Posted on: 23rd Mar, 2008 06:29 pm
Hi,
I am trying to figure out some discrepancies in my loan. We used a broker when getting our mortgage. He provided the Appraisal company, the settlement Attorney and Title Company. The Appraiser never came inside our house. At the time it seemed a little weird, but I was so busy, I didn't question it. Now I'm trying to educate myself and I just thought I'd ask. How can they charge so much ($300) and never come in my house???
Thanks,
Kerry
I am trying to figure out some discrepancies in my loan. We used a broker when getting our mortgage. He provided the Appraisal company, the settlement Attorney and Title Company. The Appraiser never came inside our house. At the time it seemed a little weird, but I was so busy, I didn't question it. Now I'm trying to educate myself and I just thought I'd ask. How can they charge so much ($300) and never come in my house???
Thanks,
Kerry
Hi Kerry,
As far as I know, the appraiser should have come into your house as because he needs to provide the details of your property in the appraisal report. He also needs to suggest which defects in the property if repaired can help in increasing the home value. The appraisal report consists of several other details as given in the page on Appraisal .
I will not question the $300 charge but I do feel the appraiser needs to come inside and have a look at the the property within.
Take care
As far as I know, the appraiser should have come into your house as because he needs to provide the details of your property in the appraisal report. He also needs to suggest which defects in the property if repaired can help in increasing the home value. The appraisal report consists of several other details as given in the page on Appraisal .
I will not question the $300 charge but I do feel the appraiser needs to come inside and have a look at the the property within.
Take care
occasionally, there will be times when an interior inspection by an appraiser is not required in order for you to be approved for a new mortgage. this may have been one of those occasions. also, occasionally, there are times when no appraisal is required at all.
in any event, you are 100% correct in questioning the fee. you should have been provided with a copy of whatever appraisal was done; and if none was required, the typical charge is merely $50.
there are a lot of potential problems that can arise from using a one-stop-shopping lender. not the least of these is that there is a high chance of there being a conflict of interest having all the work being done in one shop.
i have a feeling you may want to be in contact with your banking department in your state as well, though you ought to get answers to your questions from the lender first. don't threaten, as this will not do you much good.
in any event, you are 100% correct in questioning the fee. you should have been provided with a copy of whatever appraisal was done; and if none was required, the typical charge is merely $50.
there are a lot of potential problems that can arise from using a one-stop-shopping lender. not the least of these is that there is a high chance of there being a conflict of interest having all the work being done in one shop.
i have a feeling you may want to be in contact with your banking department in your state as well, though you ought to get answers to your questions from the lender first. don't threaten, as this will not do you much good.
