If you have ever bought a home or switched mortgage providers, you probably needed to get an appraisal done. An appraiser’s job is to evaluate your home and give the bank an independent, professional opinion on the value.
When might I be required to get an appraisal done? Appraisals are often required by banks and lenders to verify the value when a home is purchased, or if the home owner is seeking secured financing. Appraisals are also done to satisfy the legal proceedings in a divorce or estate settlement. For homeowners simply looking for the estimated market value … (0 comments)
mortgage: Selling your home "For Sale By Owner"? Beware of these potential financing issues
- 03/14/12 10:48 AM
Having just represented a buyer in a "FSBO" situation, I wondered why my buyers had to go through so many hoops... Thanks to Avi Parmar from TD Canada Trust for providing the following. Financing Issues from the Lender Perspective When Trying to sell you Home “Sale by Owner” / Buying a Home not listed by a Licensed Realtor: Extra due diligence in the Mortgage approval process by the lender. Deal is never auto approved on the system like other MLS deals. Full appraisal: To confirm Condition of the house from inside and Market Value. Underwriter Reviews all documents manually to confirm … (0 comments)
mortgage: 6.5 Crazy Things That Lenders Ask For
- 02/02/12 07:57 AM
Thanks to Mark Brennan for putting together this list. “What do they want that for?” No matter how much in advance that you prepare clients for the mortgage commitment with a list of conditions, this question is still asked. Everyone's requirements are different, and documentation will be asked specific to what your mortgage request is for. This list is based on the most common reasons they are being asked for. 1. Why do they want a copy of my separation or divorce agreement? One of those difficult life events to have to endure, and now the lender wants you dig your paperwork … (3 comments)
;)
;)
