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Ok so we are selling our house in the Bronx, NY. Our buyers with excellent credit and 20% down plus lots of money in the bank had the appraisal done. We were already priced very low for what was selling but the bank came in $15k lower. Ok so we work out a deal because we want to sell. Now, as our buyers are pressuring their bank for the loan committment letter, their bank has decided to do a drive-by appraisal of the outside (I forget the term our realtor used). Now we had an inside/outside appraisal the first time. So, do any of you know WHY Chase Bank is doing this? Are they going to decide that their original appraisal (which was too low to begin with) will end up lower? To us it makes no sense. Even our realtor doesn't understand what is going on. I was hoping someone would fill me in with any sort of information. Thanks!
Lenders are paranoid to the extreme these days. They are just double checking the ethics of the first appraiser and verifying value. It is very common for two appraisals these days. Welcome to selling real estate in 2009...
I don't think you should worry too much.Banks are being very,very cautious these days and seem to be dotting every i and crossing every t at least twice . I just refinanced my Bronx co-op and they kept checking and rechecking everything and refusing to give me a closing date until the last minute.I was beginning to think that they were jerking me around on purpose to run the clock out on my rate lock because the rates kept creeping up while they were jerking me around.I had locked in at 4.5% 30 yr fixed and the rates were back up to 5.5 by the time I finally closed.
In the end they gave me an extension on my rate and it finally closed but it was TORTURE. They even made phone calls on the day before the closing to check again on my employment status,etc.
According to all the sales tracking sites,etc prices in The Bronx have actually been going up a little bit in each of the last few months so your house might actually be worth a little more now than when you entered the deal. It's not going to help you because you already agreed to a price but it should ensure that it won't appraise for less.
Tell your broker to get off his/her butt and make sure he/she has comps ready to justify the price just in case but don't lose any sleep over it.
Last edited by bluedog2; 10-06-2009 at 06:52 PM..
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