Banks, Trust and Mortgage companies,
Credit Unions, Companies, Loan and Mortgage Brokers, Private
lenders all want to give you a mortgage. Some lenders lend
more on credit, others lend more on security and some do a
combination of both. They are experts in finance but need
appraisers to evaluate the loan risk when lending money in
both credit and security. Since the lender has no indepentant
information about the property INHOUSE Appraisal an independent
appraisal company, is the "eyes" for the lender
and provide appraisal reports describing the property an analysis
and conclusion of the fair market value.
INHOUSE Appraisal provides two services for mortgage lenders.
1) We provide appraisal reports of fair market valuations
for the real estate property , and
2) We do audit reviews of other appraisal reports for quality
assurance of your mortgage portfolios and risk management.
Our valuation services are for new homes, re-sales, mortgage
renewals, increases, and appraisals for power of sale or forclosure.
When buying a home people rarely have the money to pay "cash"
for the full purchase price and it's important that buyer
know what they are buying and how much they are paying. See
Buyer Appraisals. Often, an Agreement of Purchase and
Sale may have a clause for financing as follows.
is conditional upon the Buyer or his Agent arranging, at the
Buyer's own expense, satisfactory financing . Unless the Buyer
gives notice in writing delivered to the Seller or seller's
agent not later than ( time ) p.m. on the ( date,
year ), that this condition is fulfilled, this offer shall
be null and void and the deposit shall be returned to the
Buyer in full without deduction. This condition is included
for the benefit of the Buyer and may be waived at the Buyer's
sole option by notice in writing to the Seller within the
time period stated herein." **
( also add the clause below )
We have run into situations where the property was purchased
subject to financing and the financing is approved "subject
to the appraisal". Then, the Seller for various
reasons (maybe he undersold, change of mind, etc.) refuses
entry to the appraiser to value the property for financing.
The Buyer still has a contract to close the sale even if the
condition on financing clause is removed. The mortgage company
may not release funds until the "subject to appraisal"
has been meet. Always read the documents and understand the
meaning and ramifications.
This is a sample clause that you my want to add to the financing
clause in your agreement of purchase and sale:
"The Seller agrees
to co-operate in providing access to the property including
the structures for the purpose of an appraisal for financing
which may take place up to closing." **
Order a Mortgage Appraisal today!
** Sample Clauses- consult with
your expert mortgage broker, real estate agent or lawyer.