I think appraisal at offer price is too low

Started by hdare

about 17 years ago

Posts: 3

Member since: Jan 2009

Discussion about

I am in escrow for a condo and my lender just informed me that the appraisal came in exactly at offered price. I am happy that it did not come in lower, but am surprised it did not come in much higher since comp sales are about $50k more than our offer price. The lender won't give me a copy of the report until we close. Is this something to worry about?

Response by chuckl1233

about 17 years ago

Posts: 122

Member since: Jun 2007

No, nothing to worry about but are the sales you speak of over 3 months old? The appraiser probably didn't use sales over this period because of most of the drastic changes.

If you really want a copy of the appraisal, you might have to pay for it but I'm not sure.

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Response by jlnyc50

about 17 years ago

Posts: 77

Member since: Jan 2009

the lender should give u a copy of the report firstly.
secondly- it is not something to worry about- if u feel u are getting a deal u prob are if u are somewhat of a knowledgeable buyer- apprisals are scewed to come in at the asking price or just above it... a co op board can turn u down if it is so much significantly higher-

I think appraisal at offer price is too low

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