Appraisal and second mortgage - Posted by Chie

Posted by Obi on February 05, 2002 at 13:43:20:

How do you find such appraisers that will give you the amount you need?

Appraisal and second mortgage - Posted by Chie

Posted by Chie on February 05, 2002 at 11:32:49:

Hi, I am planning to get the appraisal done on my own home and find the bank/mortgage banker who accepts the appraisal for the second mortgage. Does this work?? Do banks normally only accepts the appraisal they order from the appraisers contracted to the banks? I am tired of applying for a loan to the bank who only does “home valuation” and tells me my house is not worth as much as I claim it to be… Also, how can I find a good appraisar? Any suggestions appreciated. Thanks,

Chie

Re: Appraisal and second mortgage - Posted by Shane

Posted by Shane on February 05, 2002 at 18:44:59:

Your first mistake is going to a bank/mortgage banker. Because they are actually providing the financing it is in their interest to reduce risk by undervaluing the property and limiting the dollar ammount you can mortgage. Mortgage Brokers work for you and their commission is based on the dollar ammount you finance. It is in their interest to assist you in getting the most value because the more you borrow the more they make. Normally Brokers have a number of appraisers who will accurately determine the market value of your property. This can be anywhere from 10 to 20% higher than the opinion of a bank paid appraiser. Reputable brokers will have their appraisals accepted by their lenders without a hassle. Be on the lookout for sharks in the water. Some Brokers are honest hard working people. Others, due to less restrictions on the industry, are no more than common scam artists. Any questions please feel free to email me. Shane

Re: Appraisal and second mortgage - Posted by Bob

Posted by Bob on February 05, 2002 at 12:33:25:

Some places will accept your own appraiser, but most do not. How much do you need the home to appraised for? Alot of times I can find an appraiser to give you the amount needed. How much of a 2nd mortgage do you want to take out? I can probably have the appraisal fee waived. Email me so we can discuss this further