New or resale, if its a home listed by The Villages, the Appraisal requested by Citizens Mortgage will come in at or slightly above the sales price.
If you were using a bank for financing other than Citizens, then the appraisal would possibly mean something. I was involved with a situation with a Village listed resale, person made an offer on the house, but was financing it through another lender. The other lender sent out its appraisal and it was $10,000 below sales (not asking) price.....The Villages RE tried to get the buyer to use Citizens but the buyer balked. Seller offer to split the difference (Sale would still be $5k over appraised price), buyer said no and the deal eventually fell through.The VIllage RE people will try and use a clause in the resale contract that states any RE Appraiser MUST be based in Sumter County Florida....otherwise you need to the another appraisal. It does get potentially confrontational at the end.
Appraisals are only necessary for bank financing, and if you are dealing with VIllage RE, they are hand in hand with Citizens Mortgage.....any appraisal from Citizens would not be an objective appraisal accepted buy other banking institutions.
Read your contract. If its a new house delaying closing date will cost you money. NOt certain how it would effect a resale. IMO, based on your senario, The appraisal will not matter, if you want the house settle....too late to change anything. If you were that concerned about what the appraisal said before you closed, you should have used a different mortgage lender.
|