I want to purchase a property I have a city appraiser ready to do the appraisal, can it be sent along with the signed contract to the mortgage company if I choose to buy?
2006-09-13 05:09:35 · 6 answers · asked by vincent s 1 in Business & Finance ➔ Renting & Real Estate
NO and YES.
No your lender may not accept the appraisal provided by the person you contracted. Check with your lender to make sure the appraiser is on their approved appraiser list.
Yes you can get your own appraisal and submit it with the purchase contract. This may speed things up. Make sure your lenders name is listed on the appraisal otherwise it will need to be corrected later. Stay in communication with your lender and they will help you make sure things are filed correctly.
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2006-09-13 05:52:35 · answer #1 · answered by mrdankeschoen 2 · 0⤊ 0⤋
If you do not have a Mortgage Broker yet, then any appraisal that you request you will have to pay out of your pocket. In some cases you can use the recent appraisal with a company that you decide to do business with.
I am a Mortgage Broker from Washington State. When a client comes to me, I put a request to get an appraisal on the home with someone that I work with.
By law the borrower is responsible for the fees of an appraisal. If you go through the Mortgage company, then the fee can be paid out of the loan that you are going to purchase instead of you paying for the cost before you find a lender that you can qualify with.
It's always best to see if you qualify for a loan before getting the appraisal, that way your not stuck with a $450 or higher bill.
2006-09-13 05:20:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes you can and in most cases it will speed up your closing. The only thing the lender will ask is that the appraisal be changed from your name into their name. Also, the apprasier must be state licenced/certified. I do appraisals all the time for people who are wanting to speed up the process and i have never had a problem with them being accepted. BTW you think im a hottie.
2006-09-13 05:40:34 · answer #3 · answered by ckhhuff2438 1 · 0⤊ 0⤋
Good article for lowering the asking price.
http://biz.yahoo.com/brn/060909/19463.html
In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.
If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.
If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.
Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
2006-09-13 22:25:49 · answer #4 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
I don't know what country you are in. I don't know what the city appraiser have to do with your purchase of home if you are in the US. You should probably indicate where you live.
2006-09-13 05:30:05 · answer #5 · answered by spot 5 · 0⤊ 0⤋
Can it? Sure. Will they look at it? Up to them. They will want their own appraisal.
2006-09-13 05:28:27 · answer #6 · answered by SPLATT 7 · 0⤊ 0⤋