Can a bank not tell you about a low appraisal and let you buy a house for $47,000. above appraisal?
We closed on a house in FL last March 2008. Our realtor told us the appraisal came in slightly high than the price we aggreed to pay. Bank of America never told us anything about the appraisal. We bought the house for $372,500. Our mortgage is $100,000. We became suspicious recently when we found out that a neighboring house had a large sink hole a few years ago and is now in foreclosure. Called the bank several times. After several letters we got a paper with our purchasing price ($372,500.00) and the appraisal which was $325,000.00. Were any laws broken by the bank or the realtors.
No issue with the bank.
Agent though may have breached a fiduciary duty to you. Your agent is required to be loyal to you, and look out for your best interests. Failing to disclose the appraisal, provided the agent knew of that appraisal, could be a breach of duty. However, it is a civil remedy, meaning you can go to civil court and sue the agent. It is not something that will put the agent in jail.
Valparaiso Law-Prof. Alan White-US mortgage crisis history
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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 Law. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Law
Are mortgage lenders supposed to give you a copy of your property appraisal report after it’s been appraised?
I recently had my property appraised,but my lender refuses to give a copy of that appraisal report.Can they do that or are they required by law to give me a copy?
The appraisal usually goes to the bank. The Loan Officer will tell you what the value came in at. This is the most important part of the appraisal. As long as it appraises at the purchase price or above you are in good shape to close on the house.