I am buying a Florida vacation home through homepath. After several extensions on closing, I am now told that I have to pay for an apprasial. Why?

Asked by Rmatthewf, 34609 Sat Jul 14, 2012

We are doing a homepath loan and are over 2 months into the contract. The extensions keep saying that lender needs more time for approval. The latest extension states that Fannie Mae needs time to repair storm damage from the hurricane. Why do I have to pay for an apprasial when the web site states no apprasial needed?

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3
Alma Kee, Agent, Tampa, FL
Sat Jul 14, 2012
Just realized you said "vacation" home... I think on a 2nd home you may have to pay for an appraisal... your lender should know..
0 votes
Alma Kee, Agent, Tampa, FL
Sat Jul 14, 2012
Call your HomePath lender on Monday and ask them about this. If you are getting a HomePath "Renovation" mortgage to include repairs/upgrades then you MUST pay for an appraisal to determine the "after fixed up" value. If you're getting a normal HomePath then no appraisal should be required, unless they changed the rules.

Who is telling you you MUST pay for an appraisal? Are you sure there isn't a miscommunicaton? i.e. Fannie Mae has to appraise the damages..

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes
Originator says that I have to pay for on exterior only apprasial after the repair was done to the roof from the hurricane The damage occured after we put our offer in and while waiting to close. Our CC was charged $175 by Broad Street Valuation. We are getting a normal Homepath loan.
Flag Sat Jul 14, 2012
Tina Lam, Agent, San Jose, CA
Sat Jul 14, 2012
That sounds like a rather unusual situation. Have you discussed it with your Realtor?
Web Reference:  http://www.archershomes.com
0 votes
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