This whole refi busines
Posted on September 25, 2006 - Filed Under Business |
I’m eating crow today. Why yes I am.
How is that for starting out a Monday?
It appears that I had all of the steps but just not in the correct order. This is what we are doing (in the correct order).
- Appraisal
- Houses on the market
- If necessary, refinance
Here is how it goes.
The appraisal is good for 90 days. As I stated before, Wells Fargo has that weird policy about not refinancing for a year after the houses have been put on the market. When the appraisal is done, one of the aspects of the report is whether it is (or has been) listed on the MLS at the time of the appraisal.
That is the part I missed.
The appraisal gets done now, before the houses go on the market. Once the appraisal is done, then the houses go on the market. If there’s no sale within 90 days, the appraisal report will be used to refinance the houses.
Here’s a tidbit.
It seems that the appraiser has already done his appraisal. He did a drive-by. Grrrrrrr! He was suppose to do a walk-through but didn’t. And his appraisal was good, what we were asking for. But we were wanting the appraisal to be higher than what I’m asking. So the loan officer is appealing to the appraiser to do an actual "walk through". She believes, as do I, that if he got in to actually see the kitchen he may bump the value up.
We’ll see.
In any event, thanks to you guys for screwing my head on straight.
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