we got a construction loan on our house in november and we had a appraisal about 3 weeks before we got the loan because it was required now they are saying that they want another appraisal and that we have to pay for it does anyone know if they are allowed to do this?
2007-02-08 00:11:04 · 2 answers · asked by melissa_faye_ca 1 in Business & Finance ➔ Renting & Real Estate
Yup, they are. The reason they go for the second appraisal is because once an appraisal is 6 months old, nobody accepts the information. Now, this varies from bank to bank. Some want a reissue of information, which is cheaper, after 3 months old, and it would make sense for the bank to want updated values on their investment, because that's exactly what a mortgage is, an investment by the bank in your home.
2007-02-08 00:28:14 · answer #1 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
It happens sometimes when the rates of that place are fluctuating and (unfortunately) you have to pay for the appraisal once again but the concillation is that suppose the prices increase then they have to pay you that much more as loan (provided you have paid that sum from your pocket previously to the seller).
2007-02-08 00:31:47 · answer #2 · answered by ssmindia 6 · 0⤊ 0⤋