“Deferred Maintenance” keeping appraisal from passing…but why?

It is my understanding that the appraisal is done by the mortgage lender so they make sure they are not lending you more than what the house is worth, right? I understand some things have to be fixed in order for the home to meet the appraised value, but homes are also sold “as-is” at lower values which is what I am trying to do. Appraiser says that once repairs are made, the value is $50k over what we are buying for (even though the repairs will be no where near 50k, it’s mostly small stuff), but we cannot close until the repairs are made. If there’s such a large gap between the purchase price and appraisal price, why is it not passing? Just because I know someone will ask- the biggest thing is basement moisture. A French drain, sump pump, and sealant should not cost us $50k though….

submitted by /u/leechangchow
[link] [comments]

It is my understanding that the appraisal is done by the mortgage lender so they make sure they are not lending you more than what the house is worth, right? I understand some things have to be fixed in order for the home to meet the appraised value, but homes are also sold “as-is” at lower values which is what I am trying to do. Appraiser says that once repairs are made, the value is $50k over what we are buying for (even though the repairs will be no where near 50k, it’s mostly small stuff), but we cannot close until the repairs are made. If there’s such a large gap between the purchase price and appraisal price, why is it not passing? Just because I know someone will ask- the biggest thing is basement moisture. A French drain, sump pump, and sealant should not cost us $50k though…. submitted by /u/leechangchow [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!

Generated by Feedzy