Today, I noticed a "horror story" posted on one of the PCBDaily forums regarding an investor, who purchased a preconstruction unit in the Origin building at the Towne of Seahaven in PCB. Apparently, when it came time to get financing for the loan, the bank(s) wanted additional equity due to a decline in the appraised value of the unit. The investor's unit appraised for only 62% of the contract price. I've posted the link below:
http://pcbdaily.com/phpbb2/forums/showthread.php?t=50
Anyone out there know what happens when an appraiser estimates the value for a preconstruction unit going to closing? Does an appraiser consider the contract prices for all similar units in the building, or focus on sales of existing properties?
Little Fish
http://pcbdaily.com/phpbb2/forums/showthread.php?t=50
Anyone out there know what happens when an appraiser estimates the value for a preconstruction unit going to closing? Does an appraiser consider the contract prices for all similar units in the building, or focus on sales of existing properties?
Little Fish