Appraisal Review Blues Posted on dkaiserPosted in Buying a Home, Selling a Home

get link As credit lines dry up, we’re seeing more and more appraisal reviews. What’s that you say? This little goodie is the thing that can blow up your transaction at the last minute and there isn’t a darn thing you can to stop it.

generic viagra jokes new drug Say you’re a buyer and your offer is accepted. Yay, you bought a house! And you’re pre-approved, so it’s smooth sailing! You pay $450 for your appraisal, and it comes in at the price you paid, so life is good! So you start making moving plans, you give your notice, have a garage sale. Your lender needed a few last minute pieces of paper, but you sent those in and now you have loan approval with all conditions met. Ready to fund the loan and close, and in just a few days you’ll be moving in! Maybe. go here The lender now sends your appraisal, which came in fine, to a third party company for an “appraisal review”. Basically this is a second appraisal to double-check the first one. Only this one is done by some pencil-pusher in L.A. who has never seen the house and has never even been to San Diego County! And his appraisal comes in for $50K less and just like that your transaction is dead. You need that loan; you don’t have $50K more to bring into escrow, so it’s over. Kiss your $450 for the appraisal and the $350 for the inspection you did goodbye. How many times can you do this before your down payment is wiped out?

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imuran similar drugs to viagra Say you’re the seller. You did all the repairs that the buyer wanted so you could keep the deal together. You’ve taken down all the pictures, made plans to move, stopped all your magazine subscriptions, ordered the utilities to be turned off, maybe bought another place. Then the appraisal review bomb hits. The buyer can’t buy, so all those repairs you did just for him are for nothing. Now you get to put the house back on the market and start all over. Of course there’s no guarantee that this won’t happen with the next buyer either. You just get to eat it.

follow url Why is this happening? Why does the lender wait until the very last minute to do the review appraisal? What can I do to make sure this doesn’t happen to me? Good questions, and if you give me a call I’ll be happy to answer them for you. The take home message is that this is not the real estate market of two years ago and if you’re planning to buy or sell real estate in 2009, you’d better hire an agent who knows what he’s doing. Now is definitely not the time to think that all agents are equal and that your transaction will turn out fine no matter which agent you hire. Get someone knowledgeable and experienced who can protect you!