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Lot loan
Posted on 9/23/10 at 12:20 pm
Posted on 9/23/10 at 12:20 pm
Bought a lot from Nora ( new Orleans redevelopment authority) a couple weeks ago. Part of lots offered through road home. It was appraised then but now my bank wants 200 for their own appraisal for my loan. Is this normal?
1
Posted on 9/23/10 at 12:46 pm to oilmanNO
quote:
Is this normal?
yes
Posted on 9/24/10 at 8:29 am to tigermoney
withouth a doubt. They had it appraised "to sell" (aggressive in house appraiser or road home probably). The bank wants it appraised for the collateral or true value of the property (more conservative approach). My guess is that it will come in a few dollars under what road home had it appraised at, but that's just a guess.
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