How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Law Pro Your Own Question

Law Pro
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 24761
Experience:  20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
11688690
Type Your Real Estate Law Question Here...
Law Pro is online now
A new question is answered every 9 seconds

Re an appraisal by bank on a commercial property with 2 SBA

Resolved Question:

Re an appraisal by bank on a commercial property with 2 SBA loans that is IN foreclosure (court date of 11/4/13): Is there any advantage (to me) in trying to have the bank appraisal come in high vs low? I ask because my roof caved in and I have not repaired it. I'm wondering if I should bother. As of 11/4 I'm sure the judge will give a summary judgement to the plaintiff (bank) anyway. Thanks.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Pro replied 1 year ago.
Hi! Thank you for asking for me.

I used to do alot of real estate closings and dealt with loan originators who "talked" to appraisers.

It used to be the case where you could "inform" an appraiser where you need the appraisal to come in at - that you needed it above a certain point.

Then, the appraiser, because they wanted your continuing business, they would always get the appraisal near or above that "mark" needed.

However, since the mortgage foreclosure crisis - where appraisers have been taken to court for fraud (criminal and civil) they don't do it anymore.

In fact, in situation where the appraisal isn't used for obtaining a loan - they still won't deviate from an objective appraisal. For example a real estate tax assessment appeals - they still won't make the appraisal low for fear of reprisals if their appraisal is reviewed.


So, although I would like to tell you that you can find an appraiser and get them to give a high value (which would be in your best interests) it ain't going to happen.

Given all the appraisers who were prosecuted - they are not running scared and won't think about giving anything but their honest opinion.

Yes, appraisals can vary as between appraisers - but nothing like they used to. In fact, when two appraisals are vastly different given the same subject property - that throws up "red flags" and potentially an investigation.

So, although I'd like to be able to tell you that it's possible - it's not.

However, you would like the appraisal to come in as high as possible given your situation.
Customer: replied 1 year ago.

I'm afraid you misunderstood my intentions. I was merely wondering if there would be an advantage to delaying the appraisal until I could repair the ceiling and clean up the mess--NOT to try and influence the appraisal in any other way. Your last sentence, however, gave me the info I needed: "However, you would like the appraisal to come in as high as possible given your situation." So it seems it will be to my benefit to postpone the appraisal (the bank chose the appraiser and he has appraised this property at least twice before, being the only 'commercial' appraiser in our remote county) until I can make the place look better and fix the ceiling. Thanks again.

Expert:  Law Pro replied 1 year ago.
Yes, you would want the appraisal to come in as "high" as possible to reflect as much equity in the property as possible.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer.. I thank you in advance for taking the time to provide me a positive rating!

If you have any questions, about this or anything else, please ask for me, Law Pro, directly in the question and I will try to assist you as best I can.

For example, you would state, "This question is for Law Pro . . . (then on with your question).

I wish you the best in the future.
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 24761
Experience: 20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Law Pro and 6 other Real Estate Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Lawyer

    Satisfied Customers:

    6227
    20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Lawyer

    Satisfied Customers:

    4966
    13 years real estate, Realtor. Landlord 24+ years
  • http://ww2.justanswer.com/uploads/LA/LawTalk/2012-6-6_17379_LawTalk.64x64.JPG LawTalk's Avatar

    LawTalk

    Attorney

    Satisfied Customers:

    4446
    I've more than 27 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
  • http://ww2.justanswer.com/uploads/RA/rayanswers/2012-6-7_23346_Untitled1.64x64.jpg Ray's Avatar

    Ray

    Lawyer

    Satisfied Customers:

    4030
    Texas Attorney for 29 years dealing in real estate
  • http://ww2.justanswer.com/uploads/PH/philip.simmons/2012-6-7_161915_BIGPhilipSimmons.64x64.jpg P. Simmons's Avatar

    P. Simmons

    Lawyer

    Satisfied Customers:

    2377
    12+ yrs. of experience including real estate law.
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    2355
    B.A.; M.B.A.; J.D.
 
 
 

Related Real Estate Law Questions

Chat Now With A Real Estate Lawyer
Law Pro
Law Pro
7582 Satisfied Customers
20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.