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My husband & I are refinancing our home. It is a manufactured home that was built in 1991. It has an attached garage with breezeway. This place was sold twice & we bought it in 1995. We have refinanced twice before. Now, after the appraisal, the Credit Union says that the "underwriter" wants an inspection of the garage/breezeway to see if it's up to code. We don't want to have to pay another $200+ for this since is not a new house! Why would they need this now? This is a stick built garage & breezeway that was built way before we bought this!
Can we insist that this is not needed? What gives?!
If you're asking them to change the deal, they're within their rights to demand pretty much whatever they want; you can say no but they're unlikely to go through with the deal.
IM guessing that it needs to be up to code if anything has been added after its initial contruction.
If nothing has changed and it was up to code then, then it should only need things replaced that are not functioning as intended. It should not have to meet 2015 code.
Please remember that the property is in fact the collateral for the loan (refinance is a new loan) and so it is not unusual for a lending institution to make this type of request. I cannot explain why it was not asked for in the past, unless there are certain requirements in your area based on age.
Thank you everyone for replying so fast! No, nothing has changed on the garage since then. It's just frustrating to know that this refinancing is costing way more than expected.....
I had issues once with a home with an odd photographer studio with carport in between... the problem originated from the bank appraiser.
Went to the county and paid to copy the entire residential record which did not show the studio... spoke to the department head who brought out the original hard copy paper file and sure enough there was a permit and final for the studio and this was enough for the underwriter...
The glitch was when the old files were changed to digital... an entire document was omitted.
I guess it goes back to the Golden Rule... he who has the gold rules.
sometimes weird things pop up. I have an older (1986) double wide that I've refinanced it 3 times since I bought it...the first went through smoothly.
Second time we had a red flag come up because the title was never canceled by the DMV. That was FUN we had to track down the title that was still in the name of the original couple. The husband had died 10 years before so we had to get a copy of his will to show he didnt' leave his share in the house to anyone, then get it notarized and canceled. Of course the surviving owner was in her 90's, senile, and very difficult to deal with. Took 8 months to sort out.
3rd time we refinanced we had to get the foundation inspected by an engineer to show that there was a proper number of tie downs to the foundation which was an additional $400.
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