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@JBronxite Terrific. Hope it appraised as advertised or better as seen in the Purchase Agreement . I am waiting for mine now also. Good to here you got some movement.
I had my own home appraised in the last 6 months for a refinancing. It appraised 20% higher than 2006...that even surprised me..I thought it would be flat or even lower. I am also purchasing another property, and that appraisal is 60% higher than what I am actually paying for the property!! No doubt I am getting a great deal, however in general there is no doubt that your appraisal will come in at or higher than anticipated.
You would be surprised what condos/coops are selling for in the area...it is much higher than even I thought.
@Downtown- Yes, the property appraised 72% higher than the mortgage amount.
So now the question is, do I get mortgage insurance if the property appraised much higher than the loan?
@Sobroguy they did compare it to about 10 coops in the market. So I am sure their prices helped. Along with the fact that many of those buildings average 50 years old and this is a brand new build
@Downtown- Yes, the property appraised 72% higher than the mortgage amount.
@JBronxite Wow 72pct higher. Terrific. So what would be the reason to get Mortgage Insurance because of the higher appraised value? Why would it be necessary? Can you get Mortgage Insurance on a Co Op since it is shares and not owning real property?
PMI is only needed if you put down less than 20% of the purchase price. Since the VV property appraised higher (aprox 70%) than the purchase price it is not needed.
PMI is only needed if you put down less than 20% of the purchase price. Since the VV property appraised higher (aprox 70%) than the purchase price it is not needed.
Thanks MsTaz! Me being a worry wart about things just wanted to be sure but in this case I definitely don't want to add an unnecessary expense.
Is anyone doing the Low Interest Rate Program through SONYMA? Feel free to inbox me if you don't want to discuss on the forum
Just found the above youtube clip which is from a series about Via Verde at the Graduate School of Architecture, Planning and Preservation at Columbia University . It is just about two hours long, skip the opening remarks. I am at the first speaker, about 17:30-18 mins in... very informative so far.
@Seneca72 Congrats on your progress. Good Stuff! Things seem to be moving along nicely though slowly.
@MsTaz10451 Thanks for clearing that up. Good to know that information.
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. Feels good to see some progress.
