lender's appraisal
Hi everybody!
I have just put an REO under contract for 60k in north Virginia. 2005 it got sold for $289k, in 2008 it was appraised at county at $243k and this year it got appraised at $83k. On cyberhomes.com it is $140k and on zillow 209k...so may wierd numbers, right? Anyway a few months from now I am going to need to apply for loan so I am curious how much would the bank appraise my property. Anybody had similar experience?
Most Popular Reply
yes that is a federal rule callded HVCC and it took effect on 5/1.
From what I am told if there are no comps within 3 months they prefer to go with non-comps and stay witin 3 months - meaning if you have a fully rehabbed home and no comps other then bank owned homes in three months they prefer the appraiser to take the non comp comps before they do time adjustments.
Silly I know but....
I would ask an appraiser to pull some comps that are HVCC approved and get a value BEFORE you pull the trigger IF financing is required.....(now or later).