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| orion:
The appraisers are supposedly more regulated now after the housing crisis. The banks are now picking the appraisers and you can't go with an independent. As I said we had to have two separate appraisals done to refinance a few years ago. We deal with a mortgage broker. It is the morgage brokers who shop around and do all the dealing with the banks for you. Ours told us we could refinance at a specific amount, no problem and wouldn't have to pay PMI based on what our equity should be. At first she tried to get us a loan with the bank we had been dealing with previously. However their appraiser came in and completely low balled us based on a drive though. I even had added 400 square ft to the house by finishing off an unfinished room and the guy wouldn't even budge or agree to do a walk though, he basically called me a liar questioning rather or not we had an additional 400 square ft. Needless to say we got pretty pissed off and told the mortgage broker that if she couldn't get us a loan without having to pay PMI we were done, as we would be paying more had we gone though with it. Furthermore we let her know that we also weren't willing to pay for the appraisal as the guy wouldn't even appraise it based on the appropriate square footage. She started the whole process over again using another bank she deals with. The second bank appraised the house close to what it had appraised for previously, and the refinance went though. Also she ate the cost of the second appraisal. The point of the story is, give a mortgage broker a try. |
| javeryh:
I'm going to look into it, make some phone calls, etc. We "officially" started - we sent the first payment to the architect for her time spent putting together a term sheet of the project and walking through the house, etc. The only thing that will stop us now is if she looks at our budget and says there's no way we can accomplish what we want to do in the stated dollar amount (I think it should be enough based on the fact that it is almost double the final cost of the addition my neighbors got last year and the only thing we want that is different is a full basement instead of a crawlspace. I'm excited but I'm sure this will be one giant headache. :cheers: |
| orion:
Cool! I look forward to following your progress :) |
| boykster:
Cool - looking forward to progress pics! |
| eds1275:
You might be able to save some money doing [some of?] the demos yourself. That's the fun part! |
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