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+1 vote
22 views

My loan officer is trying to waive this, and I am wondering why, I did want the appraisal done. I also know that if the house appraises for less, then the lender may refuse to give the loan to me.  I know for a fat that the house is worth more than what I am borrowing.  And it is probably going for more than I offered for it. 

   

  

in House and Home by (1,054,850 points)

4 Answers

+1 vote

I normally just move in. Don't like a lot of annoying paperwork and stuff.

by (4,027,071 points)
+1 vote

I’ve never heard of a mortgage being approved *without* an appraisal. But maybe things are different in your state? For myself, I’d rather have one than not. 

by (2,447,070 points)
+1 vote

If they don't require it and you know your getting a good value why spend a few hundred dollars on an appraisal if they aren't insisting on it.  I think your loan officer is trying to save you some cash. 

by (954,950 points)
+1

I spoke to the loan officer and he said just that. It’s not required, and he has seen the inside of the home, and feels I had made a good offer, not much more than its worth. 

+1 vote

It depends on the situation. Normally appraisals are not a must if your using your own money. The point otherwise is to protect you and the lender from over paying. Appraisals can actually be in your best interest as they keep a fair market. Again depending on the situation. No doubt buying a home can be frustrating because it has a lot of moving parts.

by (66,050 points)
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