Appraisal and Loan Contingency
Thought this was very well explained for a confusing and very important matter.
“Q: I’m getting an FHA loan to finance my first home. I’m in contract right now. Our appraisal is done and the house appraised for the sale price but the loan process is not yet done, although I was preapproved. My agent says the lender has to review the appraisal.
I’m confused about the difference between the loan contingency and the appraisal contingency. My agent says I should remove the appraisal contingency, but I’m not sure about that.”
Check out Tara-Nicholle Nelsons answer:
http://www.inman.com/buyers-sellers/columnists/tara-nicholle-nelson/plan-a-contingencies-lessons-buyers
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Lee,
That really lays out what the situation can be — great article.
Larry
Lee,
Very topical subject now with all the changes.
The rules are changing all the time in loan game, so the best advice is to keep your eye on the goal of closing, and just do what the lenders ask.
Some of the requests may make no sense and most likely it is a processor at some point just covering all the bases.
Brian