Interesting dilemma just popped up during the tail end of our financing period while trying to close on a 3BR / 1BA condo here in Boston. The appraisal came in just right for the value of the property, but the rent figure this guy came up with was so far off even my lender called me and said, "I nearly fell off my chair I don't know where he got these numbers."
Property is in Dorchester, 3BR 1100 sq. foot condo he suggested $1300/mo!! Meanwhile, I'm renting a 450 sq. ft. 1BR (down the street) near Ashmont FOR $1550 PER MONTH. What is he smoking and what's the best way to move forward with getting this resolved?
@Christian Nachtrieb If you know any property managers then I would have them give you an estimate. You can also look on rentometer.com.
@Caleb Heimsoth You know to be honest I'm not certain as to why it matters, I think that it has to do with my DTI level my mortgage lender was calculating in order to approve my loan. Anyway, just a quick update, I had my agent pull a bunch of rental comps all of which had a MINIMUM rental rate of $1900/mo. After presenting to the appraiser he did end up changing his analysis to $1700/mo. Still low but, way better.
That's unreal. Should be $1,800 to 2,100 at least. Wow. Where is he located? Sometimes you get someone who has no clue and they are from like the other side of the state...
@David Cahill I know, so bad. I'm not exactly sure where he's located but I plan to have my lender email him a pdf copy of my first lease :)