Asked by Mona, Huntington, NY • Fri Sep 19, 2008
so here is our dilemma. We are buying a new construction property in Carteret, NJ (as witnessed by my other questions here). ;) We are in the midst of undergoing underwriting for a mortgage. When is the best time for us to get an appraisal of the property, so we can make sure that we are not doing all of this for nothing, if the appraisal does not come back the way we hope? Incidentally, purchase price is $366K, with approx 28K in upgrades included in that price. We are getting a 95% LTV loan, so there is no room for underappraisal. We are pretty sure that it'll appraise okay, but with the market being the way it is...
Right now the unit is drywalled, but not finished. The builder will be ordering the finishings after we get our conditional mortgage approval.
Any help would be very much appreciated.
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