"Yes, sorry for the jargon there.... when looking at page 2 of the appraisal, the sales comparison grid, calculate the adjutstment factor on the sq ftage field i.e. if a comp is 500' bigger, you will see about a 12,500 NEGATIVE adjustment in the comp GLA field. Take 50% of this figure and that will approximate the diff in finished vs unfinished bsmt area. if comps are on slab, expect a 2X adjustment. NOTE: these are market-specific, but should be pretty close to what you will experience, unless..."    View Post

"Ray Cooper: Bottomed line is from the beginning I wanted to know what my cash at closing would be. This was a straight forwarded refi. There were no surprises or hidden cost. His estimate he gave me was almost 40% off. I call it like I see it. Consumers need to stand up and say the funny business with the numbers needs to stop. An estimate needs to be closer than that. Even 10% - 15% off is unacceptable if there are no surprises or delays going through the process. I understand if a fee or charge..."    View Post

"casey lacefield: BUT now I finsihed out a 750 sq ft basement. Grey: An 80/15/5 in '05/06 in the Nashville market is likely>100% LTV right now. The 750' finished bsmt MITE add 10K to the value, OR you might get butchered on the "in law suite" due to lack of comps (kitchens can be problematic). The basement does NOT add to "Gross Living Area" and is counted at appx 50% of finished space sq ftage, per USPAP/Fannie guidelines. I don't think the HAMP /DURP will be a..."    View Post

"TDA: Would the underwriter require the same addendum if my home appraised for more than I was paying No, they would not, but you're dealing with an FHA loan where you have extraordinary protections per FHA guidelines. FHA loans are designed for 1st timer-buyers and those with profiles (down payment, etc) that generally fall oputside of FNMA guidelines. You have the right to walk away and get 100% of your money refunded, inc appraisal (broker eats , or lender). I would request the same letter..."    View Post

"last on this. Yes I have been in that situaiton, more than once, mostly with my own $$, but employers $$$ w/in past two years on hedging speculation. do not count on yuor borrowers "understanding " the mistake and gladly letting you/firm off the hook. In New York? fuggetaboutit. you mite be back to 50K loss after today. Betwn employer/investor/you should be able to clear up good luck"    View Post