How Come Real estate Lenders Qualify Buyers like That?
2006-11-11 07:59:20 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
They don't. Buyers only get a "Pre-Approval" before the appraisal.
2006-11-11 08:42:25 · answer #1 · answered by justcurious 2 · 0⤊ 0⤋
The appraiser gets paid if there is a closing or not. The buyer pays the appraiser. If you are the buyer, you can get the appraisal done as soon as you want. In fact, even if your house is not for sale, you can pay to have it appraised.
But why go through that expense until you know the buyer is qualified?
2006-11-11 08:04:26 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
Because they are going to charge the buyer for the appraisal, and you wouldn't like that if they turned you down flat based on your credit report.
2006-11-11 08:03:23 · answer #3 · answered by Dave 4 · 0⤊ 0⤋
If the buyer is qualify-ed the appraisal will come in just as much as they can afford to pay and a few more bucks. so they can suck every Penny out of them they can.
http://www.breakingbubble.com/index.htm
2006-11-11 08:20:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Earthquakes Next fires. Then high taxes. (state and local) Then really bad traffic jams everywhere you go. Getting worse it seems every year. Sky high gasoline prices due to the state mandate for "Filet Mignon" blend of gas. I could go on but don't want to bore you.
2016-05-22 05:42:49 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Your first answer is correct.
Keep in mind...........
Times and markets are changing!
In California with average homes selling well over $500,000, a 20% decline is $100,000! In any market 'timing is everything'! So, could you afford a loss of 25% of your investment all because of poor timing???
This last up cycle was 10 years in many parts of the country. The downcycle now started in CA, Wash DC, NYC, Vegas and other hot areas of the past are all soft and getting softer.
From 1990 to 1996, the average home in San Diego lost 20% of its' value! The cycle we are now enterng looks like it could well exceed that on the downside!
With all the 100% financing, interest only loans, EZ qualifing etc...even a slight decline will cause many to be unable to sell for the amount due on their loans!
For some great 'insider' articles on the San Diego real estate market, which I beli
eve will apply to any of the hot real estate markets of the past five years.....visit:
http://www.brokerforyou.com/brokerforyou
http://www.downtown-san-diego-real-estate.com/san-diego-real-estate-article-index.htm
http://www.brokerforyou.com
http://www.san-diego-for-sale-by-owner.com
http://www.la-jolla-ca-del-mar-san-diego-real-estate-encinitas-california.us
http://www.brokerforyou.com/blogger/index.html
http://san-diego-coastal-real-estate.blogspot.com
http://sandiegofsbo.blogspot.com
http://downtown-san-diego-real-estate-views.blogspot.com
http://san-diego-coastal-real-estate.blogspot.com
http://sandiegofsbo.blogspot.com
http://downtown-san-diego-real-estate-views.blogspot.com
http://www.brokerforyou.com/san-diego-real-estate-sales.html
http://www.poway-real-estate.info
http://www.del-mar-real-estate.info
http://www.la-jolla-real-estate.info
http://www.los-angeles-real-estate-brokers.com
http://www.san-jose-real-estate-brokers.com
http://www.orange-county-real-estate-brokers.com
http://www.san-francisco-real-estate-brokers.com
http://www.sacramento-real-estate-broker.com
2006-11-13 02:41:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋