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Old 01-11-2008, 11:27 PM
 
3 posts, read 6,911 times
Reputation: 11

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Quote:
Originally Posted by GirlsMom View Post
Why would the mortgage company for the people buying my house request a second appraisal? Should I be worried? Settlement is 2 weeks away!

We are buying a home and when buying a home with VA or FHA the home has to be worth more or that amount in order for us to be able to buy is. they most likely didnt appraise your home for as much as your asking price so they wanted a second look at is.. thats all
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Old 01-13-2008, 01:07 PM
 
24 posts, read 84,242 times
Reputation: 15
Wow, I can't believe that in 6 pgs. of posts no one hit the nail on the head. I would have hoped that Realtors out there would at least know the anwser to this. It is quite clear that the buyer of this home has been caught in declining markets. I bet his first lender was either countrywide or wells fargo. Effective 12/07 almost the entire state of VA was marked as a declining market forcing borrowers to put an extra 5% down on top of the requested down payment. In other words if you had a 95% LTV then you are not putting the normal 5% down, you have to now put 10% down. There are only a few counties in VA that are not on the decling market sheet, and all of them are rural counties were prices didn't rise and fall as rapidly. The second appraisal was requested because in order to avoid putting the add'l 5% down, the appraisal has to come in higher than the sales price, typically by 5%. Then on top of that the buyer has to have reserves and good credit for the bank to even consider waiving the add'l 5%. What you had happen to you is happening to a lot of closings this month and will continue until the banks lift the declining markets. This also affected Fannie Mae and Freddie Mac, so virtually every loan out there. I would venture to say that if all of these realtors didn't know this that the OP's realtor probably didn't either, and the bank was stringing everyone along. Good luck re-listing your home, and stay positive. There are buyers out there and there are banks making loans.
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Old 01-13-2008, 02:31 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 33,917,120 times
Reputation: 2661
Read it again. First mortgage company went out of business. Second did not like buyer for one reason or another. Happens.
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Old 01-13-2008, 02:38 PM
 
24 posts, read 84,242 times
Reputation: 15
Sure, and the second company wanted a 2nd appraisal as well for what reason???
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Old 01-13-2008, 02:44 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 33,917,120 times
Reputation: 2661
Quote:
Originally Posted by jenluvshomes View Post
Sure, and the second company wanted a 2nd appraisal as well for what reason???
I don't know of any mortgage company that will accept an appraisal done for someone else. In fact the appraisal is the property of the first mortgage company. The second would need the first's permission to even see it.
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