house. We have four outside buildings in very good shape.
I told the appraiser they sent that we own two different lots. He said that is was okay and I showed the lots to him. He came back with the appraisal of $105,000 only and did not appraise the other lot which had 3 or more acres. I called him and he said that he was told not to do the other lot.I ask him who told him that. He said that he didn't know. Now I had some credit cards I needed to pay off and consolidate them with my house and lots.
Which this was going to save me around $600 or $700 a month on payments. I went to another appraiser in which I really didn't have the money to pay. He appraised our home and lots for $124,000. I do not feel like I should have paid the first appraiser anything due to the fact that it was not done right. The first appraiser said he had seen where I had two different deeds. I believe he should have called me or the mortgage company to ask for sure what he should do.
The Mortgage company said they did not tell him not to add the other lot in with this and did not know where he got his information. Now Integra Mortgage company will not help to pay for the appraisal or even pay half. I had to pay for it all. This was a big mistake on the lender and the appraiser. They should have told me from the beginning if they could not take the two deeds. They lead me to believe that this would go through.
