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Apprasial and inspection to get a mortgage?

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Noenoeclue_is_me Joined: 15 Apr 2011 Posts: 45 12.63 Dollars($)	Posted: Sat Apr 16, 2011 1:07 pm    Post subject: Apprasial and inspection to get a mortgage? Like 0 Dislike 0 Hello, I was just curious if I was to pre qualify for a mortgage for say 30k or 28k... would I need to get an appraisal done on the house that I intend to purchase before buying it so that the bank could be satisfied as well? or can I just put down an offer? also do I need to have any inspections on the house before putting an offer on the table? Thank you I just didn't know if these were requirements or not to get a mortgage.
apexoffice Moderator Joined: 09 Jul 2008 Posts: 193 Location: Atlanta, GA 56.04 Dollars($)	Posted: Sat Apr 16, 2011 4:12 pm    Post subject: Like 0 Dislike 0 You could certainly talk to an appraiser if you want to get an idea on a fair offer, but it could not be used for the mortgage. When getting a mortgage, the lender must order their own appraisal. _________________ Benjamin Smith Atlanta Area Appraiser
Noenoeclue_is_me Joined: 15 Apr 2011 Posts: 45 12.63 Dollars($)	Posted: Sun Apr 17, 2011 4:10 am    Post subject: Like 0 Dislike 0 Oh, and I would be responsible for that bill huh? = what if the house doesn't appraise for fair market value? would I not be able to buy that house even if I was approved? For now I plan on buying a foreclosure so I highly doubt that will happen as it is cheaper than the rest of the real estate in this area, but still better to be safe than sorry. It kind of sucks that the bank would need to do that on a foreclosure property or any really since I'd have to foot the bill on it, not them. Not to mention they are only going to be appraising it in the state it is now, and not the state that it will be 3 weeks after I own it when I fix it up. How much does it usually cost to get a banks appraisal?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Apr 17, 2011 7:36 pm    Post subject: Like 0 Dislike 0 Hi, You can be responsible for the paying the cost of the appraisal. If you're approved for the mortgage, then you will be able to buy the property. But the loan amount will depend upon the appraised value of the property. The cost of the appraisal may vary. _________________ Procrastination is the enemy of your financial success
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Apr 19, 2011 11:14 am    Post subject: Like 0 Dislike 0 Noenoe...I can't tell you what a report will cost you on a property in Kentucky; I'm in Connecticut. As Ben pointed out, it's the lender's responsibility to receive an appraisal, and that is always a cost passed along to a borrower. Your loan is going to be based on the lesser of the two numbers - the sales price or the appraised value. As you view the home, and prepare to make an offer, you'll want to ensure that the sales contract includes an inspection clause, allowing you to have one done and ensuring that all issues raised by an inspector can be resolved before the actual transaction takes place. The cost of an inspection is also on you, as it is not a requirement of a lender...it's just good sense to do it. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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