Agustin Conti, Home Buyer in 33160

I have a contract for buying an apartment @ $235k, but the bank appraised @ $200k. and is willing to lemd 80%

Asked by Agustin Conti, 33160 Tue Oct 14, 2008

of the appraised amount, not the selling price of $235k. How do i know that the price is fare? and how can I find another lender isntitution that is willing to lend 80% of the sell price of $235k?

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You can have the property appraised by another appraiser and submit that to the lender. The lender may if they choose- have a third appraisal done. Typically the lender works with a list of approved appraisers and will honor the values that are presented to them. Would you really want to pay 15% more than what ANY appraiser has stated?

Have a REALTOR®, prepare a CMA and give you some comparable sales that are recent.
1 vote Thank Flag Link Tue Oct 14, 2008
Maybe it's only worth 200K. Wait another year to buy, save another 20%. Good Luck
1 vote Thank Flag Link Tue Oct 14, 2008
Hello Agustin,

My name is Andre Shambley and I'm a licensed real estate professional who specialize in the North Miami Beach & Sunny Isles area. After reading your question there are several important questions you should ask the agent and lender you are working with to move from contract to close. Please feel free to contact me at your earliest convenience to discuss further.

1 vote Thank Flag Link Tue Oct 14, 2008
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