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A few random, yet important questions?

Discussion in 'Random Ramblings' started by rodriguezpoultry, Oct 24, 2011.

  1. rodriguezpoultry

    rodriguezpoultry Langshan Lover

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    Claremore, OK
    1. If I send a fax from home, will I get a "confirmation" letter? (I've NEVER used a fax machine from home..Kinko's and businesses.)

    2. If you have an appraisal tomorrow (yippee!) and you're currently living in the home that you are hoping to purchase (same home that is being appraised), do you clean up, as in REALLY well? or pick stuff up?

    3. If you have an appraisal, does that mean that you qualify without an issue for that loan, barring any problems with the appraisal?

    4. There "may" be more questions.
     
  2. KenK

    KenK Chillin' With My Peeps

    Jan 23, 2011
    Georgia
    1. I have no idea.
    2. Any decent appraiser will not have a problem distinguishing between a mess and real problems with the house.
    3. Most lenders are only going to loan a certain percentage of the appraised value. It used to be 100% of a shaky appraisal. They are stricter now.
     
  3. Godsgrl

    Godsgrl Ostrich wrangler

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    at the zoo usually
    To answer one of your questions, Rodriguezpoultry, my dh had set up an appraisal for our house (to refinance) the day after Christmas. He did not inform me of this appointment. The inspector came over, and our house looked like a tornado had hit. Very very embarrassing. Hope yours goes better than that! [​IMG]
     
  4. Orchid

    Orchid Chillin' With My Peeps

    May 10, 2010
    North Central MN
    1. No. You will get a "tone" from the fax that tells you the fax was sent successfully. There is a way to get a printout of faxes sent and received, but you would have to look in your operation manual to figure out how.

    2. You don't have to clean up for the appraiser, but it's nice for them if they can at least walk through the house. [​IMG]

    3. An appraisal in and of itself means nothing - it's the amount the house appraises for that (in part) determines whether the bank will loan you the money. Most banks want you to have at least 20% equity in the house.
     
  5. rodriguezpoultry

    rodriguezpoultry Langshan Lover

    10,907
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    Jan 4, 2009
    Claremore, OK
    Really?

    We've met all of the guidelines save for this appraisal. It's an FHA loan. We don't pay closing costs, the sellers will.
     
  6. KenK

    KenK Chillin' With My Peeps

    Jan 23, 2011
    Georgia
    Think about it. If the lender didn't care how much the house was worth why would they ask for an appraisal?

    It's to your benefit as well, would you want to pay $100,000 for a house that was only worth $50,000?

    I'm sure you will be fine.
     
  7. Orchid

    Orchid Chillin' With My Peeps

    May 10, 2010
    North Central MN
    Quote:Yep, really. The appraisal is to ensure that if the bank had to foreclose on the house, they would theoretically get their money back out of it when it resold. So they don't want to give you a $100,000 loan on a house that appraises for $80,000.
     
  8. rodriguezpoultry

    rodriguezpoultry Langshan Lover

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    Claremore, OK
    Oh no, that's the thing we're expecting. We're expecting it to appraise for less, which is the only thing barring us from closing immediately. I am almost banking on it appraising for less than asking price.
     
  9. Orchid

    Orchid Chillin' With My Peeps

    May 10, 2010
    North Central MN
    But are you expecting it to appraise for less than your loan will be? [​IMG]
     
  10. rodriguezpoultry

    rodriguezpoultry Langshan Lover

    10,907
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    Jan 4, 2009
    Claremore, OK
    Yes, the loan is pre-approved for the asking price.

    The appraisal, I'm certain will be for less than the loan approval. Which means, we'll renegotiate and try it again. More than likely, the sellers will immediately take up our offer, they have already purchased another house.

    If it appraises for less than the current loan, what can we expect to happen? I realize we'll renegotiate, the paperwork will be put back in. The house is "Under Contract" as of now on the market, but we're hoping to close before Nov. 31.
     

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