Question by confusedwifey: What is a desk appraisal from the bank?
I am trying to obtain a loan from the bank. They are doing a personal loan. The way the banker explained it to me, they will contact the tax office and obtain the assessors report and then do a “desk appraisal” by calling me and asking questions about improvements done to my home. I know the house was appraised at $ 35,500.00 in 1995 but major improvements have been made including additions.
Best answer:
Answer by Glenn S
The bank will not send out an appraiser, but instead look at the “comps” in the area and get a good idea of what the property is worth today.
They will look at the improvements that you have made to your property then compare your property to the other like properties that have sold in the area within the last six months. They will adjust what they think the value is up or down compared to those properties.
That is what Realtor’s do when they give a Comparative Price/Market Analysis to determine the price of what a property should be listed for.
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Question by jonnyboy: What are your legal rights if the house you bid on a home and the appraisal falls short of your offer?
I placed an offer on a home for 120,000. The seller has accepted my offer, and I am waiting for the appraisal. There is a lot of “cosmetic” damage, and will probably cost $ 10,000 to replace the carpet, paint the walls, and put in a yard. After that has been accomplished, the house would look near brand new.
My concern is that the house will appraise for 10,000 -15,000 dollars less than my offer. When my realtor wrote up the contract, I do not recall “offer contingent upon appraisal” in the contract.
If there is no terminology in the contract that states “offer contingent upon appraisal” and the seller has already accepted our bid, can I break the contract if the appraisal fall short of my offer
Best answer:
Answer by Goofy law student
Granted I’m only a law student, so I’m not positive, but I’ve had basic contracts. I would look to the terms of the contract. If it does not include that term, you’re pretty much locked in, unless you’re willing to break the contract and risk whatever that entails.
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