MORTGAGE APPRAISALS

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 aduit 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 rarly 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.

"This offer 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 claue 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." **

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** Sample Clauses- consult with your expert mortgage broker, real estate agent or lawyer.