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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?
Yes, my Chase loan processor indicated no issues for me to be alarmed. Maybe because the loan amt is $234k not 372k.
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.
We are buying the 2 bedroom at $300.000, according to our loan processor the unit apprised for $490.000. Once I receive the appraisal I will know what was used for comparable.
Yes, my Chase loan processor indicated no issues for me to be alarmed. Maybe because the loan amt is $234k not 372k.
thats is exactly why there is no issue, your loan is much less that the purchase price. You can challenge the appraisal if you feel like it. Appraisals take comps in the area and they might be utilizing walk up buildings, no amenities etc. I would not be concerned.
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.
In the report does it take into consideration things like: high/low floor, view, amenities(gym, community terrace, bike storage room, etc)? Also would a storage unit or parking space increase the estimate?
In the report does it take into consideration things like: high/low floor, view, amenities(gym, community terrace, bike storage room, etc)? Also would a storage unit or parking space increase the estimate?
Thanks again for the info.
I believe the amenities you noted including the comparable homes in the neighborhood and the interior/exterior of the property are deciding factors of the estimate. These factors may increase or decrease the value of the property. In our case hopefully enhance the value. That's what I got from my appraisal. But you should ask your attorney.
sorry unsure....as far as I know, there's 1 studio at $140k, at least 1 studio at $190k...other than that you'd have to wait for Mike's update at the end of the month.
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