breetheflea
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Posts: 5,887 
Location: PNW
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Post by breetheflea on Aug 24, 2016 15:04:43 GMT
We are trying to take out a loan with our bank to pay for a new roof. DH is freaking out, so I thought I'd ask the peas. We have a hole in our kitchen ceiling. There used to be a drop ceiling, but we removed it to find it was hiding the fact that the upstairs bathroom plumbing hangs is about 1/2 inch lower than the kitchen ceiling drywall. We haven't fixed it yet because we need to lower the entire ceiling about 1/2 an inch... Anyway, DH is convinced this needs to be fixed before the appraisal. There are other tiny things like a broken outlet cover, a kitchen cupboard without a door (I took it off and can't find the hinges to put it back on) that DH is also convinced are going to ruin our chances of getting a loan. I think he is freaking out a little too much... we are not selling the house! A small brown spot on the dining room ceiling (from a roof leak before we moved in, which we have had repaired) is apparently a huge red flag according to DH. We need a loan for a new roof, that brown spot is one of the reasons  I would rather spend the next week cleaning so the appraiser doesn't trip on toys walking through the house and DH is ready to break out the power tools and make a huge mess... So what say the peas? Will they say "yep it's a house, here's your loan" or are they going to notice that none of our upstairs bedrooms have trim (it was not here when we moved in, it's a work in progress) and our outlet covers don't match and turn us down for a loan? |
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peppermintpatty
Pearl Clutcher
Refupea #1345
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Post by peppermintpatty on Aug 24, 2016 15:11:26 GMT
No, I don't think they will really care about the little stuff. I am assuming the house will be inspected to make sure it has x,y and z and that they are in good working order (age of items). They don't care about trim, a broken outlet cover (fix that one yourself) and a broken cupboard. They will look at the condition of the roof and the problems that you have had inside and base the amount on the value of the home and how much it will cost to replace. Generally, you can take out as much as you want, up to the value of the house. They want to loan you the money.
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Post by bc2ca on Aug 24, 2016 15:36:07 GMT
All our appraisals have been drive bys. Are you sure the appraiser will come in the house?
They are looking at the big picture value of your house so I wouldn't worry about making any repairs or deep cleaning before they come.
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Gravity
Pearl Clutcher
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Jun 27, 2014 0:29:55 GMT
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Post by Gravity on Aug 24, 2016 15:38:38 GMT
All our appraisals have been drive bys. Are you sure the appraiser will come in the house? They are looking at the big picture value of your house so I wouldn't worry about making any repairs or deep cleaning before they come. My appraisals were also drive-by type appraisals. No one ever entered my home. Save |
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Post by Zee on Aug 24, 2016 15:41:45 GMT
For a refi they most likely will just come by to take pics of the outside and get a visual. A home loan, I doubt they'll come inside at all. An appraisal is not the same as an inspection, so tell your husband he can relax!
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sarahruby
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Jul 1, 2014 0:40:17 GMT
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Post by sarahruby on Aug 24, 2016 15:47:00 GMT
We had tried for a loan to finish our upstairs a few months ago.
We had both a drive by and in home appraisal....the drive by appraisal was low, so an in home was needed.
I'd be surprised if they looked at EVERYTHING the way your talking....I don't think it would be that bad.
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freebird
Drama Llama
'cause I'm free as a bird now
Posts: 6,927
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Post by freebird on Aug 24, 2016 15:52:07 GMT
I would say "you're probably right dear, let's get these fixed ASAP" and run with it. LOL
The things you're saying seem like pretty small fixes. Some paint, a broken outlet cover (seriously that's like 50 cents), buying a couple hinges. Real easy stuff. Do it and then clean up.
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georgiapea
Drama Llama
Posts: 6,846
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Post by georgiapea on Aug 24, 2016 15:52:57 GMT
The appraiser is looking for problems, not signs of perfect housekeeping. Wiring, plumbing, roofing. You are hiring the appraiser. He will be working to get you the new loan.
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Post by stingfan on Aug 24, 2016 15:56:24 GMT
I'm surprised by all the drive-by appraisals. Were those done in recent years? I think the appraisers really had to step up their game following the burst of the real estate bubble. I've had 3 done in the past couple of years (selling a home, buying a home, and a re-fi). For all 3, the appraiser has come inside and taken pics in every room. The last guy (on a re-fi!, no less) cited us for code violations and made the appraised value conditional on those violations being resolved. (One of the violations was the absence of outlets covers that I'd removed b/c I was in the midst of painting the room.) I thought that was the role of the inspector, but in my case, the appraiser made that evaluation and the mortgage company would not let us complete the re-fi without the conditions being removed from the appraisal. And that required another visit (for another fee) from the appraiser after we've made the fixes.
Also, the appraiser doesn't care whether you're approved for the loan or not. He works independently of the mortgage companies. After the real estate bubble burst, the laws were all changed and appraisers and mortgage companies are no longer allowed to 'pat each other's backs' the way they used to. The appraisal is requested by the mortgage company and they have no control over who the appraiser is now. It's done completely blind.
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Post by femalebusiness on Aug 24, 2016 16:12:59 GMT
I'm surprised by all the drive-by appraisals. Were those done in recent years? I think the appraisers really had to step up their game following the burst of the real estate bubble. I've had 3 done in the past couple of years (selling a home, buying a home, and a re-fi). For all 3, the appraiser has come inside and taken pics in every room. The last guy (on a re-fi!, no less) cited us for code violations and made the appraised value conditional on those violations being resolved. (One of the violations was the absence of outlets covers that I'd removed b/c I was in the midst of painting the room.) I thought that was the role of the inspector, but in my case, the appraiser made that evaluation and the mortgage company would not let us complete the re-fi without the conditions being removed from the appraisal. And that required another visit (for another fee) from the appraiser after we've made the fixes. I don't think they do those drive by apprasials any more. That was in the heyday of the real estate boom. About a year ago my daughter wanted to get a lower rate on her mortgage as the interest rates had dropped since she bought. She had completely remodeled her entire house and it is beautiful. The appraiser came in and did a complete inspection. The guest bathroom was the last thing she was doing and she hadn't put the sink or the molding back but she had it and they could see how great the rest of the house looked. He failed her and they wouldn't refinance. It pissed her off so much she just paid the house off. Now she has no tax write offs at all. |
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Post by peanutterbutter on Aug 24, 2016 16:43:44 GMT
We did a refinance with our bank a couple years ago -they didn't even do a drive by, they did a Google appraisal and missed almost half of the square footage of the house! Fortunately, we had the original house docs or we would have been screwed!
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breetheflea
Drama Llama
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Location: PNW
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Post by breetheflea on Aug 24, 2016 16:49:55 GMT
When we refinanced our old house in 2008 the appraiser was there a minute max. When we tried to sell that same house, the appraiser hosed us, and while I'm pretty sure she went in the house she must have been blind or hallucinating (wrong type of siding, fireplace listed when we didn't have one, builder grade counters when they were granite and she refused to come back and have a 2nd look and there were no comps anywhere close to our neighborhood which also did not help (new house in an old neighborhood). Three years later and if we sold that house now (instead of what we got for it) we could pay off this one... anyway I think that is part of why DH is panicking.
The broken outlet cover is outside.
I guess we should fix the ceiling, but I also think we should clean the garage and DH didn't put that on his list (and it's his mess!).
Hopefully they don't want to come tomorrow and we can put it off for a week so I can get stuff done.
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janeinbama
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Post by janeinbama on Aug 24, 2016 16:50:32 GMT
We had a drive by for Home Equity line of credit. They had the correct address, picture of mail box, but took pictures of the WRONG house and incorrect number of rooms on records also. We disputed it and 2 weeks later had a real inspection and the appraisal was accurate.
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Post by refugeepea on Aug 24, 2016 16:53:19 GMT
We refinanced our home in March or April and no one looked at the inside of our home.
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Post by mom on Aug 24, 2016 16:55:16 GMT
I would say "you're probably right dear, let's get these fixed ASAP" and run with it. LOL The things you're saying seem like pretty small fixes. Some paint, a broken outlet cover (seriously that's like 50 cents), buying a couple hinges. Real easy stuff. Do it and then clean up. This is my thought. Fix it and move on. Then you wont have to worry if they do come in your home. |
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Post by *KAS* on Aug 24, 2016 16:58:04 GMT
I just did a refi a couple of months ago, so I had to get an appraisal. She did come in my home and photograph everything. I cleaned, only because I want a clean house when ANYBODY is visiting - especially somebody taking photos, haha! It wasn't spotless, I just didn't want any clutter out. But she was basically only documenting for proof of any upgrades or to verify square footage, etc. She didn't care about cosmetic things.
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Post by bc2ca on Aug 24, 2016 17:14:22 GMT
The appraiser is looking for problems, not signs of perfect housekeeping. Wiring, plumbing, roofing. You are hiring the appraiser. He will be working to get you the new loan. You may be paying for the appraiser, but he is working for the loan provider to assure them the house is valued higher than the loan amount and not working for the applicant. stingfan we renewed our HELOC this summer and refinanced the mortgage about 2 years ago. Both were drive-by appraisals through Wells Fargo. Have you been told the appraiser will make an appointment for someone to be at home breetheflea? |
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dantemia
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Jun 27, 2014 19:28:17 GMT
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Post by dantemia on Aug 24, 2016 17:36:26 GMT
We've done two refi's in the last few years...one on our rental and one our primary and both appraisers came into the house and took photos.
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Post by princess consuela on Aug 24, 2016 18:20:30 GMT
We just refi'd and had an in home appraisal, took pics, etc. We didn't have any projects going at the time so unfortunately can't give you advice there... I can understand the DH, though - mine didn't think it necessary to clean (or help much cleaning)  . |
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Post by ntsf on Aug 24, 2016 19:01:37 GMT
we just did a refi.. and the apprasier took pictures inside and measured everything..took an hour. went into every corner.
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perumbula
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Location: Idaho
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Post by perumbula on Aug 24, 2016 19:38:07 GMT
You should get some breathing room, depending on how busy the housing market is in your area. Ours is booming, so some people are waiting 3 and four weeks to get appraisals. It's crazy.
I would expect the appraiser to come into the home and take pictures. Fixing the outlet and the cupboard door are easy, so get those done (although they might not even notice the outlet cover.) The ceiling is an iffy one. They will dock your for a needed repair like that but it might not be enough to lose you the refi. It just depends on how much padding you have in home value vs. mortgage amount.
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Post by salem on Aug 24, 2016 20:31:34 GMT
We just had an appraisal done last week for a re-fi. He was at our house about 1/2 hour and walked through the entire house and around the outside. He took pics and measurements. They don't do drive-by appraisals in our area any longer we were told. Fix the little stuff, and as for the brown spot on the ceiling, a can of KILZ spray primer and some ceiling paint and you won't see it anymore. The bigger ceiling repair, they will probably take some value off.
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Post by Blind Squirrel on Aug 24, 2016 20:55:28 GMT
we just did a refi.. and the apprasier took pictures inside and measured everything..took an hour. went into every corner. Same. Closing tonight (praise God)! |
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breetheflea
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Post by breetheflea on Aug 24, 2016 21:03:10 GMT
The appraiser is looking for problems, not signs of perfect housekeeping. Wiring, plumbing, roofing. You are hiring the appraiser. He will be working to get you the new loan. You may be paying for the appraiser, but he is working for the loan provider to assure them the house is valued higher than the loan amount and not working for the applicant. stingfan we renewed our HELOC this summer and refinanced the mortgage about 2 years ago. Both were drive-by appraisals through Wells Fargo. Have you been told the appraiser will make an appointment for someone to be at home breetheflea ? I was told to expect a phone call from the appraiser by tomorrow afternoon to set up an appointment. We definitely have equity in the house (the market has gone up like crazy here in the last 3 years since we bought this house), so that is not going to be a problem unless they want stuff to be fixed before the loan is approved. There are a lot of things that are not perfect (that came with the house) that we have slowly been working on. If paneling or burnt orange shag carpet count against us then we are really in trouble |
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Post by magentapea on Aug 25, 2016 0:33:17 GMT
The appraiser is looking for problems, not signs of perfect housekeeping. Wiring, plumbing, roofing. You are hiring the appraiser. He will be working to get you the new loan. Actually, the appraiser will be working for the bank. You are NOT their client at all (even though you are paying for . In fact, the appraiser is not even supposed to discuss the value or condition of your property with you. You may inform the appraiser of any updates, but they can't say, "Well, that update would add $X to your value." Appraisal reports are written and can only be used by the "intended user" which is, in the case of a refi, usually only the lender. You may not even get to see a copy of it. And the appraiser certainly cannot talk to you about the value before, during, or after the appraisal process. |
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Post by Tamhugh on Aug 25, 2016 1:53:31 GMT
I'm surprised by all the drive-by appraisals. Were those done in recent years? I think the appraisers really had to step up their game following the burst of the real estate bubble. I've had 3 done in the past couple of years (selling a home, buying a home, and a re-fi). For all 3, the appraiser has come inside and taken pics in every room. The last guy (on a re-fi!, no less) cited us for code violations and made the appraised value conditional on those violations being resolved. (One of the violations was the absence of outlets covers that I'd removed b/c I was in the midst of painting the room.) I thought that was the role of the inspector, but in my case, the appraiser made that evaluation and the mortgage company would not let us complete the re-fi without the conditions being removed from the appraisal. And that required another visit (for another fee) from the appraiser after we've made the fixes. Also, the appraiser doesn't care whether you're approved for the loan or not. He works independently of the mortgage companies. After the real estate bubble burst, the laws were all changed and appraisers and mortgage companies are no longer allowed to 'pat each other's backs' the way they used to. The appraisal is requested by the mortgage company and they have no control over who the appraiser is now. It's done completely blind.This is not true where we are. My DH has been an appraiser for 30 years and he is always working for the mortgage company. Legitimate mortgage companies and banks don't want a house to appraise for more than it is worth because then they stand to lose money. In order to do an appraisal for most companies, he needs to be on their approved list of appraisers. Because of his experience and reputation in the business at this point, he gets called a lot by different banks and mortgage companies to do their appraisals, especially on loans with special circumstances. I don't think he works for any company that does it blind. |
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Post by shannoots on Aug 25, 2016 2:03:11 GMT
We just got a line of credit to finish our basement and it was just a drive by appraisal.
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Post by stingfan on Aug 25, 2016 2:13:44 GMT
This is not true where we are. My DH has been an appraiser for 30 years and he is always working for the mortgage company. Legitimate mortgage companies and banks don't want a house to appraise for more than it is worth because then they stand to lose money. In order to do an appraisal for most companies, he needs to be on their approved list of appraisers. Because of his experience and reputation in the business at this point, he gets called a lot by different banks and mortgage companies to do their appraisals, especially on loans with special circumstances. I don't think he works for any company that does it blind. I think my experience is based on using a mortgage broker. I didn't realize the rules were different for brokers vs. lenders. Appraiser Independence Requirements (AIR) specifically prohibits lenders from accepting appraisal reports completed by an appraiser selected, retained or compensated in any manner by mortgage brokers and real estate agents. Mortgage brokers and real estate agents must not be involved in the selection of appraisers for an approved panel or specific assignments under any circumstances. |
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kate
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Post by kate on Aug 25, 2016 2:19:45 GMT
Slight hijack: do these appraisals for HELOCs and refis go on record somewhere, or are they used by the lender and then shredded?
I would like to take some money out of our home to do some much-needed repairs and updates. If we got appraised with the place as it is, it would be waaaay below what comparable units in our building have sold for recently (pardon the bad grammar). Any neighbors who were trying to sell would hate me for having a "cheap" house if the appraisal were on record. It wouldn't be a problem for us as far as a loan because our mortgage is paid down so far that we have plenty of equity.
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breetheflea
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Post by breetheflea on Sept 13, 2016 21:28:01 GMT
So update, we finally scheduled the home appraisal and have had extra time to fix a few things since it took so long. I asked when the guy called the schedule and they are doing a full (hour long) appraisal. Taking photos of every room, taking outside photos, measuring square footage, evaluating building materials etc. I wish I knew why a loan for a roof (the minimum amount they allow for a loan) requires measuring and photographing my entire house. We have been here 3 years so it hasn't been that long... Long story short there will be a lot of cleaning in my upcoming weekend...
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