Market Conditions in 48638>Question Details

Caschmidt, Home Owner in 48638

We need an appraisal before we go to the bank to get the loan. How can I do that?

Asked by Caschmidt, 48638 Wed Sep 7, 2011

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The process is usually as follows;
You meet with the lender and get a pre-approval based on your credit, income, down, etc.
It is conditioned upon the house and appraisal.
Once you find the house, you write an offer contingent upon financing and appraisal.
That offer is provided to your lender who reviews the offer, the title report, and orders an appraisal.
If everything goes well, you and the house are approved and you proceed to closing.

Simply stated.

All the best to you.
Web Reference: http://www.terrivellios.com
1 vote Thank Flag Link Wed Sep 7, 2011
Hello! If you are going to the bank to request a loan to purchase a home, you do not need to go with an Appraisal. The lender will order an appraisal for you. If you are going to the bank to refinance then you may indeed need an appraisal but the lender will also order his/her own. If the appraisals differ then you may likely have to purchase another appraisal or get your appraiser to re-work the on you have. The best place to go to find an appraiser is to ask the lender for their approved list or contact a local Realtor for the information. Good luck!
0 votes Thank Flag Link Thu Sep 8, 2011
Caschmidt, what kind of loan you are applying for. Are you purchasing a new home, re-financing your current home? In either case, you do not normally need an appraisal before making application. Your Lender should be ordering one for you at the appropriate time in your loan process.

Rates are fantastic right now, so you are making a wise choice to do this now. Good luck!
Web Reference: http://MBShomes.com
0 votes Thank Flag Link Thu Sep 8, 2011
The lender you are using to get a mortgage from will not accept an appraisal ordered by the homebuyer - there are strict compliance guidelines which stipulate who exactly can order the appraisal and depending on who is ordering it what process they have to go through. The compliance guidelines preclude the homebuyer/borrower from ordering an appraisal and it being able to be used.

However if you need to get an appraisal because of another reason, you would want to seek out appraisers in the local area to the property. If the loan officer (which is what I am) was still able to order the appraisals individually from appraisers, what I personally would do is go to http://local.yahoo.com/ and enter in "real estate appraisers" and punch in the address of the property - this should generate a list of appraisers who are close in proximity to the property which will increase the likelihood they will be familiar with the property's immediate area neighborhoods and the home values there. You will want to interview several, as there are all sorts of different personalities and types of appraisers, and feel free to ask them as many questions as you can think of like how much it cost, how long will it take, how long they've been doing appraisals, how familiar with the neighborhood they are, etc. (write a bunch of questions down ahead of time and write down their answers). For another appraiser database, you can use the FHA approved appraiser roster at https://entp.hud.gov/idapp/html/apprlook.cfm but it does not have their contact information and sometimes the address listed isn't exactly where they are at... so you still have to use another source to find each appraiser's contact information by using the information on the FHA appraiser roster.
0 votes Thank Flag Link Thu Sep 8, 2011
There is no reason for you to get an appraisal before going to the bank for a loan. The lender you choose will order an appraisal as part of the deal.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Wed Sep 7, 2011
Not sure the question is understood, therefore you may wish to ask again with a little more information...
0 votes Thank Flag Link Wed Sep 7, 2011
Hi Caschmidt,

Why do you need an appraisal before applying for the loan? Usually, you apply for a loan, find a property, and then get the appraisal.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Wed Sep 7, 2011
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