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Kelvin
Guest
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 Posted: Sat Sep 29, 2007 2:05 am Post subject: What if the lender reduces home appraisal value? |
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I had my home appraised by a certified appraiser and it came out to $80,000. this was to check what the lenders appraiser has appraised the home accurately and how correct was I in taking this decision! But the lender's determination of my home value came out to be $7000 less than what my new appraiser has evaluated. They said after my appraisal they felt that the value was too high so theyt lowered the worth of my home. Is that legal??
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Ryan
Guest
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| Posted: Sat Sep 29, 2007 2:13 am Post subject: |
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| I think it's legal. This actually happens everytime it goes not for a review by the lender. |
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 larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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| Posted: Sat Sep 29, 2007 3:36 am Post subject: |
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Hi Kelvin,
The lender sometimes can do this and in turn also limit the loan amount to some percentage of your home's appraised value. By doing this, the lender limits the risk in borrowing provided you default on the loan. |
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liaoyu03
Joined: 09 Sep 2007
Posts: 166
4.00 Dollars($)
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| Posted: Mon Oct 01, 2007 7:47 am Post subject: |
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| yes, reducing the home appraisal value by lender can reduce the venture to lend you loan in case you can't fulfil your payment. |
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