You might also want to further review the appraisal report for any errors or omissions
Remember that an appraisal is based upon data. So verify the key facts in the appraisal:
Is the square footage of the subject property correct? )
Is the lot size correct?
Did the appraiser note the level of improvements? Remember this is a macro-approach, the appraiser does not do a line by line cost assessment of improvements.
Appraisers must use the most recent and most similar sales in analyzing the value of the subject property. So look to recent sales in your neighborhood:
Was there a more similar sale not utilized?
Was there a more recent sale not utilized?
Was there a sale closer in proximity that should have been considered?
Remember â€“ appraisers cannot overlook sales in the immediate neighborhood that have like-features in lieu of properties that are farther away and are more dissimilar. An appraiser that did this would then not be acceptable to the lender.
How do you decide what is a similar sale? The appraisers we work with use our guidelines in determining comparables. They first try to stay within these guidelines and can only exceed them when such sales do not exist:
Homes of similar real AND effective age.
Home of similar size AND relatively similar bedroom/bath count.
Home of similar lot UTILITY (different than total lot size).
Home of similar condition AND quality.
While appraisers make adjustments for minor differences, a significant adjustment would mean the properties were not that similar â€“ therefore they canâ€™t overlook a property of similar condition to one that would require a large condition adjustment to make it. If you are going to offer alternative sales for the appraiser to look at, try to follow these guidelines as well.
Look at the adjustments made for the comparables used in the report. Important features include:
Location â€“ including external influences, school districts, etc
Do the adjustments seem reflective of these critical elements?
Did the appraiser explain how the adjustments were arrived at?
The problem is that you posted this question 2 weeks ago so I really need more information to help you and you probably have resolved this.
If I can be of help please call me at
It should not be problem. You should get a letter from the person/family member that is giving you the money, saying that it is a gift and show them how you are related...
Nowadays banks are getting annoying. They want to know everything that is going on your bank account.
I had a client, a server, that deposited cash into his bank account every month. The bank wanted to know where the money came from, had to get the employer involved a little. They were saying that it could have criminal money....
Anyway, show the bank where the money is coming from (the family member bank's statement debit of the amount, your bank statement credit with the same amount, a letter from the person giving you the money and you should be fine.
BUT above all, GET A CHECK not cash!!! The bank may wonder and does not like cash!
Hope that helped!