Real Estate

Appraisals for Preconstruction Condo

  • Last Updated:
  • Aug 10th, 2021 12:25 pm
[OP]
Member
Jul 31, 2018
396 posts
196 upvotes

Appraisals for Preconstruction Condo

Is it standard for all lenders to request an appraisal for even preconstruction condos?
It's pretty certain all preconstruction condos that were purchased in the last 5+ years have gone up.
An appraisal is to protect the lender, so why do they have the purchaser pay for the appraisal?
Given appraisals can be from 300-500$, is it possible in this market to negotiate with the lender for them to reimburse you back this fee?
full time realtor + medical professional
4 replies
Deal Addict
Jan 9, 2010
2607 posts
2359 upvotes
Yes, standard. You're asking them for a loan. Yes it's to protect them but the other side of the coin is that you need to prove the value of the asset that you're basically using as collateral.
Deal Expert
Feb 29, 2008
19070 posts
17392 upvotes
Tarrana & The Ri…
Yup. Standard procedure.
[OP]
Member
Jul 31, 2018
396 posts
196 upvotes
Has anyone gotten lender to cover the appraisal fees?
full time realtor + medical professional
Deal Addict
User avatar
Apr 12, 2013
2915 posts
1903 upvotes
Moon
maxineli wrote: Has anyone gotten lender to cover the appraisal fees?
Sometimes its a benefit along with other cashbacks etc, just look for those offers.
Koodo, Public Mobile, Lucky Mobile Customer

Top