Financing in Stoughton>Question Details

Kcdee12345, Home Buyer in Stoughton, MA

My boyfriend and I are currently looking to buy a new contruction that is being built now. When can we start getting it apprasied?

Asked by Kcdee12345, Stoughton, MA Fri Apr 29, 2011

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The appraisal won't be ordered until you have the house in contract, applied for your loan and lock in your rate. At the loan application you will be ask to put up some money to pay for your credit report and appraisal. Then the bank will order the appraisal. It will also depend on how far along the building process is of the new construction. Usually, the bank won't order the appraisal until the house is 85% complete.
If you are looking for a comparative market analysis, then you can ask your Realtor to run comps and see if that price you are thinking of offering is fair. A CMA is different than an appraisal.
0 votes Thank Flag Link Fri Apr 29, 2011
The bank will start as soon as you have a p&S. They will go from the plans, then depending on the bank, but most likely at the end before funding. That is assuming you are not funding the construction of it. Also most banks won't lock the rate in for such a long period of time.
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0 votes Thank Flag Link Fri Apr 29, 2011
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