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Appraisal was done in Dec for a refi now loan is for purchase and bank wants another appraisal, why?

  • March 14 2011 - Trenton
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Answers (7)

You've received some good answers which you choose to rationalize in your mind.

It doesn't matter whether it makes sense to you. Pay the $400.00 and hope you get the loan or keep things as they are and forget the loan.

Happy funding, Rudi
  • March 15 2011
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@Mike - thank you for your info however, still doesn't make sense since the bank ordered the original appraisal, it came in way above amount we needed, then underwriting had a problem with erroneous income verification and loan officer was out of town so he missed the 48 hour window to counter with correct info which, if the underwriter had any common sense, looking at the four most recent pay stubs in her possession showed what it the bank took another 30-45 days to confirm?  Then loan officer tells us a purchase would be the easier way to go based on our unique situation, appraisal was good, loan was approved, told we would close by end of Feb., then by March 4, then on March 7, which time off work was taken for same at loan officer's urging since "nothing more could possibly be needed," and on March 7 now says we need another appraisal for which they have had in their possession all along and they are sending out the same appraiser tomorrow????  Oh and miraculously, same loan officer is able to keep extending the rate lock deadline?  Our kids got a MSHDA loan in less time than we can seem to get a 15 yr CONV with 20% down and $40k less than original appraised value!  Thinking it's just our bad luck to have hooked up with an incompetent loan officer?
  • March 15 2011
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Thanks fr
  • March 14 2011
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What surprises me is the attention paid to the new home starts.  Is there a reason why there aren't any starts? 
Who is lending builders any money?
Do the lenders want a new appraisal on projects every quarter?
  • March 14 2011
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In an uncertain real estate market, lenders are taking no chances, on the value of a property, even if an appraisal was recently done.
  • March 14 2011
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Well said Vince.  Also, keep in mind that each lending institution has its own set of criteria that qualify each appraiser.  The first appraiser may not be on the list of approved appraisers for the second lending institution.  Furthermore, three months between two appraisals in this market can make a world of difference!
  • March 14 2011
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Because..

1- You need always need a new appraisal for EVERY appraisal assignment.

2- Values HAVE changed, however slightly

3- Appraisal is for a NEW loan, and every loan needs a different appraisal attached to it.

4- If you were the lender, you would want a current value on the property also.

Be prepared, the NEW lender may want a second appraisal also, to confirm the value of the first purchase appraial. Its their money and they want assurance.



  • March 14 2011
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