My wife and I are currently in the process of buying the house we live in from our landlord. Since it's a private deal, it needs to go through an appraisal with the mortgage insurer. We agreed on a price that I thought might be a little high but still within reason. The first insurance appraisal came back 14% under asking, which was quite a bit. The second came in approved, but we don't know the number. The thing that caught us off guard though was that the appraiser knows our landlord and does business on occasion with him and his wife, who is a mortgage broker. We figured everything would be above board because after all, it was the insurer choosing the appraiser, not our landlord. Also, why would either party risk their reputation for one deal? My wife talked to the appraiser and he was kind, courteous, and professional, and addressed her concerns directly and said that although he works with them occasionally, he would not let that affect his results.
Everyone we talked to though, including the inspectors, said it sounded kinda off and we should get a third one done. I figured it wouldn't be worth asking since they would just tell us no, we already have a good appraisal. We asked anyway just to get some peace of mind, and the sellers lost their minds, telling us we were causing problems and we can just back out if we want. The landlord called us and he was firm but fairly polite, but we could hear his wife throwing a full blown tantrum in the background over it. I would have understood if they just said no in a firm and polite manner, but their conduct has given us a sour taste. Were we that in the wrong? We're first time homebuyers and frankly don't know much about the process, but I still thought their reaction was a little over the top.
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source https://www.reddit.com/r/RealEstate/comments/14l920i/third_appraisal_request/
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