Quote:
Originally Posted by asianthree
We just had some friends come down to look for a home in TV..they found a great home and went to their bank for a mortgage...the mortage loan fell short of asking price by $80,000 due to the appraisal...anyone else have this issue..i know that as the build out comes near that prices are rising, but if banks will not grant the loan, I wonder if this will slow down the pre-owned sales..
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Appraisals are made at a point in time. Values in a small area like the Villages were there might be 100 sales or more a week can change literally by the day.Comparables that are more than a few weeks old may be significantly off the mark. Appraisers in such a market have a very difficult time and need all the local info they can get. Local banks understand this process and usualy insist on a local appraiser with a clear understanding of conditions.
My last paying job was with a bank in Maryland. I had a number of good customers move to the villages and always recommended that they find a local bank for their RE transactions. I personally went with Citizens and found them to be quite competent with a great customer service culture. I'm sure that Community Bank and other local banks are probably just as good.