Mortgage Appraisal Agreement
Our seller wants mortgage approval in 14 days but our lender says we need 30.Why the rush?
We are buying a foreclosed home. We have a purchase agreement in place but the seller(bank) wants us to have full mortgage approval in 14 days. Our lender is saying it’s going to take 30 because they need an appraisal. The seller is refusing to negotiate this. Why would they jeopardize a deal for what seems like a ridiculous condition?
they want full approval withing 14 days. Our lender says it’ll take that long for the appraisal to happen and another week or two for approval.Closing in 33 days.
There is no reason that a mortgage approval should take 30 days. An appraisal of the property is not required to receive such approval. One can be approved for a given mortgage loan subject to an appraisal later on. When I write real estate offers, two weeks is standard for providing such mortgage approval. Your lender needs to get his/her act together.
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The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Agreement. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Agreement
Does Bank Appraisal ever come in a lot higher than pruchase price?
QUESTION: Does anyone know of an instance where a bank appraisal came in at say 10K to 20K over the purchase agreement price?
I qualified for a new mortgage.
I asked the bank, what the appraised amount of my new home is.
It came in at 2,000 more than my bid price
But I am still upset.
I thought I was getting a great deal and now it seems that the home is only worth what I am paying?
But then I started thinking than no bank apprasials ever come in at a noticeably higher amount than the bid price (because than the seller would get pissed off)
Any thoughts?
An appraisal is simply one man’s opinion and his only instructions in doing your appraisal was to meet or exceed the sales price. When instructed to provide an appraisal of total value (rather than merely purchase value) their numbers could be much higher without risking liability.
It is a very common practice for purchase appraisals to be very close to the sales price. The seller isn’t usually even given knowledge of the appraisal if it was over the purchase price, so he/she wouldn’t get ticked off if it was high.