Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
According to our loan processor, the appraisal for our unit has been completed. The unit's appraised at approx. 18.75% above the total purchase price. We were also told that they may begin the final walkthroughs in mid to late February.
The unit's appraised at approx. 18.75% above the total purchase price.
Thanks A&E,
When you say 'total purchase price' do you mean the price you are paying, the price+closing costs, or the price+ the money the city is sponsoring, about $100K per unit?
I meant the price + the money the city is sponsoring. We should receive a copy of the appraisal by the end of the week. Hoping that the closings are in March as projected.
I meant the price + the money the city is sponsoring. We should receive a copy of the appraisal by the end of the week. Hoping that the closings are in March as projected.
Yesterday, I got my appraisal report and my unit was appraised for $365K 1 bd room. The listed price including the subsidy is 372K. Comparable units are $330k - 379K. I'm not sure if this is good.
According to our loan processor, the appraisal for our unit has been completed. The unit's appraised at approx. 18.75% above the total purchase price. We were also told that they may begin the final walkthroughs in mid to late February.
May I ask what kind of unit you are buying and what was your original purchase price? I am getting a two bedroom at the highest purchase price and hope it appraises for just enough so I won't have to pay for mortgage insurance.
Yesterday, I got my appraisal report and my unit was appraised for $365K 1 bd room. The listed price including the subsidy is 372K. Comparable units are $330k - 379K. I'm not sure if this is good.
Is your bank willing to still give you the loan? I have been looking at area comps for two bedrooms for months and they are in the 600k range. Perhaps they will seek a second appraisal?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
