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New condo appraisals

Started by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
Discussion about
I recently purchased a new construction condo for $860k and the bank's appraisal came in higher at $875k. So my question is: Do appraisers just validate the purchase price or do they develop their own assessment without knowldge of it? Thanks.
Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

validate own

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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

An ethical appraiser should independantly arrive at a valuation of a given unit based on market conditions. That being said the appraisers are paid by the mortgage brokers who only can close the loan if the appraisal comes in at a certain valuation. It rarely happens that an appraiser won't meet the mortgage broker's expecations because chances are that they won't get more business. Appraisals often just validate the valuation someone needs to meet the loan requirements.

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