This is peculiar. Was the appraisal request triggered only because you’re trying to secure financing for a property not built yet?So, my lender made an update on my Mtg application with an updated approx finding date due to the delay in occupancy.
This triggered an appraisal request, and as it's not built, it was based off of Purchase agreement, floor plans, current progress, and current market comparables sold for similar.
Not that I really care right now as it's not built and I don't plan on selling under assignment.... But the value appreciation seems quite low compared to other assignments sales I've seen for smaller units in the Townhouses.
Valuation came in $79000 increase from purchase date in Sept 2020 to now.... A assignment sale for same unit currently posted is listed for $140k+ above purchase price. So not sure how that buyer will get financing if there is that much of a discrepancy in valuation.
Financing is secured as of Sept 2020, excluding any material changes. But what happened when it was resubmitted with an updated date, the system triggered an appraisal request.This is peculiar. Was the appraisal request triggered only because you’re trying to secure financing for a property not built yet?
You should be fine though as your appraisal value is still more than you paid no?
It’s really incredible how little communication is provided by the builder and the sales team. I understand this is normal for pre construction, but they refuse to comment on the progress of the construction, and will not even elude to if delay letters are coming. So we just have to wait and assume etc.For those of us waiting on next steps/updates from the builder.
If there is a delay, we’ll be notified at least 90 days before the tentative occupancy date. That should give you a ballpark of if/when another delay letter is headed your way.
I don’t really understand your suggestion, this thread seems to have many buyers of this project and we seem to like sharing ALL aspects of this project. i don’t see the benefits of beginning something else, I do like everything to be in one thread.