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re: Appraisals: what a crock of sh¡t...
Posted on 3/18/19 at 3:41 pm to CajunSuperJeff
Posted on 3/18/19 at 3:41 pm to CajunSuperJeff
I just sold a house to someone using VA financing last week. The only thing different that was brought up to me was that there could be no water damage in/on the house or places where paint had been worn off that I didn't have fixed beforehand.
0
Posted on 3/18/19 at 3:47 pm to fightin tigers
quote:It shouldn't unless the borrower decides to disclose it. Pre-approval is only a letter stating that they're credit worthy.
Would it not be shown in the pre-approval letter?
Posted on 3/18/19 at 3:48 pm to BulldogXero
quote:
Home inspections are more BS than appraisals
Sorry yall seem to have had bad experiences, however I was extremely pleased with my experience. He provided me with a very detailed report with pictures, explanations, etc. He went into a lot of detail describing everything he saw. He was able to answer every question I had.
Posted on 3/18/19 at 3:58 pm to StringedInstruments
Similar situation. I recently sold my first home that I ever bought and have had as a rental for the past6 years. I paid $152k for it years ago and thought I would do good to get $190k based on some comps. I painted all of the interior walls and trim and spent about $4k on Misc. upgrades. I was hoping to get what I thought would be top value at $190. My agent said she thought it would get more and suggested $220k. Thought she was over zealous but said okay. We listed it and had it under contract in 5 days at asking price. Bank only appraised it at $214 but I was happy as could be and lowered it to that price. The reason I thought $190k was that a slightly larger house up the street had sold at $205k just 3 months prior. I thought she was crazy asking that much but it worked out. But yeah, the appraisal kept me from selling at $220k but I still thing they overvalued at $214k.
Posted on 3/18/19 at 4:04 pm to dawgsjlw
quote:
No actually you don't. If anything, you can decide on how much money you want to loan out, but you(bank) can't say a house is so and so and expect everyone else in the world to agree with it.
Wrong.
How much I loan you is directly proportional to how much risk I am willing to take if you "walk out" on the loan. The house is the only asset I have in the deal and I am not loaning you 110% on it. If you don't like my appraisal, get your money elsewhere.
Posted on 3/19/19 at 8:22 am to SECdragonmaster
quote:
Wrong. How much I loan you is directly proportional to how much risk I am willing to take if you "walk out" on the loan. The house is the only asset I have in the deal and I am not loaning you 110% on it. If you don't like my appraisal, get your money elsewhere.
Well the bank isn't saying what it is worth, they are saying how much they are willing to loan on it based on what someone else says is the most likely fair market value.
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