new post »
see more posts »
Any real estate people on? My co-op is in contract. We're worried about the appraisal. Appraiser is looking at last 6mos in our building, but there are none, and so they will look only at neighboring buildings. This is a relief, as our building is mostly full of people who have lived here ages, haven't renovated. Our place is beautifully and not cheaply renovated. We were worried about not appraising high enough (because sales in our building have not been high), but our realtor thinks we'll be fine because neighborhood co-op 2-beds have all been higher than our sale price (sometimes a lot higher), and there are no recent sales. Nervous.
3 replies [ Reply | Watch | Options ]I am a RE professional and have seen 3 units in nyc not appraise in the last few weeks. I am not at all convinced that this is because those units are not worth the sales price. I think that banks are extremely nervous right now and are being very cautious about lending and have put pressure on appraisers to be conservative (it was only a year or 2 ago that a completely over-priced unit would appraise for $100k over sale price). A lot of it will depend upon the particular lender and appraiser. One trick you might try - some appraisers will allow re brokers to provide potential comps so if you have a broker, you should ask him/her to try and get the appraiser to do that. Good luck!
[ Reply | Options ]
Boards Help
Abbreviations
More Boards Help
Site Feedback Thank you for your feedback about the new site. We are paying close attention to your comments and we will incorporate them as we make improvements to the site. Please continue to report problems and offer feedback on the Site Feedback Board and visit our Site Talk blog for answers to some of your questions and updates on specific issues.
More Boards Help
Site Feedback Thank you for your feedback about the new site. We are paying close attention to your comments and we will incorporate them as we make improvements to the site. Please continue to report problems and offer feedback on the Site Feedback Board and visit our Site Talk blog for answers to some of your questions and updates on specific issues.
Flashback
