| Posted By |
Message |
beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
|
Before closing did you have an appraisal of your soon to be house?
??? How did it go? What goes on at an appraisal?
Was the house more or less than you bought it for.
There is a hypothetical one that may be going on today
|
Posted 11/14/07 2:43 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
SweetCin
My green-eyed boy
Member since 5/05 13499 total posts
Name:
Cin
|
Re: Before closing did you have an appraisal of your soon to be house?
The bank always does an appraisal on the house to see if they will give you the mortgage (to see if the house is worth what it is selling for).
I'm sure it'll go well
|
| Posted 11/14/07 2:44 PM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: Before closing did you have an appraisal of your soon to be house?
yes, for homeowner's insurance the day or so before we closed. It appriased at what we wanted the house was being sold for. I think they do this as a standard.
|
| Posted 11/14/07 2:45 PM |
| |
|
beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
|
Re: Before closing did you have an appraisal of your soon to be house?
Posted by SweetCin
The bank always does an appraisal on the house to see if they will give you the mortgage (to see if the house is worth what it is selling for).
I'm sure it'll go well
Mortgage is done...this is being done after bank has oked mortgage is that weird???
|
| Posted 11/14/07 2:47 PM |
| |
|
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: Before closing did you have an appraisal of your soon to be house?
banks require an appraisal to verify their loan amount.
also, the dwelling appraisal amount is what will be used to base your insurance on.
hypothetically, good luck on the hypothetical appraisal!
eta: our house appriaised for more than what we paid, by about $20K.
Message edited 11/14/2007 2:49:07 PM.
|
| Posted 11/14/07 2:47 PM |
| |
|
leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
|
Re: Before closing did you have an appraisal of your soon to be house?
Posted by beautyq115
Posted by SweetCin
The bank always does an appraisal on the house to see if they will give you the mortgage (to see if the house is worth what it is selling for).
I'm sure it'll go well
Mortgage is done...this is being done after bank has oked mortgage is that weird???
No - your mortgage isn't really done Kathleen until you get to the closing table.
You have a conditional mortgage approval that is based upon the appraisal, termite inspection (sure you did it already), title search, etc. Truly you do not have a mortgage till its all said, done, faxed, signed, notarizied.
In this market, crossing fingers you are buying your house at least what you are spending on it.
I ended up buying well below the appraisal which safe guards me from a little bit of deflation in my market.
Good Luck! 
|
| Posted 11/14/07 2:52 PM |
| |
|
greenfreak
.
Member since 9/06 11483 total posts
Name:
greenfreak
|
Re: Before closing did you have an appraisal of your soon to be house?
I actually posted this question before my appraisal. Everyone assured me it would be fine but I got great info on what would happen if it wasn't fine.
Turns out, it wasn't fine! 
When the house gets appraised, they use comparable sales in the area to help figure out it's worth. That was where our problem came in. Our first appraisal came in at $4500. under the selling price.
So the sellers requested another appraisal by a different appraiser instead of negotiating price. They were not required to negotiate anything - we could have been out that money.
The second appraisal, although having unique problems itself, came in thousands above the selling price. It's funny just how different they were.
With the deflated market, it may become more commonplace now depending on the appraiser.
And as far as what's done and done... I considered absolutely nothing a done deal until that key was put in my hand. Good thing too, because I had a lot of challenges along the way that gave me a pessimistic mind. If I can be of any help, privately or otherwise, just say the word. 
Good luck!!
|
| Posted 11/14/07 3:02 PM |
| |
|
tann22
LIF Adult
Member since 6/05 2421 total posts
Name:
|
Re: Before closing did you have an appraisal of your soon to be house?
Posted by SweetCin
The bank always does an appraisal on the house to see if they will give you the mortgage (to see if the house is worth what it is selling for).
I'm sure it'll go well
Same as what this poster said.
Ours appraised for 40k more than what we paid.
|
| Posted 11/14/07 3:05 PM |
| |
|
gtsgirl
LIF Adult
Member since 5/06 1385 total posts
Name:
Stacey
|
Re: Before closing did you have an appraisal of your soon to be house?
Our appraisal came back $25,000 less then what we were going to pay for it. The sellers wanted another appraisal and it came back $20,000 less. They came down in price and we got a great deal. I guess its the market because the house is mint!!
Message edited 11/14/2007 3:21:14 PM.
|
| Posted 11/14/07 3:20 PM |
| |
|
beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
|
Re: Before closing did you have an appraisal of your soon to be house?
OMG now I am really worried about this
|
| Posted 11/14/07 4:38 PM |
| |
|
Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
|
Re: Before closing did you have an appraisal of your soon to be house?
Posted by beautyq115
OMG now I am really worried about this
Why are you worried??
When you buy a house you hire people to do good work for you (Bank, Lawyer, etc..) I would not worry about things that are out of your control and the appraisal being one of them. See what happens and go from there
Message edited 11/14/2007 4:43:07 PM.
|
| Posted 11/14/07 4:42 PM |
| |
|
Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
|
Re: Before closing did you have an appraisal of your soon to be house?
Message edited 1/30/2009 10:07:10 PM.
|
| Posted 11/14/07 4:45 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Before closing did you have an appraisal of your soon to be house?
Posted by Kelly9904
With this house the bank DID NOT do an appraisal. They said it wasnt necessary as we paid below the average in our area and had a very large DP, well more than 20%.
meaning- little risk for them if you went into foreclosure-
Message edited 11/14/2007 4:49:36 PM.
|
| Posted 11/14/07 4:49 PM |
| |
|
leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
|
Re: Before closing did you have an appraisal of your soon to be house?
Posted by beautyq115
OMG now I am really worried about this
Don't be worried persay, but remember that a contingency on your contract is *most likely* that you will be able to get your mortgage. So, this is part of you getting your mortgage.
In the worst case scenario and the house you are *hypothetically* buying is lower than your offer -- then you will have to make a decision. The sellers will have to decide whether to renegotiate with you or you have to decide whether you want to put more money in.
Lenders are getting tight nowadays and esp. in NY appraisals are being looked at very closely.
Good Luck!
|
| Posted 11/14/07 7:43 PM |
| |
|
beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
|
Re: Before closing did you have an appraisal of your soon to be house?
Posted by leese
Posted by beautyq115
OMG now I am really worried about this
Don't be worried persay, but remember that a contingency on your contract is *most likely* that you will be able to get your mortgage. So, this is part of you getting your mortgage.
In the worst case scenario and the house you are *hypothetically* buying is lower than your offer -- then you will have to make a decision. The sellers will have to decide whether to renegotiate with you or you have to decide whether you want to put more money in.
Lenders are getting tight nowadays and esp. in NY appraisals are being looked at very closely.
Good Luck!
What do you mean by put more money in??
|
| Posted 11/14/07 9:18 PM |
| |
|
pnm1654
Mommy to 2 boys!
Member since 5/05 4565 total posts
Name:
|
Re: Before closing did you have an appraisal of your soon to be house?
Our appraisal came in for more than we are buying the house for.
|
| Posted 11/14/07 9:30 PM |
| |
|
leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
|
Re: Before closing did you have an appraisal of your soon to be house?
Posted by beautyq115
Posted by leese
Posted by beautyq115
OMG now I am really worried about this
Don't be worried persay, but remember that a contingency on your contract is *most likely* that you will be able to get your mortgage. So, this is part of you getting your mortgage.
In the worst case scenario and the house you are *hypothetically* buying is lower than your offer -- then you will have to make a decision. The sellers will have to decide whether to renegotiate with you or you have to decide whether you want to put more money in.
Lenders are getting tight nowadays and esp. in NY appraisals are being looked at very closely.
Good Luck!
What do you mean by put more money in??
Meaning that you end up buying the house for more money than it is "worth" from the appraisal.
K- dont' get nervous until you get the number in your hands. don't think the worst, just take it as you get it.
|
| Posted 11/14/07 11:09 PM |
| |
|
JMC1014
We got a puppy!!
Member since 5/07 1420 total posts
Name:
J
|
Re: Before closing did you have an appraisal of your soon to be house?
Posted by pnm1654
Our appraisal came in for more than we are buying the house for.
same with us!
|
| Posted 11/15/07 9:13 AM |
| |
|
