Asked by fatsiebelle, Los Angeles, CA • Wed Feb 20, 2013
So, my husband and I were preapproved with one lender and we made and got an offer accepted on a property that requires a Fannie Mae Homepath Reno Loan. Our purchase price is $260k. The "subject to" appraisal came back at $260k. I'm not sure why, but the asset manager does not want to lower the purchase price. Rather, they want us to cross qualify with their preferred lender. Which is fine as my husband and I are solid. Its the property it seems. But now this new lender says the original appraisal will not work as the property, should appraise for at least $293k after repairs. And he wants to order a new one with his own Appraiser. Can this new lender do this? Won't it essentially erase the original appraisal from the property?
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