Forum
« windows Knockout Renovations? »
September 14, 2006
Is this normal?
I signed my contract in late June...and up to this point of not been able to secure financing due to appraisal issues.
Comments
no.
Posted by: Anonymous at September 14, 2006 11:58 AM
What appraisal issues? You get an appraiser, schedule an appraisal, they appraise, relay the info to the bank/mortgage broker, they make a decision. It is pretty straightforward ans shouldn't take 3 months. What issues?
Posted by: donatella at September 14, 2006 12:13 PM
I agree with the above posters. Scheduling an appraisal should take a matter of weeks. In my experience, the appraisal info is passed to the bank right away.
Are you finding that the appraised value is less than the mortgage you're taking? That would be unusual.
Posted by: fortgreener at September 14, 2006 12:17 PM
yes..the appraised value is less than the price the contracted price..the seller's made some concessions..so I'm not unhappy with that..now i'm working with 2 brokers and waiting to hear conclusively from either that everything has been finalised..its such a struggle
Posted by: Anonymous at September 14, 2006 1:02 PM
yes this is common
you are a bad buyer. your contract price is too high for the bank so there are issues. If the seller found someone other than you who was willing to put more down or if you as a buyer had bid on a property that was priced more in line with the market these issues would not exist. You are the problem.
Posted by: Anonymous at September 14, 2006 1:40 PM
We had the same thing happen; for us, the gap between the bank's appraisal and the accepted offer price on our brownstone was $45,000. The seller came down $20,000 and asked us to make up the difference. We didn't have the cash to do so, so we went back to the bank and they sent out a second appraiser who "adjusted" the appraisal upward accordingly. I can't comment on whether this is common, or even legal, but we were confident enough that the house would gain in value enough to cover that $20k gap that we went ahead with the deal. Luckily, we were correct; in the 2 1/2 years since we bought, we have realized that gain and more.
Posted by: Anonymous at September 14, 2006 2:26 PM
Anonymous at September 14, 2006 1:40 PM is a jerk. I don't know why people use personal attacks when others are truly seeking information. So, you are not the problem; the price is the problem because the bank does not believe the price you are willing to pay is warranted by the property. They think the house is worth less than you have agreed to pay. But if you are getting enough concessions to make up the difference that's great. I would seriously consider your offer price and make sure you really think the house is worth it.
Posted by: Anonymous at September 14, 2006 2:48 PM
thanks all..even 1:40..
I do think for the nabe..I'm getting a good deal..
Posted by: Anonymous at September 14, 2006 3:31 PM
I see, it's not a personal attack to call someone a jerk, but it is a personal attack to point at the buyer may the problem when a bank will not approve a mortgage application.
The problem in this case is not the seller, he or she offered a property at a price that buyers are free to take or leave. The problem is not the bank, mortgages are approved based on property values and the buyer's financial situation.
The problem is not the appraiser, they are comparing the property to other similar sales.
No the problem is the buyer. If the buyer paid cash, no problem. If the buyer negotiated a lower price, no problem. If the buyer picked a more amenable bank, no problem. It's easy to blame everyone else, but what good does that serve.
Posted by: Anonymous at September 14, 2006 4:18 PM
I've taken all the corrective actions you described about...
my friend..its not WHAT you say its HOW you say it
Posted by: Anonymous at September 14, 2006 5:12 PM
if the price is truly representative, it could just be that you picked a bad bank or broker the first time around... it's better to go with banks that do a lot of work in brooklyn. Astoria, North Fork, Chase, for example.
Posted by: OE at September 14, 2006 10:18 PM
Read the op: it didn't comp out.
Posted by: Anonymous at September 15, 2006 6:11 AM
Please provide all the details:
1) Price of house
2) Appraisal figure
3) Location of house (exact address not necessary)
I'm in the process of selling a townhouse and it appraised for exactly the selling price.
Appraisal's are an interesting animal. Usually they come in since the bank wants to provide the loan and the appraiser wants to get more business from the bank.
It's rare that appraisals don't come it. Of the last ten properties I've sold, one didn't appraise the first time.
Posted by: Anonymous at September 15, 2006 11:34 AM
OP..here
Great news it cleared with 3 other banks and I got a much better interest rate than I started out with..:)
Posted by: Anonymous at September 15, 2006 4:54 PM
Post a comment
Please be patient while your comment is published. It may take a moment.