I'm quite frustrated at the process involved with trying to get a home equity loan. Last week an appraiser did a drive-by appraisal and the value came back just fine. NOW, they're requesting a second appraisal, this time a walk thru.... is this legit? Do I have to submit to this? Is this common?
2007-04-06 04:48:18 · 7 answers · asked by Gi-Gi Roxx 2 in Business & Finance ➔ Credit
A bank can do what a bank wants because they're the bank. They're the ones giving you however-many thousand dollars of their money. Some banks have different policies, and that's not unheard of.
I guess you'll have to let them. But 2 appraisals is pretty common.
2007-04-06 04:51:15 · answer #1 · answered by pancakes & hyrup 6 · 0⤊ 0⤋
Actually it's quite common for a bank to require two appraisals before approving a equity loan. If the first one had been done properly (a walk through) instead of a drive by they would not be asking for the second.
I went through this myself a couple of years ago and they only required one because it was a walk through.
2007-04-06 04:59:49 · answer #2 · answered by ? 7 · 0⤊ 0⤋
Actually Banks usually request 2 apprasials for a home loan so there is no bias. Alot of appraisers have certian homes they lik more then others. But that's in MN. Just do what the bank asks otherwise it will slow down everything.
2007-04-06 04:55:45 · answer #3 · answered by Deric 1 · 0⤊ 0⤋
Remember the golden rule-"He who has the gold sets the rules". Since you are asking the bank for money they can set the parameters and criteria for getting the money.
It is entirely within their rights to do so-after all this is the security for their loan to you. And it is not uncommon at all.
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2007-04-06 05:14:35 · answer #4 · answered by annalisa.fontana 2 · 0⤊ 0⤋
This is legit, you do have to submit to it, and it's fairly common.
The bank wants to be sure that they are lending money on an asset that has the value you claim it does, so that they can recover their money if you default on the loan.
Also, as a side note, YOU asked THEM for money... not the other way around.
2007-04-06 04:51:53 · answer #5 · answered by Stuart 7 · 0⤊ 0⤋
A bank can ask for anything they want, since you're the one asking them to give you the loan. If you don't like it, take your business to another lender.
2007-04-06 04:51:19 · answer #6 · answered by charmedchiclet 5 · 0⤊ 0⤋
yes
2007-04-06 04:52:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋