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Redfin Real Estate Forums :
Boston :
Re: Appraisal
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Appraisal
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fenway
Visitor
Posts: 1
Registered: 05-13-2008
Message 1 of 4
Viewed 2,508 times
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We're looking at buying a place on St. Botolph st, and are concerned about the appraisal coming back low. I looked at the recently sold places on and near that street and the cost per sq. foot figures are pretty inconsistent (low 500s to 800+). My question is, when a property is being appraised, do they look at more than just comparable cost per sq. foot? Does the presence of a deeded parking spot help? What about a private roof deck or a very recent full renovation? Thanks in advance for any help!
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05-13-2008 02:32 PM
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Re: Appraisal
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Driscoll
Redfin Lead Agent
Posts: 6
Registered: 03-07-2008
Message 3 of 4
Viewed 2,455 times
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When doing an appraisal many things are taken into account such as; how many bedrooms, bathrooms, views, parking spots (garage or off street), placement in building, renovations, outdoor space, storage, location, to name a few.
Hannah Direct agent at redfin
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05-14-2008 01:02 PM
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Re: Appraisal
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Spotlight
Contributor
Posts: 14
Registered: 03-18-2008
Message 4 of 4
Viewed 2,358 times
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The sellers should be more concerned about the appraisal comming back low than you should be. Assuming you have a mortgage contingency, if the appraisal comes back low, and you can't get your financing because of it, you get your deposit back and they have to start over again. And chances are they'll have to deal with a low appraisal no matter who the buyer is. Needless to say, it puts the sellers in a much worse position than the buyers.
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05-17-2008 08:34 AM
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