Mortgage Appraisal Report
Is it proper to include square footage of detached structures like work sheds in a home appraisal?
While going through mortgage papers I found that the appraisal included a large detached work shed with an unfinished interior as part of the living space square footage reported for the house.
This would seem to me to improperly inflate the house value. Is this improper or even illegal to do?
Thank you
A storage shed is not considered livable area.
It is not “illegal” for an appraiser to count this as square footage but they have a high risk of having the appraisal rejected and could even be sued for it.
Free Home Appraisal Report
Existing-Home Sales Decline in October Following Two Monthly Gains
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 2.2 percent to a seasonally adjusted annual rate of 4.43 million in October from 4.53 million in September, and are 25.9 percent below the 5.98 million-unit level in October 2009 when sales were surging prior to the initial deadline for the first-time buyer tax credit.
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 Report. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Report
Copy of Appraisal Report?
I just applied for a mortgage loan and the lender said that they did an appraisal on the property. Am I entitled to get a copy of the Appraisal report?
Thanks,
j
Only if you have paid for it.
Added later….I hate when someone gives you a thumbs down when you know your answer is absolutely correct. It’s as if they think by giving you a thumbs down, it will in effect make their answer look better. How pathetic. That isn’t what Yahoo Answers is supposed to be abut. This isn’t an ego contest. It is to help people. The “Real Estate Expert” who answered, is 100% wrong. The question was if you GET a copy, not can you SEE a copy or know the results. It is very simple. If you haven’t paid for the appraisal, and the mortgage company has, then it belongs to them. It is their CHOICE if they want to show it to you. You have not closed on a loan yet, they incurred the cost, so it is THEIR appraisal. If you HAVE paid in advance for an appraisal, then you have an absolute right to it, as it is YOURS. It is NOT an automatic up front cost. If the mortgage company trusts that the loan will close, they can make it part of your closing costs. I require my customers to write a check to the appraiser themself, and send them a copy. If they don’t, and the loan doesn’t close/customer backs out, I’d have to eat the cost. And I don’t pay for anyone to “maybe” go through with financing. This is standard in the business. This answer is 100% correct, trust me. I’ve closed over 1000 loans in the last 10 years. Any thumbs down will just be some personal agenda, thus wasting your time.