We sold for less than the rebuild quote but more than the comparison quote and we are scared to death that the buyers loan will fall through. Do you know which # is used?
2007-02-28 11:00:16 · 4 answers · asked by mel s 6 in Business & Finance ➔ Renting & Real Estate
Unless it is a new home, they will use the sales comparison approach. The cost approach isn't given much weight because it is too hard to figure depreciation accurately. Market sales data is the best way to find market value of a property.You will probably get a lot of answers on this, but I do 15+ appraisals a week and I know what the lenders use.
2007-02-28 12:25:26 · answer #1 · answered by lumberman57 4 · 0⤊ 0⤋
If it is not a new build then the lender is going to use the sales comparisons no if ands or buts about it. You will find the appraised value on the bottom of page two of the URAR (appraisal)
2007-02-28 23:09:24 · answer #2 · answered by Paul 2 · 0⤊ 0⤋
I agree they will use the comparison approach. In canada if the property is insured through CMHC or Genworth they will have an auto appriasal. They buyer will usually only have to insure high ratio loans.
2007-03-01 17:51:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Cost approach value is what they will use.
2007-02-28 19:07:07 · answer #4 · answered by ondreforsure 3 · 1⤊ 2⤋