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- Topics: Active | Unanswered
- Me_Wise_Magic
- Rep: 70
Re: Buying a Home!!!
Congrats you two! I think this gives you guys a reason to celebrate! 
Re: Buying a Home!!!
I have never had an appraisal that didn't come in at that number.
I have and they kill deals all the time.
After the housing bust appraisers work harder, are paid less and are scrutinized like never before. Banks do not want to loan out one penny more than the value of the home for fear of losing money.
Back a few years ago yea, appraisals came in at whatever you needed them too, but not anymore. Today they are strict as hell and when they submit a report they better have the comps to back it up.
Re: Buying a Home!!!
Who's "they"? The bank, or did the inspector just point it out? If it was just the inspector, then it's up to you how you want it handled. You can fix it yourself after purchase, have the sellers contribute cash back or a discount to cover the cost, or have them fix it.
I defer to Cramer's experience ultimately though, because he seems to have professional experience, whereas I've just been through this from the individual side a few times.
Re: Buying a Home!!!
"They" are the bank. The appraiser noted it in her report, and the bank indicated to me yesterday that these items might need to be repaired prior to closing. This was at 10pm EST last night, so I didn't get a response to my emails last night.
This morning, I've found out that my friend who is a builder can build stairs for me today, which is AWESOME. He can also install a new garage door opener with the safety feature that's required. In the 80's (when this opener was installed), the auto-reverse feature was not required.
I also found out that in a similar case, my boss' sister had the same deal with a door on her home, and her builder just put a 2x4 across the outside of the door to secure it and that was sufficient for FHA.
So we'll see what happens!!
