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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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URGENT NEED ANSWERS ASAP RE BANK APPRAISAL
Are we doing this backwards?? We have an engineer coming to look at the house our offer was accepted on. Someone told me I should cancel it and have the bank do the appraisal first to be sure we actually get the house and then do the engineer inspection...
Is this RIGHT???
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Posted 5/8/07 5:48 PM  |
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LuckySV
LIF Adult
Member since 10/05 4675 total posts
Name:
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Re: URGENT NEED ANSWERS ASAP RE BANK APPRAISAL
We had the engineer first then the appraisal. I've never heard of the bank doing the appraisal before the house was inspected.
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| Posted 5/8/07 5:50 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: URGENT NEED ANSWERS ASAP RE BANK APPRAISAL
home inspection...then contracts...then appraisal...then from that you receive your mortgage commitment...then title....then closing.
good luck!
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| Posted 5/8/07 5:51 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: URGENT NEED ANSWERS ASAP RE BANK APPRAISAL
no, get the house inspection first... whoever told you that was misinformed.
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| Posted 5/8/07 5:53 PM |
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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Re: URGENT NEED ANSWERS ASAP RE BANK APPRAISAL
Ok, that's what I thought too.. some family member is telling me DH and I should have the house appraised first b/c what if it does not appraise in the range we offered and what the house is worth.. then the bank says no to the mortgage... I never heard of this either then again this family member bought his house 30 years ago... things have changed
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| Posted 5/8/07 5:53 PM |
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Lillykat
going along for the ride...
Member since 5/05 16253 total posts
Name:
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Re: URGENT NEED ANSWERS ASAP RE BANK APPRAISAL
No you want the engineer inspection first as you might need to renegotiate or back out if there are any major problems that were not visible or something you would have been aware of when you walked thru the house.
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| Posted 5/8/07 5:53 PM |
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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Re: URGENT NEED ANSWERS ASAP RE BANK APPRAISAL
Posted by alnem
home inspection...then contracts...then appraisal...then from that you receive your mortgage commitment...then title....then closing.
good luck!
Thanks Emily! UGHH>>. this is SOOOO OVERWEHELIMHGdfgdsfgh
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| Posted 5/8/07 5:54 PM |
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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Re: URGENT NEED ANSWERS ASAP RE BANK APPRAISAL
Posted by Lillykat
No you want the engineer inspection first as you might need to renegotiate or back out if there are any major problems that were not visible or something you would have been aware of when you walked thru the house.
YES!!! this is why we are doing this!! THANK YOU!!!
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| Posted 5/8/07 5:54 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: URGENT NEED ANSWERS ASAP RE BANK APPRAISAL
Posted by VRF1125
Ok, that's what I thought too.. some family member is telling me DH and I should have the house appraised first b/c what if it does not appraise in the range we offered and what the house is worth.. then the bank says no to the mortgage... I never heard of this either then again this family member bought his house 30 years ago... things have changed
dont worry about that. in a standard real estate contract there is a mortgage contingency where if the house doesnt appraise at the sale value or if you are unable to get a mortgage commitment, the deal would be dead and you would get your down payment back. no attorney would ever let you sign a contract without it! 
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| Posted 5/8/07 6:04 PM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: URGENT NEED ANSWERS ASAP RE BANK APPRAISAL
You do the engineer visit first, before the contracts are signed. You may want to renegotiate the price, or pull our altogether depending upon what the engineer finds.
After the contracts are signed, the bank or your mortgage broker arranges for the appraisal.
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| Posted 5/8/07 6:07 PM |
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