Financing in 90230>Question Details

gmablake, Home Owner in 64081

Can loan papers be re-written after the appraisal is done?

Asked by gmablake, 64081 Fri Oct 19, 2012

I have applied for a reverse mortgage. The loan officer wrote up the papers based on an estimated value of $100,000. The appraisal came in at $93,000.00.

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Gail...it's a reverse mortgage.
0 votes Thank Flag Link Tue Jun 11, 2013
Do not understand reason for re-writing loan documents after appraisal. Is the reason because the appraisal came in lower that the accepted amount in signed purchase agreement? If so, if buyers and sellers agree to value based on appraisal document terms have to be changed in escrow and lender.

Gail Mercedes Cole
EXP Realty
310.853.9933
0 votes Thank Flag Link Tue Jun 11, 2013
Final terms of the loan will be based upon the appraised value and not the earlier estimation from the loan officer.
0 votes Thank Flag Link Mon Oct 22, 2012
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