Just got an email from my agent which had appended to it a series of emails sent back and forth between the loan officer and the owner's agent regarding the appraisal.
The other agent keeps asking about why there was no adjustment for differences in size, the bank says there was an adjustment of $20 per square foot and gives the numbers used.
The agent points out the obvious discrepancy: the adjustments are only about 25% of what they should be at $20 per sq foot, meaning the subject property was undervalued.
The loan officer then says the $20 per sq ft number came from him and could be wrong. Gee, you think? He says he'll check on it, but... the adjustments were done and will not be changed. In that case I hope the appraiser, at least, got his numbers straight.
