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Redfin Real Estate Forums :
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Re: Am I entitled to an independent appraisal?
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Am I entitled to an independent appraisal?
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Erin_SJ
Newbie
Posts: 1
Registered: 05-14-2009
Message 1 of 5
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We are in the process of purchasing a new construction home. We went into contract on December 4, 2008 and have still not closed escrow due to (1) the failure of the builder to attain FHA approval for our unit and (2) once that was cleared the builder has outstanding contractor leins against them and could not provide clear title. It appears we are nearing the close of escrow (4 months after we were set to close) and I am worried that the value of the house is decreased. The bank did not require and additional appraisal, but I would like to have an independent appraisal done on the home to confirm it's value. If I d do this does the builder/bank have to accept it?
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05-14-2009 07:42 AM
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Re: Am I entitled to an independent appraisal?
[ Edited ]
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Miawand
Redfin Lead Agent
Posts: 12
Registered: 10-15-2008
Message 2 of 5
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Hi Erin_SJ, Sorry to hear about those delays! I would encourage you to obtain an additional appraisal on the property. Typically, lenders require appraisers to use comparables that have sold within the past 90 days. Therefore, if you went into contract in December there is a good chance that your purchase price and appraisal value might not coincide at this time in the market. Again lenders do have different requirements regarding accepting appraisals, they might be able to use the independent appraisal you order (if the appraiser is an FHA approved appraiser) or they might require their own "approved appraiser" to prepare a new appraisal. Another way to gain an insight on the value of your unit would be to inquire with the sales office as to whether or not any other identical model units have been put in contract or closed post December 4th. If so, you can compare the purchase prices of those units to yours... Should you have any additional questions or concerns, do not hesitate to ask : ) Best, Miawand Message Edited by Miawand on 05-16-2009 11:20 AM
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05-16-2009 11:20 AM
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Re: Am I entitled to an independent appraisal?
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Sunny-sun
Contributor
Posts: 35
Registered: 07-13-2009
Message 3 of 5
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Miawand, I appreciated your professional expertise and advices. I'm in the process looking for a condo or town house to buy, however, the condo unit that I have been considering requires some major fixups, but it's cheaper. I'm quite new in learning about the process of buying a property, so if there's any advices that you could provide me would truly be appreciated; specifically in regarding to any knowledges in lender approval, inspector, appraisals and so on... In addition, I also would like to know: say, if I decide to use Redfin's service for helping me to buy. How would Redfin help me with all the above details needed to do so? And what would be the costs for all those services required to sucessfully close the deal? Thank you ahead for your kind help. Sunny
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07-22-2009 04:49 PM
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Re: Am I entitled to an independent appraisal?
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andyvphil
Regular Contributor
Posts: 471
Registered: 09-13-2008
Message 5 of 5
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"The bank did not require and additional appraisal, but I would like to have an independent appraisal done on the home to confirm it's value. If I d do this does the builder/bank have to accept it?" "Accept it"? What does that mean? Are you trying to reinstate an appraisal contingency? Force a lower price? No, no one has to give you a lower price, or reinstate any contingencies, just because you get another appraisal. Whether you can back out now in an attempt to renegotiate depends on the details of your documents.
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07-22-2009 10:13 PM
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