Posted on: 28th Dec, 2008 08:30 am
I would like to have the lender disclose in writing how much they appraise the home for. Does the lender typically disclose this? Are they required to? I want to make sure the property is appraised for at least the $$ I am purchasing.
I can see the lender not wanting to disclose this if the appraisal comes out slightly (under $5k) below the purchase price, just so they can write the mortgage (so they can make money). Is my concern/request to see the appraisal valid?
I can see the lender not wanting to disclose this if the appraisal comes out slightly (under $5k) below the purchase price, just so they can write the mortgage (so they can make money). Is my concern/request to see the appraisal valid?
Check out 12 U.S.C.A. Section 1691(e), part of the federal Equal Credit Opportunity Act.
Under this section, you are entitled to a copy of the appraisal report. The law requires that the request be in writing within 90 days of the application date, but usually if you just ask for it, they will provide it to you. There is one draw back, they (the lender) have the right to ask you to reimburse them for the appraisal fee prior to delivery.
I hope this helps.
Under this section, you are entitled to a copy of the appraisal report. The law requires that the request be in writing within 90 days of the application date, but usually if you just ask for it, they will provide it to you. There is one draw back, they (the lender) have the right to ask you to reimburse them for the appraisal fee prior to delivery.
I hope this helps.
i don't see it as a drawback to pay for the appraisal fee, but that's okay.
by all means, pete, you have the right to receive a copy of the appraisal report. yes, the law states you have to make the request in writing, but any reasonable lender will simply hand it to you upon its completion.
if the value is less than you're paying, then you ought to renegotiate with your seller. also, if it's less, the lender may not be able to provide you with the loan you requested, and may come back with a counter offer to a lower amount.
speak with your lender right away, and let them know your concerns. i'm sure they'll be happy to comply with your requests.
by all means, pete, you have the right to receive a copy of the appraisal report. yes, the law states you have to make the request in writing, but any reasonable lender will simply hand it to you upon its completion.
if the value is less than you're paying, then you ought to renegotiate with your seller. also, if it's less, the lender may not be able to provide you with the loan you requested, and may come back with a counter offer to a lower amount.
speak with your lender right away, and let them know your concerns. i'm sure they'll be happy to comply with your requests.
As noted above, any reputable lender would let you know the appraised value. I give a copy of the apprasial to everyone as soon as I get it. They do not have to ask for it.
What is your down payment? Is it 5% or 10% or 20% or more?
If your down payment is 20% and the apprasial is low, the lender would have to get back to you and tell you that you need PMI.
If your down payment is more than 20% you would not necessarily know what the apprasied value is.
Ask the lender for the value and a copy of the apprasial. If they refuse and you are putting down more than 20%, tell them you decided to put down 20% (do not really do it). If the apprasial is low they would have to tell you you need PMI and then you would know it is low.
What is your down payment? Is it 5% or 10% or 20% or more?
If your down payment is 20% and the apprasial is low, the lender would have to get back to you and tell you that you need PMI.
If your down payment is more than 20% you would not necessarily know what the apprasied value is.
Ask the lender for the value and a copy of the apprasial. If they refuse and you are putting down more than 20%, tell them you decided to put down 20% (do not really do it). If the apprasial is low they would have to tell you you need PMI and then you would know it is low.
