With all the bidding wars going across entire bay area, just wanted to understand if how are the appraisals coming up. Every new house sold in same neighborhood with similar configuration is sold at a higher pricing. I don’t know how appraisers can catch up with that.I recently put an offer on a house above the listing price in San Jose , started two loan applications in parallel with two different lenders. Appraisal from one lender came back at the offered price and another came 150k lower than offered price. Of course I moved ahead with the lender whose appraisal matched #housing #bayarea
You can waive the appraisal contingency if you have & are ok with bringing additional cash to cover the difference. Appraisals are a problem in this kind of a market.
It’s seller’s market so appraisal contingency doesn’t seem to be an option, it’s always good to have back up cash in order to cover the difference but again how much of a difference it is - matters
I pulled out the appraisal contingency as seller requested. (Sigh) I also have a buffer to cover the diff, but who knows if the diff is more than that? And I am not okay to put more down payment considering its opportunity cost..
Appraisal contigency is what sellers are asking for
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I am on the same boat. I wonder if I have to contact another lender just in case.
Always good to have options
Yeah, just contacted another lender, but I don't know if the lender is willing to move forward. (I requested high DTI than usual as I don't want to pull my wife's income to this.)