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Anyone could provide some insight on appraisals performed on behalf of Chase?
Are they coming in line with market value or are they coming at depressed valuation.
Would love to hear the same re: Citibank.
it all depends on the appraiser that is used.
had my friend do a refi a yr ago or so on 2 almost identical apartments on the same floor. the appraisals done the same week were $185K and $240K. one of the guys went 10 blocks away to a building with a huge flip tax, 2 blocks from projects and a 20 minute walk to the train vs a 5 min walk. one considered a Jr 4 with a separate room as a bedroom as it was big enough, the other considered it a 1 bedroom.
welcome to appraiser land.
Had done. Exact value paid.
Same here, exact value paid (at citibank). I found the exactness a bit odd.
Wells Fargo, exact value paid...twice in 15 months, once at purchase and same thing at Re-fi.
Can't imagine why it would matter which bank orders the appraisal, I'd assume it's more the appraiser as noted above.