[ceylona]

I have been nosing around this forum for a couple weeks now, focusing on other things, but somewhere in my meanderings I thought I read a post about difficulties in getting financing due to problems with appraisals not meeting....I could not remember which thread I might have gotten that from, and frankly, it's possible I misread it.

Is there an issue with this? Are the good deals only for cash players?

[1999corvette]

I had a thread about moving to Las Vegas, and someone mentioned that getting a home loan is real hard anywhere, not just Las Vegas.

[crazy_bd]

You probably read my thread - I have had problems multiple times with appraisals coming in really low. In these cases, obviously cash payers have the upper hand.
The appraisals can come in quite different depending who does them, as far as I know, the banks always want to appraise a house themselves before granting a loan on he property, no matter if someone else already has appraised it. One home I looked at appraised at 120k (asking price was 140k I think), this house was in great condition with a pool. In the same neighborhood, a HUD property came up for 130k, terrible shape and no pool. Makes sense? Not really.

Also, double check to find out if flip properties are put back on the market before 90 days, most banks don't want to touch that, maybe if you put 20% down they will consider it.
There's also a pricing game, for example, I bid on a older house in pretty good shape, list price was 87k, I bid 105k and was a contender for a bit, but it sold for 126k.

To give you a little more context - I applied for preapproval with my bank in October 09, got it Jan 10 (!!) and have since then been searching, bidding on around 15 homes and have still not closed a deal. I do believe however, that I hit hard luck and unusual circumstances on my road to a new home so this should perhaps not be seen as the norm, but maybe keep you from being surprised in a negative way.

My old thread: Disappointed - have to cancel escrow 2nd time in a row - what can I do!?

[Tiger Beer]

The harder the better...it keeps housing more in-line with their actual value.

[dynimagelv]

100% down and No Easy Payments