All Forum Posts by: Krishna Rayapudi

Hi All, My bank contact said he will charge about $5000 to get an appraisal for a medical office building about 6000 sqft. Wondering if this is too high. Is it not based on price and size of the property? Thanks for your help

@Jay Hinricks 

Thanks Jay. I mentioned above that it is a home loan and not construction loan. The question was, can he sell to someone else while under contract or him just trying to vent it out as he got delayed. You made a good point that the bank would not close with out a Cert of completion. He should know as he built 30 homes in the area. 

Thanks David!

Thanks Michael and Wayne. 

Actually, mine is a home purchase loan (not construction loan) and he is technically selling it to me after completion with his investment and his friend's.  We do have a purchase contract. I paid a good amount to him so far as earnest money. Bank approved my loan but wants 100% completion to do the final processing and book a closing date.  Appraiser just came and did not give a certificate of completion, because there was some sod and sidewalk remaining to be done.  Current bank is very adamant about getting 100% done. 

-I have a house(primary residence) under contract that is being built and bank wants it 100% complete to process the loan. Builder is getting frustrated with the delay as the bank would not escrow money for unfinished portion and close. They want it 100% done, so closing might not happen for another 3 weeks. 

- Can the builder really sell it to someone else while under contract?

- What if I pay some money down to keep him happy and recuperate it from bank when loan is processed? 

Any suggestions?

Thanks Shaun. Will look into this one

Hi Guys, My loan officer approved my jumbo home loan, but wants my house 100% complete before he schedules inspection with his appraiser. He is not an easy person to reach/contact which had ben frustrating from the beginning. My builder will be 100% done by middle of next week but he is getting upset that we are not able to move in (staying in an apartment now waiting for the house to finish) as the bank is asking for 1.5-2 weeks after 100% completion to book a closing date. All houses that he built which are about 30 so far in the area, have all been closed with a little outside work remaining like sodding etc when the bank would escrow a certain amount and give it after it is all done. The loan officer is pretty adamant about inspecting it after it is 100% done. Builder is  threatening that he would sell the house to someone else as he is not happy with the loan officer!! I do have the house under a purchase contract which expired few days ago and has to be renewed (which the loan officer suggested do it once the closing date is booked). I am not worried about the builder selling it to someone else, but how can I convince the loan officer to close it sooner?