Positive Appraisal since HVCC?
Hi all, I’m in the process of buying a co-op and my lender is sending an appraiser out to the property tomorrow. After reading some of the appraisal horror stories on this site and in the press since the May 1st HVCC guidelines went into effect I’m wondering if there are any Brownstoners out there…
Hi all,
I’m in the process of buying a co-op and my lender is sending an appraiser out to the property tomorrow. After reading some of the appraisal horror stories on this site and in the press since the May 1st HVCC guidelines went into effect I’m wondering if there are any Brownstoners out there who have had appraisals done since the new guidelines went into effect and had POSITIVE experiences where the appraiser actually seemed to be familiar with the neighborhood and did a good job? I’m bracing myself for the worst but would love some reassurance from folks who recently went through the process and came out fine on the other side :).
Thanks!
All you need to think about is :
1. What is the competition in the area for your specific unit? In other words, potential buyers of your unit are also looking at: x,y,z
2. Appraiser don’t care what anyone involved in the transaction has at stake. Emotions on all sides has nothing to do what the estimated market value is.
3. Adam Dahill’s statement is irrelavant. So what if you work for a direct lender, and you choose your own appraisers for the system. Still has nothing to do with what the market value of anything is as of a specific date.
I have had numerous appraisal come back ok, but it’s definetly a crap shoot.
I love that the media is starting to report this…. I remember someone talking about it a few weeks ago…. I wonder who that was????
Since you are in a coop you may fare better than others as they will be looking mostly at sales in your building. They will look at outside sales but they will first look to your building.
We only use Brooklyn Appraisers for HVCC, since we are direct lenders we chose our appraisers to put in the system.
-Adam Dahill