Mortgage Loans

[wemmington]

    This is a new construction home and is 98% complete but when the lender ordered appraisal they came out and looked at the house and said it not far enough along to appraise. THe only things left to complete are landscape in front yard, cut power on, final repaint and clean, mirrors in bathrooms, carpet  and deliver appliances.  I've seen homes in the same division get appraised months sooner than ours so I don't see the problem since they come back out after home is complete to verify everything has been completed anyway.  

I've been worried about appraisal because I get 3,500.00 off price of home if I use the builders prefered lender so If I get a crap appraisal I can't go to a different lender without losing a bunch of coin.  

Any thoughts? 

btw estimated closing date is first week in September. 

TIA

[namvet]

Only the appraiser knows what thishome will appraise for.  The home does need to be 100% completed before a final appraisal can be done.  The appraiser has a ball part number in mind so why not give him a call for his estimate. The appraisal will be based on what other similar home in your area appraised for.

[Catacam]

I think it depends on the type of loan you are going for. We had to pay for a reinspect because the house wasn't completed. Landscape wasn't done, some architectectural details (two pillars) weren't 100% and some of the paint needed to be touched up. We went FHA and they have certain requirements and I do for a fact, appliances minus the refridgerator and washer and dryer are required.

[wemmington]

Thanks for the reply. 

It's 30 year conventional with 20% down.  We have to pay for reinspect too thats why I dont understand why he claims it not far enough along to do the initial appraisal.  Something seems fishy to me.