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Which appraisal will my mortgage company use?
We're in the process of buying a house. We paid for an appraisal and it came in MUCH lower than the asking price. We sort of figured it would. The seller's listing agent told us she told the sellers to come down in their asking price, but they didn't. We're trying to purchase the house using a grant program so there is no wiggle room for "paying extra" towards the price the seller originally wanted ($17,000 more). The sellers decided they want to do a second appraisal. Which appraisal will my mortgage company use in order to provide me with a loan?
Thank you
3 Answers
- loanmasteroneLv 74 years ago
Why would you want to pay extra for a house that has been appraised for a lower price than the seller is asking.
If you would pay more than the appraised value you would have negative equity, immediately. This make no financial sense whatsoever.
I would like to sell you a car that I purchased for $500.00. I would offer this car to you at the low value of $1,000.
If the seller would want another appraisal, this would be at his expense. The lender is not interested in a second appraisal. They have their appraisal and would have no reason to have another appraisal. The sellers would be required to find and hire their own appraiser.
Based on the appraisal your lender would approve a mortgage loan for a certain percentage of the appraisal. This percentage would be based on the mortgage loan program you are approved for. You might want to ask your mortgage lender what percentage you are approved for.
Currently your mortgage company would call to have an appraisal and the appraiser at the top of the list would be the one to do the appraisal.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
- EvaLv 74 years ago
They will use the one they ordered from the appraiser they use. They won't care about the seller's appraisal. Perhaps the seller's appraisal will come in low enough that they will be willing to lower the price.
