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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Are you required to have an appraisal done in NYS?
Can someone give me a brief explaination on appraisals? As a buyer who will be mortgaging, are you required to have an appraisal done on the home?
What about for short sales?
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Posted 4/27/11 3:52 PM  |
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Prudential Douglas Elliman Real Estate
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Are you required to have an appraisal done in NYS?
I'm pretty sure yes, otherwise the bank doesn't know how much the house is worth. If they don't know how much it is worth, they can't authorize a mortgage (loan).
eta: You don't have to get the appraisal, the bank does it as part of the process.
Message edited 4/27/2011 3:56:16 PM.
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| Posted 4/27/11 3:55 PM |
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Re: Are you required to have an appraisal done in NYS?
the bank lending you the money to buy the house will require an apprasial
no getting around it- ever- unless you pay cash
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| Posted 4/27/11 3:58 PM |
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Jenhos
Maeve
Member since 6/05 3273 total posts
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Re: Are you required to have an appraisal done in NYS?
Bank isn't going to give you a loan without it. And if the house doesn't appraise according to the loan you are looking or they will turn you down.
Short sales are the same as a regular purchase.
Is there a reason you don't want an appraisal?
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| Posted 4/27/11 4:21 PM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Are you required to have an appraisal done in NYS?
Posted by Jenhos
Bank isn't going to give you a loan without it. And if the house doesn't appraise according to the loan you are looking or they will turn you down.
Short sales are the same as a regular purchase.
Is there a reason you don't want an appraisal?
Oh I dont mind having an appraisal at all. My BF and I were discussing this and we were just wondering if its required in NYS. His father had mentionned that he didn't *have* to have one if he didn't want to and I disagreed and was fairly certain it was required.
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| Posted 4/27/11 4:35 PM |
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snowprincess
My happy babies
Member since 3/06 3428 total posts
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Re: Are you required to have an appraisal done in NYS?
in a cash deal there is no requirement for an appraisal
we bought our house through a cash deal - and the only reason i ever got an appraisal was to get the taxes lower and that was a year and a half later after the sale was executed
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| Posted 4/27/11 4:58 PM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Are you required to have an appraisal done in NYS?
Posted by snowprincess
in a cash deal there is no requirement for an appraisal
we bought our house through a cash deal - and the only reason i ever got an appraisal was to get the taxes lower and that was a year and a half later after the sale was executed
In this case he would be mortgaging the house but putting the full 20% down. But its not a cash deal.
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| Posted 4/27/11 5:01 PM |
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MikesBride
LIF Adult
Member since 12/09 1245 total posts
Name:
Ilana
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Re: Are you required to have an appraisal done in NYS?
Posted by HomeIsWithU
Posted by snowprincess
in a cash deal there is no requirement for an appraisal
we bought our house through a cash deal - and the only reason i ever got an appraisal was to get the taxes lower and that was a year and a half later after the sale was executed
In this case he would be mortgaging the house but putting the full 20% down. But its not a cash deal.
Then he will definitely need an appraisal...since he'll need a mortgage.
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| Posted 4/27/11 5:51 PM |
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