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Wrong Pictures of Subject Property

Posted on: 18th Aug, 2012 10:41 am
Hello,

I have recently purchased a brand new house (which is to be closed on August 30th, 2012), and that house was appraised recently.

(By subject property, I'll be referring to the property that was considered in the appraisal form.)

The borrower name, address of the subject property in the appraisal form matches with our property. Further, the sale price of the subject property also matches that of ours, and the appraised value was also quoted higher. And all the details about the interior of the house matches that of ours, except the square footage - which is higher in the subject property than what we have been told for our property by around 500 square feet.

Now, the pictures associated with this subject property is that of the house right next to us (both the interior and the exterior pictures). (Note that some of the interior details in the form doesn't match with the house in the picture - which makes me think that he inspected the interior of our house but took pictures of the house next door.) I already notified the loan processor who sent me the appraisal about these discrepancies, and I haven't received a reply yet.

Since this is an important document, I was wondering how important it is for the exterior and interior pictures and the square footage of the subject property to match up with that of our house granted that the interior/exterior details of the subject property seems to match up with our house?

I'm asking this as there is not much time left till closing. I was also wondering if there is a chance that the lender may delay the loan approval since I already notified the loan processor.

Any help is greatly appreciated.
Thank you.
Hi limac,

I personally feel that it is very important that the exterior and interior pictures and the square footage of the subject property to match up with that of your house. Unless that match, you won't be able to get the right loan amount based on your property's valuation. Later on it might create problem for you.

Thanks
Posted on: 19th Aug, 2012 08:58 pm
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