Financing in 02472>Question Details

Rich, Other/Just Looking in 02472

can bank have appraiser change appraisal from "as is" to needing repairs, after the original appraisal is submitted for refinance with?

Asked by Rich, 02472 Sat Mar 13, 2010

same bank? This is a refinance for approx. 20% of property value.

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9 times out of 10 as is = needs repairs.

as is really means the seller is not wanting, maybe willing or able to fix any problems found with the property.

I would not see such a change as any real difference.
1 vote Thank Flag Link Sat Mar 13, 2010
Hi Rich!

Did you close on your refinance and did you have to do the repairs? Appraisals are scrutinized these days and sometimes close inspection reveals text or photographs that indicate something is in need of repair to preserve the property. The appraisal itself is not the final word... the bank has a right to lend its money under certain conditions, one being the physical state of the collateral (property.) While it is unusual, yes, it does happen in refinances. What were the issues/repairs?
0 votes Thank Flag Link Thu May 12, 2011
The bank wants to lend money on a property that does not need repair, so I am sure they will come back asking for things to be done.
Web Reference: http://fredglick.com
0 votes Thank Flag Link Sun Mar 14, 2010
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