Posted on: 08th Dec, 2009 11:04 am
I am currently in the process of doing a cash-refi to debt consolidation and cash to do some needed repairs. The loan is for around 50% LTV and have been currently approved. An appraiser came by the house and said the property was not in good shape, of course which is why I am doing the loan so I can get some repairs done. My question is if the appraisal is not good what happens? Will the loan be denied?
worst case scenario is to discuss this with your lender and switch to a 203K loan, for rehabilitation/renovation. the appraiser would have to provide, in addition to "as-is"value, a value based on what work you'd be doing. it is a bit more complicated than just asking about it, but too detailed to go into on here, i'm afraid.
did the appraiser indicate how the report will be written on the house?
did the appraiser indicate how the report will be written on the house?