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Guest

at what point during the loan process does bank order the appraisal? I applied for loand and my banker said everything was looking good and i was pre approved he then ordered the appraisal and after another month said that we were turned down due to debt/ income ratio. Now i had to fork out 900 for appraisal. I dont feel like this is fair and why did he tell me we were looking good. Also this process took two months and he kept giving me the run around saying we were next in line and that the underwriters swere backed up.

Posted: Wed Jul 15, 2009 8:04 am Post subject:

Sounds fishy to me. Do you have a pre-approval letter? Unless something change in your income or debt status that is not right.

In my experience the appraisal is not ordered until there is a rate lock.

catharin9 · Joined: 14 Jul 2009 Posts: 168 -0.14 Dollars($)

DOES PREAPPROVAL LETTER MATTERS?

gmakerley · Posted: Wed Jul 15, 2009 9:02 am Post subject:

Don't know your experience, guest, but that would be pretty short-sighted in a case where a borrower chose to delay lock-in to the last minute.

appraisals are among the first things on the agenda when a loan becomes live.

i agree that it's too bad that our poster had to pay $900(!) for a report and get turned down eventually anyway. however, we have way too little information here to be able to figure out if the lender mishandled the file.

Guest

900 bucks is nothing if the house is a big enough house. I've done houses, single family homes for several thousand dollars. What do you think an Appraiser charges for a home that is 29,000 square feet, 300 bucks? How about an apartment building? How about a shopping center? Appraisals, depending on the property can run 10's of thousands of dollars. Not common, but yes, the size and complexity matters in determining price. Rural properties and those on acreage and historic homes expect to pay more, special expertise may be required.

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