A few weeks ago I wrote about how my home appraisal was wrong, and how I had to appeal it. Let's just say that sounds a whole lot easier than it actually was. In fact, I was reading this article on Sunday, which pretty much sums up my story: Appraisers Failing to Appreciate Rise in Home Values. The story mentioned how the National Association of Realtors found that 33% of appraisals in May had problems. I was one of them! So here is what I did to get my home appraisal fixed. Starting With My Lender As I mentioned when I first told my story, my lender had very strict rules it follows for appraisals. Part of their bank's policy is to only allow one appraisal. The only option if the buyer feels that it is wrong is to appeal it … [Read more...]
My Home Appraisal Was Wrong – Now I Have To Appeal!
I've you been following along in my journey, I decided to convert my home into a rental property, and purchase another home we love more. If you've been through the lending process before, you know it is extremely tedious. You have to fill out long applications, get a bunch of paper work in order, and so on. You can read my Ultimate Guide to Shopping For a Loan for more information, but in general, it is a lot of "hurry up, then wait". Well, last week, after a period of waiting, we got the appraisal back on the house we are looking to buy, and it ended up coming in a full $70,000 below our offer price, and well below fair market value to similar properties inside the same development. SO IRRITATING!!!!! My Appraiser Botched The … [Read more...]
The Ultimate Guide To Shopping for a Home Loan
As I discussed last month, I will be purchasing a new home and renting out my existing home. This is a big change, but one of the biggest motivating factors is how cheap interest rates are right now. I personally believe they are at historic lows that I may not see again in my lifetime, so I want to take advantage of that. However, over the course of the last two weeks, I've gotten a crash course in shopping for a home loan, and I want to share with you what I've learned so that you can make an informed decision when you go to buy a home. So, here is my ultimate guide to shopping for a home loan. … [Read more...]
