Comments on: Timing the Appraisal http://www.mytucsonblog.com/loans-and-financing/timing-the-appraisal/ Everything you need to know about Tucson and Real Estate - and then some Fri, 30 Jul 2010 17:05:44 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Kelley Koehler http://www.mytucsonblog.com/loans-and-financing/timing-the-appraisal/comment-page-1/#comment-1581 Kelley Koehler Mon, 17 Nov 2008 22:07:13 +0000 http://www.mytucsonblog.com/?p=1017#comment-1581 Brent - you'd have to go back to the escrow instructions on that one. I can't speak to your contract or how they operate in your state. Brent – you’d have to go back to the escrow instructions on that one. I can’t speak to your contract or how they operate in your state.

]]> By: Brent M http://www.mytucsonblog.com/loans-and-financing/timing-the-appraisal/comment-page-1/#comment-1576 Brent M Mon, 17 Nov 2008 20:14:26 +0000 http://www.mytucsonblog.com/?p=1017#comment-1576 Thank you Kelley! Can escrow follow instructions for more than one lender? -- brent (Hawai'i) Thank you Kelley!
Can escrow follow instructions for more than one lender?
— brent (Hawai’i)

]]> By: Kelley Koehler http://www.mytucsonblog.com/loans-and-financing/timing-the-appraisal/comment-page-1/#comment-1575 Kelley Koehler Mon, 17 Nov 2008 19:54:11 +0000 http://www.mytucsonblog.com/?p=1017#comment-1575 Brent - this would be a better question for your agent, and I don't know the rules in your particular part of the country. Here, based on our typical resale contract, the lender orders the appraisal. It does not belong to you the buyer, you do not order it. You just pay for it, the lender passes that charge along to you. And no one would order an appraisal without having a property under contract, which would mean the lender was given a copy of the contract. If more than one lender was given a copy of your contract as you shopped loans... Here, as well, escrow is a neutral third party. They don't make decisions, they follow instructions and ensure compliance. Brent – this would be a better question for your agent, and I don’t know the rules in your particular part of the country. Here, based on our typical resale contract, the lender orders the appraisal. It does not belong to you the buyer, you do not order it. You just pay for it, the lender passes that charge along to you. And no one would order an appraisal without having a property under contract, which would mean the lender was given a copy of the contract. If more than one lender was given a copy of your contract as you shopped loans…

Here, as well, escrow is a neutral third party. They don’t make decisions, they follow instructions and ensure compliance.

]]> By: Brent M http://www.mytucsonblog.com/loans-and-financing/timing-the-appraisal/comment-page-1/#comment-1574 Brent M Mon, 17 Nov 2008 19:45:47 +0000 http://www.mytucsonblog.com/?p=1017#comment-1574 Nice info - thank you. What happens if - in the course of loan shopping (acquiring GFE's) - a broker orders an appraisal for me that I didn't commit to in writing or verbally? I end up with a diffrerent lender and now the orginal broker tries to loop in the cost of the unauthorized appraisal into my closing costs. Isn't an appraisal specifically ordered by me, not a broker/lender (unless agreed)? Is it legal for a broker to attempt to horn in on my closing for an unauthorized appraisal? What can I do if they attempt this? What is Escrow's responsibility? Thanks! -- b Nice info – thank you.
What happens if – in the course of loan shopping (acquiring GFE’s) – a broker orders an appraisal for me that I didn’t commit to in writing or verbally? I end up with a diffrerent lender and now the orginal broker tries to loop in the cost of the unauthorized appraisal into my closing costs.

Isn’t an appraisal specifically ordered by me, not a broker/lender (unless agreed)?

Is it legal for a broker to attempt to horn in on my closing for an unauthorized appraisal?

What can I do if they attempt this? What is Escrow’s responsibility?

Thanks!
— b

]]> By: Apella http://www.mytucsonblog.com/loans-and-financing/timing-the-appraisal/comment-page-1/#comment-1067 Apella Mon, 12 May 2008 17:22:09 +0000 http://www.mytucsonblog.com/?p=1017#comment-1067 Kelley, Thanks for the post! Think it is Great! This post points out time and efforts savings! The issue of real estate sales professionals and home buyers/sellers using an appraisal for listing or purchase, while not always received, was in fact a key reason for the development of company. Special appraisal products are offered to those parties in efforts to speed up the transaction and counter other issues that may arise from a sale/purchase. People are really surprised how fast a closing can go with a lot of the inspection/appraisal work done up front in some form or other. Thanks for putting this out there. Kelley,

Thanks for the post! Think it is Great!

This post points out time and efforts savings! The issue of real estate sales professionals and home buyers/sellers using an appraisal for listing or purchase, while not always received, was in fact a key reason for the development of company. Special appraisal products are offered to those parties in efforts to speed up the transaction and counter other issues that may arise from a sale/purchase.

People are really surprised how fast a closing can go with a lot of the inspection/appraisal work done up front in some form or other.

Thanks for putting this out there.

]]> By: Kelley Koehler http://www.mytucsonblog.com/loans-and-financing/timing-the-appraisal/comment-page-1/#comment-1066 Kelley Koehler Mon, 12 May 2008 02:33:16 +0000 http://www.mytucsonblog.com/?p=1017#comment-1066 MLS (if that is your real name... :P) - I work all price ranges. I think in 5 years, I've had one appraisal not come in at the sales price with one of my buyers. The problem is if the market is determined to be 'declining', then the lender may require additional down payment. MLS (if that is your real name… :P ) – I work all price ranges. I think in 5 years, I’ve had one appraisal not come in at the sales price with one of my buyers. The problem is if the market is determined to be ‘declining’, then the lender may require additional down payment.

]]> By: MLS http://www.mytucsonblog.com/loans-and-financing/timing-the-appraisal/comment-page-1/#comment-1064 MLS Sun, 11 May 2008 00:29:17 +0000 http://www.mytucsonblog.com/?p=1017#comment-1064 Interesting article. I have never experienced an overpriced home based on the appraisal. Do you typically work in the luxury market? Interesting article. I have never experienced an overpriced home based on the appraisal. Do you typically work in the luxury market?

]]> By: Steve Nicks http://www.mytucsonblog.com/loans-and-financing/timing-the-appraisal/comment-page-1/#comment-1061 Steve Nicks Thu, 08 May 2008 23:21:55 +0000 http://www.mytucsonblog.com/?p=1017#comment-1061 Gotcha!! Gotcha!!

]]> By: Kelley Koehler http://www.mytucsonblog.com/loans-and-financing/timing-the-appraisal/comment-page-1/#comment-1059 Kelley Koehler Thu, 08 May 2008 17:17:43 +0000 http://www.mytucsonblog.com/?p=1017#comment-1059 There are several contingencies such as that one that protect the buyer. Its more a matter of timing I'm addressing - if we wait until we're thru inspections, we might just be delaying the inevitable, especially if more down payment will be required and the buyers don't have it. Just a discussion item to have with my buyers. There are several contingencies such as that one that protect the buyer. Its more a matter of timing I’m addressing – if we wait until we’re thru inspections, we might just be delaying the inevitable, especially if more down payment will be required and the buyers don’t have it. Just a discussion item to have with my buyers.

]]> By: Steve Nicks http://www.mytucsonblog.com/loans-and-financing/timing-the-appraisal/comment-page-1/#comment-1058 Steve Nicks Thu, 08 May 2008 16:06:03 +0000 http://www.mytucsonblog.com/?p=1017#comment-1058 Kelly - What about the contingency in the contract (Sec. 2c, Ln. 59-61) that the appraisal must come back at the sales price or higher? Doesn't this protect your buyer enough and allow them to cancel the contract after the inspection period? Kelly – What about the contingency in the contract (Sec. 2c, Ln. 59-61) that the appraisal must come back at the sales price or higher? Doesn’t this protect your buyer enough and allow them to cancel the contract after the inspection period?

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