When can an appraisal be ordered? September 25, 2015 by Rhonda Porter 2 Comments In Seattle’s competitive real estate market, we’re seeing offers coming in with shorter closing times, appraisals waived or even financing waived.
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That would include FHA refinancing loans that require an appraisal-an area the rules specifically address. "For example, an appraisal used for the purchase of a property cannot be used again for a subsequent refinance, even if the appraisal is within the 120 day validity period.
Our HECM counseling has just expired and we had to re-take a counseling. However, a month before the counseling expired, an appraisal of our house was ordered by our lender. Now, our reverse mortgage lender ordered another appraisal because he said that the month old appraisal cannot be used because we were just given a [.]
When ordering an appraisal, a lender contacts an AMC, which assigns the job to a competent appraiser in its network who has prior experience evaluating properties in the same neighborhood as the subject property. Don’t be concerned if the person assigned to do your appraisal doesn’t live in your immediate area.
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If the property were to fall down the day after you bought it, it would be tough luck. Yet too many people rely on the mortgage valuation. Forumite moonstick tells why you shouldn’t rely on the bank’s.
The Reverse Mortgage Program is a Federal Housing Authority (FHA)-approved mortgage program that allows seniors, age 62 and older, to take out a portion of the accrued equity in a house. Funds can be used for virtually any purpose such as supplemental income, home improvements, a dream vacation, or medical expenses..
Getting preapproved can take as little as three days or as long as several weeks, and will usually be valid for up to 90 days. Preapproval does not guarantee you will receive financing from a mortgage.