Posted on: 21st Nov, 2012 11:32 pm
I found a great opportunity in a city just outside of Atlanta for a duplex which ends up being about 4 minutes away from my house. Great location!! But the problem is that the accepted offer on the duplex is $107,000 with 25% down. The bank ordered appraisal via Bank of America came back at $77,000. So, yes....I'm frustrated because of the low appraised value of the house but that's not my issue. My issue is that I don't believe the $500+ appraisal was done correctly. Apart from that, the appraisal took 20 days to complete. By the time I received the low-ball appraisal, it put me outside of my contracted financing contingency which now puts my $2000 earnest money in jeopardy. Please help!
Hi Vinny,
Most of the properties still have reduced values. After the real estate crisis, most properties have lost values. In such a situation, there are high chances that the appraised value of the property may come reduced. You can contact some other appraiser and ask him to appraise the property. This will help you know what the value of your property is.
Happy Thanksgiving!! :)
Take care
Most of the properties still have reduced values. After the real estate crisis, most properties have lost values. In such a situation, there are high chances that the appraised value of the property may come reduced. You can contact some other appraiser and ask him to appraise the property. This will help you know what the value of your property is.
Happy Thanksgiving!! :)
Take care
Hi Vinny,
If the appraisal came low, then there are high chances that you won't be able to get qualified for a mortgage. Unless the lender finds that you have equity in your property, you may not be able to get qualified for a mortgage. In such a situation, your lender may not be ready to offer you a loan.
Thanks
If the appraisal came low, then there are high chances that you won't be able to get qualified for a mortgage. Unless the lender finds that you have equity in your property, you may not be able to get qualified for a mortgage. In such a situation, your lender may not be ready to offer you a loan.
Thanks