))
What Are the Ups and Downs of Appraisals in the Mortgage Process?
Manage episode 172423655 series 1377296
Контент предоставлен Kristin Jamieson. Весь контент подкастов, включая эпизоды, графику и описания подкастов, загружается и предоставляется непосредственно компанией Kristin Jamieson или ее партнером по платформе подкастов. Если вы считаете, что кто-то использует вашу работу, защищенную авторским правом, без вашего разрешения, вы можете выполнить процедуру, описанную здесь https://ru.player.fm/legal.
One vital part of the mortgage loan process is the appraisal. An appraisal is something the bank orders on your behalf to verify the information about the property. It’s like a 17- to 24-page storybook about the home you are buying. It will give all the characteristics and compare it to recently sold homes in your area. This will do a few things for you:
1. Protect you from a bad investment.
2. Keep the lender from lending more than the home is worth.
Lenders rely heavily on appraisals. They take up about ⅓ of the mortgage process. Homes can come in lower than the asking price, and it’s becoming more common as property values increase and inventory declines.
"Lenders rely heavily on appraisals."
People are offering sometimes more than what the home has been listed for, but for lenders, they are still only going to lend on the lower of the sales price or the apprasied value of the home. If the appraisal came in a little below the contracted sales price, you as the buyer would have to pay the difference from the appraised valueand the purchase price if the seller was not willing to accept the current appraised value.
One of the biggest things we see when it comes to appraisals is repairs needed on the home. Government loans are very strict with any health and safety issues, and appraisers are trained to find them. Keep in mind these are strictly health and safety concerns, not cosmetic issues. It’s not something you should feel bad about asking a seller to fix. You don’t want to buy a house where your health or your family's safety will be in danger.
If the seller isn’t willing to make repairs, we have a few options. There are some programs we can add into the loan for the cost of rehab. You could also ask for repairs at closing or cancel the contract. You would still be able to get your earnest money deposit back due to the appraisal contingency in your contract.
If you have any questions for me, don’t hesitate to reach out. I would love to hear from you via phone or email. Talk to you soon!
16 эпизодов
Поделиться
