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 fporta
Joined: 11 Sep 2009
Posts: 2
1.00 Dollars($)
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 Posted: Fri Sep 11, 2009 8:22 am Post subject: Appraisal issue |
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Hello,
I'm on purchase process of my apartment in Miami/FL
Me and my wife was approved by Bank of America one week ago.
The building that I have bought my apartment has some units for sale and some short sales too.
Now we just need the appraisal but the sales dept of my building told me that appraisers that is from Bank of America, not a independent appraisal company is not appraising the unit good enough to be approved for the loan.
They had like 2 or 3 denials this week. The bank of America is appraising the units based on some non-remolded units and short sales units (my unit is totally remolded)
My broker told me that we should move to another Bank (Regions) in order to get another appraisal that will be accepted for sure.
My question is:
Should I move to another bank? My broker told me that I will not have to gather all documents again and the switch transaction will be fast and smooth, Is that true?
Should I verify the market value of my unit again before closed the deal? How do I do that? I don’t have a real estate broker since I’m buying directly from the developer
If the apartment is really overpriced how I should deal with the developer in order to low the price? Is it possible?
What happens if the apartment does not appraisal in the price that I’m buying? Can I lose the down payment?
Thanks,
Fabiano |
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fporta
Joined: 11 Sep 2009
Posts: 2
1.00 Dollars($)
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| Posted: Fri Sep 11, 2009 8:27 am Post subject: |
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Sorry,
I forgot to say that Bank of America did not perform the Appraisal yet in my unit, but based in the other units that was not approved we should try another bank (regions) |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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