Got my appraisal.

[Anonymous]

So I just got my appraisal on my new home construction. Appraised for a few thousand over what we paid so thats good I guess. Just curious though because the appraisal said a final inspection is required because when the appraisal was completed a few small spots had yet to have siding put up. Can we get the clear to close before the final inspection or will we have to wait? If we can get the clear to close how much longer after the appraisal does it normally take to get the clear since it is probably the last item they need?

Thanks!

[DallasLoanGuy]

typically, the loan officer will have all other stips collected and wait for the go ahead on the re-inspection.

after that, the ctc could take 1 - 48 hours. 

[Anonymous]

They just got back to me and told me they'd have the amount I need to bring to closing either today or tomorrow. Thought this was kind of picky of the underwriter, but they want information about a $500 and $900 deposit. One was from a garage sale and the other was an anniversary gift that we were given to use toward a new fridge. Hope they accept that explanation. I offered to provide them with an explanation letter stating the same thing. Do you think that should be enough?

Message Edited by kdoggflog01 on 11-03-2009 08:49 AM

[hawkeye33]

Depending on the UW, how much you have in reserves and how picky they are, they very well might want to see a copy of the cancelled check for the anniversary gift. I'm not sure what they do about the garage sale proceeds other than request a copy of the deposit slip.

I had a $750 deposit from my previous landlord for a security deposit when I moved out at the end of July, and UW wanted to see the deposit slip and cancelled check copies. Unfortunately, I had deposited via ATM, so those items were not available. I could have gone back to my landlords and had them provide a copy of the cancelled check, but I was in a hurry to try to get through the process, and they live out of state. I was already getting a gift for down payment and closing costs, so I had the gifter bump the amount by $750 to counter the need to document that deposit.

Long story short, they really want to see documented evidence of where your money came from.