So the bank you get your loan through will want to do an appraisal on the home you're tryin to buy. INSIDER TIP* Learn who your bank uses and have the seller of the home have that appraiser appraise the house BEFORE you tell the bank which one you've chosen.
It turns out that home appraisers tend to be, uh... biased when appraising a home for the bank they work for. Often times, they'll give a low appraisal. BUT, if they don't know who you're getting your loan from they'll be more honest.
I know, isn't that a shame? Thankfully, we've learned from other people's bad experiences and the person who we want to buy our house from has agreed to use a certain person from 1st National to appraise his home. That way it will be honest and when we go to get our loan, they'll have already appraised it and they won't be able to go back and say it's worth less.
# of times I used th word appraise in some variation: 9 (including this sentence)
Thursday, April 23, 2009
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Not surprising that they work it to benefit themselves.
ReplyDeleteTry refinancing a house. The appraisal comes back miraculously close to what the bank tells you it has to appraise for to go forward with the re-fi!
ReplyDeleteOh Monica how true indeed.
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