we bought a fixer upper that is not finished,the same appraiser is coming out one year later to reapraise and im so scared of what might happen since we didnt get done. we are getting a 100% loan on the house.what will she be looking for? thank you teresa
2006-07-12 00:55:44 · 6 answers · asked by TERESA B 2 in Business & Finance ➔ Renting & Real Estate
A real estate appraiser evaluates your home value by comparing it to similar houses in the neighbourhood.
Now you say you bought the house and the appraiser is coming back after one year later to reappraise, you are getting 100% loan. Something is not clear. How did you buy the house a year ago and getting a 100% loan now? There is something missing you have to be more clear on what your situation is.
2006-07-12 02:24:26 · answer #1 · answered by ap4homesandloans 2 · 10⤊ 3⤋
First of all if the property is not finished the appraiser will give you an appraisal report contingent to when the property is finished. Meaning it will be an incomplete appraisal. Once you are finished the appraiser will come out once again to look at the sections that need to be finished.
An appraiser will look at the whole house, inside and out and compare the quality of the home to other comparable homes in the same area.
I also dont understand how you bought a home and 1yr later you are getting 100% financing.
2006-07-12 14:34:43 · answer #2 · answered by SCCRealEstateUNCENSORED.com 3 · 0⤊ 0⤋
A real estate appraiser gives an opinion of value. If you got your loan based upon what the value of your home would be worth after repairs and they are not completed, your property might not be appraised for the amount you received. My suggestion is to get in gear and make those repairs!
2006-07-12 08:01:26 · answer #3 · answered by mom 4 · 0⤊ 0⤋
A real estate appraiser appraises the value of the home. It doesn't matter where you are in the restoration as it will be appraised as it is during the inspection. She is trying to determine if the value of the home is worth the loan amount.
2006-07-12 08:00:53 · answer #4 · answered by jd 6 · 0⤊ 0⤋
appraiser are certefied scamers by the bank. They are there to benefit the bank so if you remorgage they will make money on the interest. If your property looses value according to the appraiser the bank will make money on the loan either way, however keeping you from selling as the House market is Slowing down, and ensuring you are able to pay your loan.
2006-07-12 08:02:12 · answer #5 · answered by wiseornotyoudecide 6 · 0⤊ 0⤋
mainly comps
secondly property condition and defered maintenance.
2006-07-12 07:57:13 · answer #6 · answered by Ender 6 · 0⤊ 0⤋