Kenuc1,

Have you been able to resolve your issue yet? I have a number of possible loan programs available and the appraisers we use are local.

Jennifer is correct about credit inquiries and the effect on your score. You are allowed to shop for a mortgage without impacting your score as long as all mortgage related inquiries are in a 30-45 day period.

Let me know if I can be of service to you.

Tim Epps
Fairway Independent Mortgage - Tulsa
918-528-4010
Tim@MyFairway.net

Have you "shopped" around for your loan? If you haven't you should. You may get better terms than Quicken Loans is offering. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time. And since they have already done an appraisal on the property claiming the house is worth less than the contract price, you really should consider other avenues.

However, if the appraisal that was completed for you turns out to be accurate, the seller will need to reduce his property. A bank will not loan MORE money than the house is worth. So keep that in mind when you are negotiating with the seller.

Responding back to answers

Yes I am dealing with Quicken Loans,not local bank, no realtor involved it was for sale by owner ,We have lived in this area for 10yrs now and know we are giving top dollar for this home. We intend to retire and live to the end in this home. It is a 2100 sqft home all brick built with 2x6 walls and all brick with 3 car garage on 10 acres and a 20 x30 shop.The appraiser quoted $76 sqft to build new and $4000 an acre both impossible in this area. Thanx for info

Is the lender also not from the area? As Cindi said, you can pay to have another appraisal done, but that will cost about $400 out of your pocket. You could also ask that the seller split the cost or pay for another appraisal... the seller really isn't entitled to do so but if it is going to bust this deal perhaps they would consider. Are you doing this without a Realtor? Because your Realtor should have taken comps of the area and it would indicate an average price for the home. If you are working with a Realtor, you could also take the comps and give those to your lender. If the appraisal truly is a bust and you have comps to back you up, the lender may ask for the appraisal to be redone at no cost. Good Luck!

You could ask you lender to do another appraisal....it will cost you, but it may be well worth the expense if you really want the home.