Asked by K. Johnson, Almaden, San Jose, CA • Thu Mar 13, 2008
I just bought a foreclosure (REO) in San Jose. I know that I paid below market value for the home. The home was beautifully remodeled by a contractor that was planning to flip the house, but ran into financial difficulty. My lender did an appraisal and it was comical how they appraised it for my exact purchase amount. The comps. were all much higher than the house, so the appraiser reduced the value of the comp homes so that they would exactly match my purchase price. To me, this is a useless document. Well, not completely in that my lender gets a document that shows that they can secure the loan and the seller (the bank) gets a document that shows that they didn't except a price below market value.
So, why bother with a useless, incorrect appraisal?
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