It is critical to understand that just becasue an appraiser completes a report, that does not mean that is acceptable. Brick ranch homes would not be acceptable comps for a two story frame house.
For an appraisal report to be valid, it must contain at least 3 comparable homes that have closed within the last 90-180 days. Should nothing comparable have closed in that time frame, the appraiser can go up to a maximum of 12 months from the inspection date. Often, an additional closed sale will be provided along with 1-2 pending sales or active listings for a total of 6 comparables.
Selection of comps is somewhat subjective based on the appraiser since it really is a judgment call. The best comps will be of similar age, square footage, # of bedrooms/bathrooms, and style of the subject property. At least 2 of those 3 comps should come from the subject property’s neighborhood. One must come from an outside neighborhood to better bracket the overall market area value. Appraisers do need to take into account school districts and city/county boundary lines.
The Appraiser Independence Code is part of an Act that all lenders must follow makes the disputing of a value quite difficult. To make a dispute, the lender must determine that the appraisal report is flawed and has a material defect. This means that comps that are “better” must have been available but not used. Your agent would have to provide these “better” comps to determine if a dispute is justified.
An appraisal cannot be disputed simply because it did not arrive at a certain value. That would be a violation of the Code.
Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.... more
No, all mortgage underwriting guidelines will not allow any late mortgage payments in the last 12 months. All mortgages the borrower has must be paid on time for a minimum of 12 months. Should there be a 120+ day late, then that is treated like a foreclosure and a waiting period of at least 36+ months would then apply.
Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.... more
In Meridianville AL for new construction is on average going for about 95 dollars a square foot. You could build for less in the more rural areas. This is also dependant upon the amenities. Hardwood, granite smooth ceilings etc. Call me I have some vacant lots and a couple of amazing builders that would be happy to sit with you and discuss your options.
Sincerely,
Julie Laten
256-348-5346... more
Scott was correct but Gregorio shared more information. Please read my blog at:
http://www.trulia.com/blog/george_raymondo/2011/04/can_i_buy_a_home_after_a_short_sale_or_foreclosure
This should clear things up for you.
Best of Luck!... more
Mortgage Banc (non-depository) within compliance of H.E.R.A. guidelines can determine eligibility,
Until otherwise informed all Mortgage Banks (despository) ie; bailout .banks
I suggest submit your inquirey to the FTC, or RESPA entity... more
It depends entirely on how you negotiate the contract If you can find someone to count all of it that’s great for you but typically you would agree on a rate and then go by the amortization schedule. Some people use a flat amount like $100-$150.
Basically like I said it is all in how good you negotiate don't let anyone tell you it is suppose to be this way or that make them tell you that they will not do the way you request.
In my opinion I would ask for 6.5-7% rate and let the amount of principle reduction be based off of an amortization schedule that’s uniform and no questions or disputes later... more