We are selling our house and the buyer's lending company already had an appraisal done. They are now ordering a second one performed by a supervisor on our property. Why would this be done? Should I be worried?
2007-02-02 05:27:58 · 2 answers · asked by Liesl W 2 in Business & Finance ➔ Renting & Real Estate
probably value came back lower than expected. so rather than reduce the loan amount they might try and do another one in the event that certain key elements were missed in the first time....
2007-02-02 06:40:23 · answer #1 · answered by boston857 5 · 0⤊ 0⤋
Not necessarily. If the first appraisal was done by an intern appraiser, the lender could just want to verify the findings. Also, if there has been a large time period between the first appraisal and now, with a lot of fluctuation in pricing, the appraisal could be ordered just to give an updated opinion. Normally, an appraisal is considered "up to date" if its 6 months old or newer, but with the market the way it is, even a few months could make a difference.
You can go to http://www.zillow.com and get a rough estimate on the value of your property. If you tweak it, you can get within $500 or so of the actual value.
2007-02-02 05:33:40 · answer #2 · answered by Enchanted 7 · 1⤊ 0⤋