- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Help needed, I recently got turned down on a refinance loan for my home
Posted on 4/22/12 at 7:14 am to 318Tiger Fan
Posted on 4/22/12 at 7:14 am to 318Tiger Fan
They have to find comps. One comp they used was so off the mark it required an adjustment of 25% based on the fact that your property is in a rural area, and it's more difficult to find recent comparable sales in a rural area compared to an urban area.
Your lender thinks there are other comps in the area that don't require that much adjustment and it wants the appraiser to use one of them in the appraisal.
The appraiser probably can't bring back the value necessary to close the type of loan you want if he uses the comps the lender wants him to use.
Sounds like you need a new appraiser, or he needs to write one helluva explanation for why he's using such an oddball property and making such a vast adjustment...
You aren't being turned down. You're getting a stipulation that is preventing closing. Get with your appraiser or your appraisal management company or take a look what kind of loan you want. Moving one aspect of th loan or the other could help the lender get a clear to close.
Your lender thinks there are other comps in the area that don't require that much adjustment and it wants the appraiser to use one of them in the appraisal.
The appraiser probably can't bring back the value necessary to close the type of loan you want if he uses the comps the lender wants him to use.
Sounds like you need a new appraiser, or he needs to write one helluva explanation for why he's using such an oddball property and making such a vast adjustment...
You aren't being turned down. You're getting a stipulation that is preventing closing. Get with your appraiser or your appraisal management company or take a look what kind of loan you want. Moving one aspect of th loan or the other could help the lender get a clear to close.
Posted on 4/22/12 at 7:03 pm to GFunk
quote:
You aren't being turned down. You're getting a stipulation that is preventing closing. Get with your appraiser or your appraisal management company or take a look what kind of loan you want. Moving one aspect of th loan or the other could help the lender get a clear to close.
thanks for the advise, im going to see what my bank that already has the mortgage can offer first, and then go from there
Popular
Back to top
Follow TigerDroppings for LSU Football News