I've read that lenders are doing re-appraisals before closing due to Sandy...just what I've read, don't know if that's fact; best to contact your LO.
I haven't heard of re-appraisals being done, but I guess that makes sense if the property has sustained damage. I was supposed to close on my condo yesterday, but Tuesday night my LO called me and told me Ginnie Mae is ordering properties in my area (including mine) to be re-inspected prior to closing. My re-inspection was completed today, which was a very quick turn around. I'm hoping to get a(nother) clear to close Monday, and actually close on Tuesday.
Good luck to everyone else in this process!!!
Thank you for the info. Who pays for the re-appraisals due to the storm - the borrower or the lender? Not sure why the lender would pay, but as a borrower I don't want to pay either. Isn't the seller supposed to certify that the house is in the same condition as it was before the storm?
We are closing on Nov 9th, and are concerned if anything major comes up in the walk-through before closing..
The lender is actually required to pay for re-appraisals and re-inspections in this case. I was expecting to have to pay for it and I was getting ready to make out a check before she told me the lender is required to absorb the cost.
Thanks for the info.
I spoke with the Loan Processor and was told that the re-appraisal is just a visual inspection of the exterior to see if there was any damage from the storm.
We'll know more about that today. We are closing this Friday and nervousness has set in.
Signing party on Monday, closing and funding next week, woohoo!
Ok I am so glad to be a part of this board, it took forever to get my credit up
It wont let me post a picture
Purchase Price: $112,800
Property: 1,352 sq ft
Submitted Offer on: 11/12/12
Signed Purchased Contract on: 11/14/12
Type of Loan: FHA 30 year fixed
Loan Rate: 3.25%
Loan Application submitted: 11/17/12
Loan Approved: 11/21/2012
Appraised value: $105,500
Closing Date: 12/13/12
Closed On: 12/27/12
Whoppeee.......I finally joined the ranks yesterday!
I'm using a zero down FHA 203h Disaster loan. Its offered for one year after a federally declared disaster (in my case a tornado almost killed the whole family January 2012) I wasn't eligible to get an FHA loan until June 2012 (24 months out of chapter 7 BK). I lost my job May 30th, 2012. I lost my next job August 2012. I moved to New Orleans and was hit by Hurricane Issac August 2012.
I have perfect post BK credit. 4 trade lines, low DTI ratios, and 100 million contingencies to fulfill.
My PITI+MIP will be 40% of my rent in the same neighborhood.
Working for a notoriously volitile employer.
Sitting here a nervous wreck. lol
It's been one rollercoaster ride of a year.