Posted: Fri Sep 11, 2009 12:18 pm Post subject: Appraisal???
Hello,
I'm on purchase process of my apartment in Miami/FL
Me and my wife was approved by Bank of America one week ago.
The building that I have bought my apartment has some units for sale and some short sales too.
Now we just need the appraisal but the sales dept of my building told me that appraisers that works for Bank of America, not a independent appraisal company is not appraising the units good enough to be approved for the loan.
They had like 2 or 3 denials this week. The bank of America is appraising the units based on some non-remolded units and short sales units (my unit is totally remolded)
My broker told me that we should move to another bank (Regions) in order to get appraisal from other than Bank of America.
My question is:
Should I move to another bank? My broker told me that I will not have to gather all documents again and the switch transaction will be fast and smooth, Is that true?
Should I verify the market value of my unit again before closed the deal? How do I do that? I don’t have a real estate broker since I’m buying directly from the developer.
If the apartment is really overpriced how should I deal with the developer in order to low the price? Is it possible? Is this a normal situation?
What happens if the apartment does not appraise in the price that I’m buying? Can I lose the down payment?
If Bank of America is not appraising your property, then you should definitely switch over to another bank and check out if they can appraise the property and give you a loan. It would depend upon the bank whether or not you would have to gather all the documents. You can definitely verify the market value of your property once again. You can contact an independent appraiser who can help you in knowing that. If the apartment is over-priced, then you should not go for it. It will lead to issues in the future. You will have to negotiate with the developer to lower the value.
You can check out the following page:
"http://www.naifa.com/Appraiser/"
It may help you in getting information about independent appraisers of your area. As far as the cost is concerned, it would vary from appraiser to appraiser. If you buy an overpriced property, you may face difficulty in paying off the loan. Moreover, you may even face issues while selling off the property. If the appraisal value is low, then you can inform the seller about it and negotiate for a lower price. _________________ Procrastination is the enemy of your financial success
getting an independent appraiser is going to be costly, and i would advise against it. do some research on what comparable models have been selling for in reality - this will give you a good estimate of your unit's value. _________________ George M. Akerley
Loan Consultant
860-221-5044
fabianoporta
