Monday, February 26, 2007

Home Buying One-Oh-My-Goodness-5

Even though I am laid up with the crummy flu, today is a good day. Today our appraisal on the house came back and they said it was a couple thousand over what we are paying. For those of you just learning, like me, the amount they appraise has to be equal to or more than you are paying or the bank won’t give you the money buy the house.

Since the appraisal was good, the bank gave the green light. This was the last hurdle to getting the house! We become homeowners in 18 days. That’s just two days after our three year (official) anniversary.Also, today my friend Sam called and emailed.

Boy, if all it takes is for me to get the flu, and then everything else with the world goes right I may never get the flu shot again. Some how, my flu-induced-brain might be somewhat lacking logic. Let’s see how I am feeling in the morning.

1 comment:

James Hsu said...

Congrats on the new house! Make sure you get a copy of your appraisal. If it's anything like up here in Washington, you the buyer will have paid for that appraisal, therefore you should be entitled to a full copy of it.

If the bank or mortgage lender can't provide a copy, ask why. Also ask what kind of appraisal was done. There's a few kinds, but the one lenders usually charge is the full, in-person appraisal (runs about $400 here). However, sometimes they only order a drive-by appraisal which is just that. Costs the bank hundreds less, but still charges the borrower the full appraisal amount and keeps the rest.

Most of the time lenders are practicing honest business, but just so you know and know what to look out for...cause it does happen occasionally.

-James