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Hi all, we are in the process of buying a home and will be closing soon. The house was appraised about a month ago for about 10K over the sale price. However, I'm concerned about the continued fall in housing prices and I'm wondering if it would be a good idea to hire my own appraiser for a second appraisal? Or is this no longer necessary since banks are now being extra careful about giving out loans?
Hi all, we are in the process of buying a home and will be closing soon. The house was appraised about a month ago for about 10K over the sale price. However, I'm concerned about the continued fall in housing prices and I'm wondering if it would be a good idea to hire my own appraiser for a second appraisal? Or is this no longer necessary since banks are now being extra careful about giving out loans?
There would be no benefit for you to pay for a second appraisal. Would have nothing to do with banks being careful. You basically have a 'done deal'. Get to closing, stop worrying and enjoy your new home.
There would be no benefit for you to pay for a second appraisal. Would have nothing to do with banks being careful. You basically have a 'done deal'. Get to closing, stop worrying and enjoy your new home.
Thanks, I'm looking forward to it. I just don't want to end up in the position so many are in now where they paid more for their home than its current value.
Thanks, I'm looking forward to it. I just don't want to end up in the position so many are in now where they paid more for their home than its current value.
It is a valid concern, but really one of those things you will have no control over. After you close you will just have to stop watching the news and/or reading the newspaper.
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