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Va Loan Appraisal All Locations : Nationwide Real Estate Advice

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Showing results for va loan appraisal [Clear search]
Sat Feb 2, 2013
Derek Gray answered:
Hi Gloria,
If you'd like help with your purchase, give me a call. 949.464.7296. If you'd like a tenant, let me know what you have.
0 votes 18 answers Share Flag
Thu Oct 20, 2011
Scott Godzyk answered:
Heidi this is an amount that a loan officer can give. I can tell you teh average closing costs are 3% but differ depending on what type of loan you choose, some have no closing costs as teh seller can pay up to 6% of them.

Your best bet is is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgage that you may quailify for and explain the pros and cons of each. They are required to give you a good faith estimate of estimated costs to close.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_know_if_i_can_get_a_mortgage_given_today_s_real_estate_market


PLEASE SEE MY BLOG FOR A FULL LIST OF TIPS AND ADVICE ON GETTING A MORTGAGE
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0 votes 11 answers Share Flag
Sun Apr 1, 2012
Anna M Brocco answered:
Much will depend on the lender, therefore consider asking your loan officer the question.....
0 votes 1 answer Share Flag
Fri Oct 14, 2011
Shanna Rogers answered:
Hi Tracy,

When appraisals come in low (below sale/purchase price), there are 4 options: 1) Lower your price to the appraised value, 2) The seller and buyer meet somewhere in the middle, 3) The buyer pays the difference in cash (as long as it's not a VA loan they are using for financing), 4) You cancel the contract.

Shanna Rogers
SR Realty
www.RealtyBySR.com
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0 votes 10 answers Share Flag
Fri Oct 14, 2011
Lance King answered:
Tom,

Not sure exactly what details you're looking for, but in order to put in any offer on any property here you will need a solid pre-approval before getting one accepted. The process varies from bank to bank, but any lender can walk you through it.

We work with some really good ones and happy to refer you to them if you like. Contact info below:

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
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0 votes 10 answers Share Flag
Tue Jan 8, 2013
AJ Powers answered:
An REO is similar to a traditional sale, but the bank is the seller (there are some differences- as is, exempt disclosures, etc...). You can take out a loan similar to any other property. FHA is more difficult regardless of REO or not due to the property condition restrictions and it is also less desirable to the seller as you are only bringing in 3.5% (or less with CHFA or other down payment assistance programs). Some banks will take a lower conventional or cash loan vs. FHA. ... more
0 votes 9 answers Share Flag
Thu Oct 20, 2011
Albert Rapoport answered:
Each lender has its own policy toward ratelock renegotiations. You are able to begin the process with another lender if you so choose. However, keep in mind that your file will not transfer and you will be starting from square one with a new lender. If you have already gotten an appraisal, then chances are a new one will be needed. You should weigh the monthly savings gained from the lower rate versus any potential penalties you may incur from your existing lender/services you have already paid for that can't transfer. Of course, if you do decide to make a move, feel free to call me and i will give you our best offer.

Albert "Al" Rapoport
NMLS ID# 60865
AVP - Business Development/Branch Manager
InterContinental Capital Group
A BBB Accredited Institution
70 Hudson Street, Ste. 4A
Hoboken, New Jersey 07030
Tel: 201-809-9905
Cell: 908-244-8107
Efax: 973-774-7026
Email: Arapoport@icghome.com
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0 votes 6 answers Share Flag
Sun Nov 11, 2012
Phil Rotondo answered:
Rick;
On a "drive-by" the answer is no.
On a walk-thru the effect would not be substantial at all.
0 votes 7 answers Share Flag
Thu Aug 15, 2013
Juanita Brooks answered:
Were the comps around the 203 mark and your upgrades was anything other the 3rd car garage, pool, or extra bath, then the upgrades are just something that would help the house sale faster, but does not add a lot of value. The appraiser has to go by the comps in you area, the reappraisal is to verify what the value of the house is worth. If you have higher comps in your area that the appraiser can use, then the higher the value on your home. Hope this has help if you have any other questions just call me at 661 204-8669 Thanks Juanita Brooks ... more
0 votes 5 answers Share Flag
Tue Nov 22, 2011
Laura Feghali answered:
Hello Linwood,
I would not suggest that it is "always" advisable to order and perform a termite inspection particularly if there is no evidence of infestation.
However; if termite damage is suspect, then it's in your client's best interests to have an inspection performed. If the bank must see it, then so be it as it may resolve the issue in getting the necessary repairs completed in order to close.
Just another hurdle....

Laura Feghali
Prudential Connecticut Realty
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0 votes 8 answers Share Flag
Wed Jan 25, 2012
Morgan Hill, Owner Financing Specialist answered:
You shouldn't itemize.. Life is to short to spend your time nit picking things you can not control... Most all of the closing cost goes to the buyers side anyways.. that's why their are 'seller paid contributions' towards closing cost. ... more
0 votes 9 answers Share Flag
Mon Oct 3, 2011
Lori Ann Fisher answered:
I work with a great guy that should be able to help answer your questions. His name is Mark Boone with Bankers Home Loans 248-687-7462.
0 votes 8 answers Share Flag
Sun Oct 21, 2012
Ron Thomas answered:
remember the addage that it will cost twice as much and take three times as long.

or is it cost three times and take twice as long?

On the HGTV when they do flips, it is never done in 30 days!

remember to do the lawn first.

good luck and may God bless
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0 votes 22 answers Share Flag
Sat Oct 18, 2014
Dan Tabit answered:
Kim & Herb,
I take it you are an attorney? You can submit your own offer, but I don't know if you would be eligible for the commission. If you are making a play for this, put it in the offer clearly.
You'll need a copy of the legal address and I suggest you use whatever forms are provided to agents rather than write your own. As agents, we are familiar with the forms provided through our MLS and trained in their use. If you add substantially to them, you will add delays and possible expenses as the additions are reviewed.
Offers generally are submitted by fax or email to the listing office and or agent. If you are not a Real Estate Attorney, please reconsider this plan. I have represented many attorneys who are very well versed in their specialty, but not in Real Estate. A good agent brings value to a transaction and a bad one, or none at all may cost you more than you realize. Best of luck.
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0 votes 35 answers Share Flag
Fri Oct 21, 2011
Shane Milne answered:
For conforming loan programs it's the note date - which needs to be no later than next Friday. For FHA financing you need to have a credit approval with the appraisal in the file by that date. So if you are considering FHA there is still a sliver of time but for conforming (and if this is owner occupied you are talking about) you need to sign loan documents no later than Monday due to the 3 day right to rescind (which would make funding on Friday Sept. 30th) and that isn't going to happen. There are still combination 1st/2nd loans though that will go up to the soon-to-be-expired conforming loan limits (and above). ... more
0 votes 13 answers Share Flag
Fri Sep 23, 2011
Stacey Lange answered:
I am an agent in the Snohomish area and have an AWESOME agent in Puyallup that I can recommend you to and she works with a ton of VA clients. Feel free to give me a ring or call and I will gladly pass on her info. My email is staceylange@windermere.com ... more
0 votes 13 answers Share Flag
Thu Mar 22, 2012
Tim Moore answered:
A short sale, in any form, is the same. You never know. They could drag it out for months or weeks or they may never answer you on your offer. Nothing surprises me on short sales. They might just wait for a better offer without answering you, that is very common. ... more
0 votes 8 answers Share Flag
Fri Sep 23, 2011
Hank Miller answered:
No home is guaranteed to close so lose that idea. If you've been through a DIL then you know that will impact your ability to buy a home down the road. The fact that the loan rep didn't ask you about that doesn't mean that you shouldn't have told them. Obviously they should have asked and it's likely there was a question(s) on the loan app that you should have responded to acknowledging your issues. There might even be a line about being legally required to be completely candid....Then there's your buyer's agent....did they know?

We don't know the circumstances but we do know this isn't your first home so you should know better. And if you didn't, then why are you into a legal contract that you don't understand?

Hank
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0 votes 16 answers Share Flag
Tue Dec 8, 2015
Alexander Grethe answered:
Hello Kathleen;

I can put you in touch with a very eperienced and resourceful lender.
Which area were you thinking of?

Have a great day,

Alexander
407-929-9674
0 votes 11 answers Share Flag
Thu Mar 22, 2012
Shane Milne answered:
You posted a similar question at http://www.trulia.com/voices/Financing/GREAT_home_GREAT_price_SHORT_SALE_and_HIGH_TAX-321688 but you seemed to have added a little different information and were able to squeeze your question in too (Trulia really aught to allow more characters within the initial question).

For the basis of my $1,950/mo estimate in your other question, I was using a 4% interest rate on a loan amount of $216,905 ($213,911 + 1.4% VA Funding Fee), which gives a principal/interest payment of $1,035/mo. Property taxes of $808/mo ($9.7k/year). Insurance of $100/mo ($1,200/year) = $1,943/mo.

When your offer is accepted on a short sale by the seller, it still needs to go to their own bank for review/approval. If you are the first offer, that process can take many months (3-6 months isn't uncommon), as the sellers bank needs to confirm the value of the property/compare it to the amount the seller has accepted, as well as get approval from the investor of the seller's mortgage (this isn't usually the same as who they make their payments to). After all of that is done, then the seller's bank will issue a "short sale approval" which usually matches the terms that the seller has accepted... but sometimes it is different/less favorable to the buyer and then you need to determine if you want to accept the seller's bank short sale approval terms. If there has already been a previous accepted offer but the buyer bailed out for whatever reason, and all or part of that process has already been done, then it may just take a few weeks to a couple months for the new short sale approval to be issued (there was one situation where the bank was ready to approve a new offer within 1 week - talk about a short short sale).

I am not sure how property taxes are reassessed in Pennsylvania, but it could very well be based on the new sales price. You can actually figure it out on your own. You can call up the township & county to find out what they base their assessed values on - and if a sales price for much less than their current assessment happens, would they take that into consideration. Hopefully a real estate agent from this area will chime in with exact specifics on this though. In California that is how it is done though, it's all based on the new sales price (which can drastically change the amount of property taxes - up or down).
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0 votes 24 answers Share Flag
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