Posted by Tobe on March 03, 2000 at 19:41:25:
I am a mortgage broker and some of the things the lenders want are pretty funny. I know that most of our lenders WILL NOT make a loan under $45,000. Maybe that is why he asked you to spruce it up a bit; to make sure the appraiser said $45,000 and not $42,000 or something that would possibly hurt his chances of making the loan.
Tobe
Here’s a good one… - Posted by Debra(SC)
Posted by Debra(SC) on March 03, 2000 at 16:43:54:
My husband and I bought his sister’s house, which she is financing for us at $150.00/month with no interest (what a deal). We have someone living in the house who pays us $350/month and wants to buy the house It was appraised at $45,000 last year. (By the way, we bought it for 20,000 ). Anyway, we need the money ASAP so we decided to get a mortage on the home and let the tenant continue to make the payments.
Now, we have refinanced our personal residence so many times I don’t want to mention, and never had any problem. THIS time, the lender says THIS house does not look as though it was lived in, so the tenant has to put curtains up at every window so the house looks lived in, put some kind of covering over a spot in the floor(???) and they will send appraisor out again on Monday!! Has anyone heard of such a thing?? Curtains up to make it look lived in so it could get appraised? I have a friend who lives in a $200,000 home and he doesn’t have ANY curtains on the entire first floor of his house and blinds (which my rental house does have) only on the top floors!!! This is only a $45,000 house, for crying out loud!
Whatcha gonna do? Put the curtains up!
Debra
Re: Here’s a good one… - Posted by DIsmail
Posted by DIsmail on March 06, 2000 at 18:43:55:
AS a fellow mortgage broker. I can say that lenders come with all type of senarios to get higher values on home. Be thankful they only asked for curtains…
Close,Close, Close
Dwayne
Re: Here’s a good one… - Posted by Tony-VA
Posted by Tony-VA on March 03, 2000 at 17:26:06:
Although this is not my area of investing, it would seem to me that anything you could do to pretty the place up, including window coverings, would make it easier for the appraiser to justify a higher value. I would be happy to buy a couple of curtains if that is all it took to get an appraisal high enough for me to refinance the property and pull out the cash I needed. It would seem little to ask to put the deal together. I have found that many times people just need the means to justify their actions. If you provide them with these means, you solve the problem and reap the reward.
My 2 cents anyhow,
Tony-VA
Re: Here’s a good one… - Posted by Debra(SC)
Posted by Debra(SC) on March 03, 2000 at 18:31:29:
You are perfectly right, Tony. Putting curtains up is the least of my worries. I just never thought of it that way before because anytime I needed an appraisor, it was for my personal residence, which already had curtains and the place is kept up pretty well. It just struck me as funny since we had the rental house appraised before, in the same condition, with no problem, for the price we wanted.
Thanks for your reply.