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Financing in West Chester : Real Estate Advice

  • All234
  • Local Info13
  • Home Buying57
  • Home Selling9
  • Market Conditions10

Activity 6
Fri Apr 8, 2011
Bela Vora answered:
Based on what I know - appraisers never average the value of the 3 comps and they are not required to. Those numbers just give the range - the appraiser places the subject property where they see fit, based on their own observation. The upgrades you have mentioned are not as significant to an appraiser. I have seen phenomenal kitchen upgrades that adjusted + $1000 to a 500k home or patios and decks not even considered in the adjustment. Even a sun room square footage adjustment may be only $20/sq ft. Remember - an appraisal is one person's opinion of value.

As the agents below have recommended - you may try appealing, but I would not hold my breath. The adjustments you are seeking are not necessarily value adding in the eyes of the appraiser. They certainly appeal to buyers if you decide to sell in future. May not result in higher $$ but may help the house sell faster compared to other less improved properties.

Meanwhile, if you intend to stay in this house for a few years - since you have probably paid for the credit check and appraisal report - may be a good idea to go ahead and refinance if possible. (assuming you have equity or the liquidity to go ahead) Interest rates are at unusual lows and are expected to rise.

An article in the Realtor magazine about Cost vs Value of remodeling projects may be helpful.

I post helpful articles on my blog - feel free to visit
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Mon Jan 3, 2011
Myra Gouger answered:
You will end up paying the other portion of the closing costs. Banks can and do frequently dictate these fees and what they will accept as "normal" for the HUD.
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Fri Apr 30, 2010
Alan Openshaw answered:
Hello Eric,

The PHFA can be used in conjunction with FHA or conventional loans for assistance with down payment. The assitance comes in the form of a zero interest loan. Credit education is required for those with lower credit scores. There are also income limits and purchase price limits based on county.
Also the buyer must show that they have insufficient assets to make the down payment. The buyer must spend down their own funds first in some cases.
The borrower can also borrow $5000 from the lender as an advance on the first time home buyer tax credit to be paid back once the credit is received. for the downpayment.
For more information see
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Thu Jul 9, 2009
Wa Macdonald answered:
The seller can pay all usual and customary closing costs (deed transfer, title, etc). Here's the confusion. The seller can also pay the escrow and prepaids up to 4% of the sales price. So if the sales price is 100,000, and the escrow and prepaids add up to 3,000, the seller can pay that as well. If the escrow and prepaids add up to 4,500 - the seller is limited to 4,000. ... more
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Fri Jun 26, 2009
Adrienne Senior answered:
Well Ragh,
you might have bought already.This is a tough loan to find. The seller assist would work for some of the costs. If you have a 720 score and good income there are lenders out there still doing these loans. ... more
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Wed Apr 30, 2008
Ryan Brandenburger answered:
You all are missing the biggest issue at hand.....Is the Condo HUD/FHA approved? If not you will have to do a spot approval and it could take months!! Dont go under contract or move forward without answering this question.
call me if I can be of assistance.
Ryan 888-271-2221
Community Mortgage
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Financing in West Chester Zip Codes