Mortgage Appraisal Appraiser
appraisal under builder price?
Our contract with the builder was 260k but the appraisal from the mortgage company come in at 258k. Builder told us appraisal was a mistake and try to convince the appraiser to get a higher number. I told the builder i don’t want to pay more than what the house is worth, but builder don’t want to lower the price. Plus mortgage will only let us borrow the amount from the appraisal only anyway. Any advice to what can i do in this situation? Can i back out of the contract + getting my earnest money back? Can the builder convince the appraisal for higher number? please help.
If any of the 260k is from upgrades then no, you are simply backing out. This is why most builders require upgrades to be paid in cash, not as part of the sale.
I can’t believe either of you would walk over a couple of bucks.
Ask the builder to meet you in the middle. You both lose 1k.
Home Appraisal, Appraiser in Kingsport TN 37663
Frederick County’s home sales decline, stalled by uncertainty
Home sales fell in Frederick County, and nationally, in October The decline followed two relatively strong months of sales, according to state and national Realtor associations
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Mortgage Appraisal Appraiser
How can the appraised value of a home be ok with a mortgage lender yet be too high for a PMI company?
The conventional mortgage with 90% ltv for a home I am buying next week has been approved by the mortgage company based on the appraisal the mortgage lender sent out however the PMI company believes the home is worth about $15000 less than the appraiser says it is worth. What gives? If this breaks the deal can I get my money back for the appraisal? ($395) The home is in Pike county, PA
In my experience you are generally not able to recover the cost of the appraisal. But I would contact the lender and ask them what the next step is. There are several MI companies out there so they may be able to obtain coverage from another.
This used to be unusual, but with the gun-shyness caused by the appraisal frauds a couple of years ago this might happen more often.
Since this might get you out of the sales contract (unable to secure financing), you might see if the seller will come down some and perhaps you can come up with a little more down to get the down payment to 20%, thus not requiring PMI.