I have an accepted conv (20% down) offer on a Homepath approved property.My loan officer said the appraisal was optional,any thoughts? Is it worth it?

Asked by Roger, Wed Jul 6, 2011

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Laura Coffey, Agent, Santa Clarita, CA
Thu Jul 7, 2011
The appraisal is completely separate than a home inspection. If an appraisal is optional and you choose to get one it's yours you don't have to show it to anyone. If you have a Realtor they should have run the comps for you before you ever submitted your offer. If you are comfortable with the price you offered and the value than I may think twice about the appraisal because that's all that does. If you are not, don't order it through the lender, go independent. Good luck.
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Gregorio Den…, , San Diego, CA
Wed Jul 6, 2011
An appraisal is not an inspection. Your agent should be able to tell you if your offer is sound or not. Since you are also in California, your DRE licensed loan officer should also be able to do a CMA for you since they are an agent as well and advise you on value. If you like the property and want to purchase it, you don't need the appraisal, but you should get an inspection.
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Tchaka Owen, Agent, Fort Lauderdale, FL
Wed Jul 6, 2011

Unless you are confident that your purchase price is below appraised value, I would absolutely have an appraisal done. It will cost you in the vicinity of $350 which is nothing compared to the price of the home. If it doesn't appraise, get back to the negotiating table.

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Michael Abram, , Los Angeles, CA
Wed Jul 6, 2011
Hello Roger,

The benefit of the homepath loan is not having to do an appraisal. The appraisal inspection could end up opening a can of worms, if there is any visible damage noted by the appraiser, which will have to be fixed prior to closing the loan. So, in addition to incurring an appraisal fee of a few hundred dollars, you run the risk of needing to fix the property before the close of escrow. If you are having serious doubts about the value of the property, then you may want to consider doing the inspection. Also, if you know there is no damage to the property that could be a problem, the inspection can't hurt, but its just an unncessary fee that you've now incurred.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Fax: (31) 451-6407
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