topic Re: Our strategy for an accurate appraisal tomorrow in Mortgage Loans

Our strategy for an accurate appraisal tomorrow

Anonymous — Mon, 22 Jun 2015 16:00:22 GMT

After 5 1/2 weeks of waiting, our appraisal is finally tomorrow. I was told by our USDA Direct loan specialist that when the USDA sends a request to an appraiser, that appraiser has 15 business days to reply whether they'll take the job or not. WHAAAAAT? Oh, come on! It seems we've waited through a few.

Anyway, back to tomorrow's appraisal. I had the chance to talk on the phone with our appraiser & she's a very nice lady that lives 10 minutes away from our future house, so she knows the area well. I was still worried she wouldn't get a full appreciation of all the renovations the sellers performed, which total over $50,000 worth in the past 3 years. Luckily, our sellers mentioned that all renovations were done by certified contractors, so I figured maybe they could gather the paperwork & make copies for the appraiser to review, so I called the seller directly (it's for sale by owner & our realtor drops the ball a lot). Great minds think alike & the seller told me she & her husband already thought of that & gathered everything for the appraiser. The seller also plans to showcase the renovations in person during the appraiser's visit, so hopefully we'll get a nice, fat number that lets us roll in our (still unknown) closing costs!

Re: Our strategy for an accurate appraisal tomorrow

ezdriver — Mon, 22 Jun 2015 17:09:39 GMT

Just curious about who is paying the realtor's fee in this FSBO deal?

Re: Our strategy for an accurate appraisal tomorrow

Anonymous — Mon, 22 Jun 2015 17:16:02 GMT

@ezdriver wrote:
Just curious about who is paying the realtor's fee in this FSBO deal?

The sellers are. They also covered all the repairs from the inspection.

Re: Our strategy for an accurate appraisal tomorrow

ezdriver — Mon, 22 Jun 2015 17:21:21 GMT

@Anonymous wrote:
@ezdriver wrote:
Just curious about who is paying the realtor's fee in this FSBO deal?
The sellers are. They also covered all the repairs from the inspection.

Cool. Wishing you all the best with the rest of your home-buying process.

Re: Our strategy for an accurate appraisal tomorrow

Anonymous — Mon, 22 Jun 2015 17:44:06 GMT

Thanks, EZ! Here's hoping we can close & get out of this apartment with no a/c by the end of ~~the month~~ July.

Re: Our strategy for an accurate appraisal tomorrow

frugalQ — Mon, 22 Jun 2015 18:59:46 GMT

OMG...no a/c??? That is just plain wrong!!!

I am hoping it all comes together nicely for you!!

Re: Our strategy for an accurate appraisal tomorrow

Anonymous — Mon, 22 Jun 2015 19:04:23 GMT

Just for point of reference, I just got my final numbers...price 94.5k purchase loan amount will be 90k, I am bringing 5,088.56 to the table after 1k in earnest money. I also agreed to take the cost for tuckpointing on the chimney, @750 bucks (metal flashing) so my cost to close is less than 900. (6088.56 - 4500 down -750 repair =838.56).

Re: Our strategy for an accurate appraisal tomorrow

Anonymous — Tue, 23 Jun 2015 00:07:35 GMT

@frugalQ wrote:
OMG...no a/c??? That is just plain wrong!!!

I am hoping it all comes together nicely for you!!

Thanks-- it's brutal here. They're calling for a heat index of 106-110 tomorrow. eep!

Re: Our strategy for an accurate appraisal tomorrow

Anonymous — Tue, 23 Jun 2015 04:32:34 GMT

In my experience they will give you the number you need to get you to the sale/loan. Within reason I'm sure.
Good luck.

Re: Our strategy for an accurate appraisal tomorrow

StartingOver10 — Tue, 23 Jun 2015 12:27:33 GMT

@Anonymous wrote:
@frugalQ wrote:
OMG...no a/c??? That is just plain wrong!!!

I am hoping it all comes together nicely for you!!
Thanks-- it's brutal here. They're calling for a heat index of 106-110 tomorrow. eep!

omg...don't know how you can handle it without a/c. I would be living in front of a fan drinking a ton of icewater.

[[[[good vibes for a good appraiser]]]] sending good vibes to you so you get a good appraiser! I have had more than my fair share of both extremes lately!

Re: Our strategy for an accurate appraisal tomorrow

Anonymous — Wed, 24 Jun 2015 20:14:58 GMT

@StartingOver10 wrote:

omg...don't know how you can handle it without a/c. I would be living in front of a fan drinking a ton of icewater.

[[[[good vibes for a good appraiser]]]] sending good vibes to you so you get a good appraiser! I have had more than my fair share of both extremes lately!

I ended up getting physically ill from the heat yesterday & I'm still not back to normal yet today. Luckily, we got rain overnight & it's only in the upper 80's today. The appraisal went well so hopefully we'll close in the next 10-14 days.

Re: Our strategy for an accurate appraisal tomorrow

frugalQ — Wed, 24 Jun 2015 20:22:47 GMT

i'm sorry you were under the weather....please make sure to stay hydrated under all of this heat.

Congrats on the appraisal!!

Re: Our strategy for an accurate appraisal tomorrow

Anonymous — Wed, 24 Jun 2015 23:43:41 GMT

Thank you! I appreciate the concern. =D