Appraisl @ 530k, lender lowered to 513k
2006-06-08 15:51:56 · 8 answers · asked by Keith M 1 in Business & Finance ➔ Personal Finance
Not that I am aware of, what is the point of having an appraisal? So no I don't think legally they can do that.
2006-06-08 15:53:34 · answer #1 · answered by 2¢ 4 · 0⤊ 0⤋
Lenders have appraisal review departments. They can lower the value if they feel the value is not there. They are the one who is loaning you the money. So yes they can lower the value.
2006-06-08 23:50:44 · answer #2 · answered by jsl6988 1 · 0⤊ 0⤋
Yes,a lender does have a right to appraisal, also the lender has the right to tack on the appraisal fee!
2006-06-08 23:03:22 · answer #3 · answered by J-Dub 2 · 0⤊ 0⤋
The lender has the right to lend you any amount of money it wants to. One way to do that is to revise the appraised value. Another way is to simply say, "We will only loan you $513k." Either way, the result is the same.
2006-06-08 22:54:17 · answer #4 · answered by crao_craz 6 · 0⤊ 0⤋
No...most appraisers go by the selling price. Sounds like someone is trying to make more money and its not you. Get another opinion ASAP
2006-06-08 22:55:17 · answer #5 · answered by TexasBluBonnett 2 · 0⤊ 0⤋
Pretty much, yes.
They have policies ( maybe very fine print ) to limit their exposure by honoring a certain percentage less or lending up to certain percent of appraisal.
2006-06-08 22:54:26 · answer #6 · answered by astroservus 3 · 0⤊ 0⤋
thats why the appraiser is independant. the bank can only not offer the whole amount. have your own appraisal done and see if you cant come to an agreement
2006-06-08 22:55:47 · answer #7 · answered by gsschulte 6 · 0⤊ 0⤋
Yes and no.
2006-06-08 22:53:40 · answer #8 · answered by texisman 2 · 0⤊ 0⤋