sinebar
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Cash: $ 4.50
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Joined: 05 Mar 2009
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| This is really strange |
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I applied for a home equity loan and I was approved but then I was told that they had to redo the appraisal because there was some confusion as to weather the street my house is on is an AVE. or ST. I think I put AVE on the application but I really wasn't sure so I just guessed it thinking it really wouldn't matter. I mean it's the same street right? Well now they have to redo the whole appraisal? Has anyone ever heard of this kind of thing happening? I don't have to pay for the appraisal nor did I have to pay for the first appraisal because they did one of those quicky type but jeeze! Also the lady told me I was approved but they just have to clear this up. Am I really approved at this point?
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Wed Mar 18, 2009 4:46 pm |
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sinebar
Member
Cash: $ 4.50
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Joined: 05 Mar 2009
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quote:
Originally posted by coaster
Everything on the property description needs to be legally correct. Some cities have streets and avenues under the same name. Ever been to Atlanta? There must be at least half a dozen Peachtree something-or-other. 
Ok I guess that makes sense. Thanks
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Wed Mar 18, 2009 7:11 pm |
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webkaran
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or they might want to re-appraise just because they believe the property value has gone down further so that they can decrease your line of credit!
KC
[edit]
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Wed Mar 18, 2009 9:07 pm |
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Frosty
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Location: Williamsport
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| You do not need a new appraisal |
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This is a technical error that the appraiser should have easily caught & corrected. As the appraiser evidently did not correct this at the time, all that is required is the appraiser correct and re-transmit the appraisal to your lender...none of the pertinent information should have changed...
...unless of course, there actually exists a different house at an "avenue" instead of your "street", and this was a drive-by appraisal...then the appraiser may have done the original appraisal on the wrong house...an error the appraiser should also have easily caught. 
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Thu Mar 19, 2009 1:18 pm |
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Frosty
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Location: Williamsport
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A drive-by appraisal is now just about as involved as a full appraisal, and $250 is a bargain basement price...the appraiser still has all the expenses he or she would have when doing a 1004 (full appraisal), and the amount of time involved is virtually the same.
The problem with drive-by's is the appraiser is using information taken from public records (reliability unknown), and is not able to verify this info...to be honest, I would like to see this type of appraisal "wither on the vine", as it's accuracy is entirely dependant on the research of governmental agencies which do tens of thousands, or even hundreds of thousands of homes in a mass production manner, and errors are common.
As for why the appraisal has to be done when an appraisal has already been completed, the problem lies with banking protocol. If your lender decides not to lend, and you go to another lender, the original lender may transfer the appraisal to the current lender, at your request...however, most lenders want their own name on the appraisal, so this rarely happens...and appraisers cannot hand over the appraisal to a different lender, because even though you have paid for the appraisal, the lender is the appraiser's client, and confidentiality laws apply to the appraiser...he or she cannot even discuss the appraisal with you, without prior permission from the lender that ordered the appraisal in the first place. FHA appraisals, by the way, MUST be transferred from bank to bank by law, if you decide to go with another lender...most appraisers charge more for these, but we don't.
I could discuss appraisal problems all day, believe me...the real glitch in the system is the lack of meaningful communication between appraisers, lenders, and the governmental entities that make the regulations.
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Tue Mar 24, 2009 1:03 pm |
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