Mortgage appraisal value on hot market
Hi all,
With hot market like right now the market price can increase within a month.
How this will impact the appraisal value.
E.g a 3 bed home sold price:
Nov 2020: 650K
Dec 2020: 700K
Jan 2021: 750K
And now in Feb it can be 800K, since only the purchase on Nov-Dec ones are closed will the appraisal still around 650K?
With the closing date 2-3 months, is it possible to get the appraisal later on March rather Feb? to get better appraisal price.. To avoid the need higher down payment.
Thanks.
With hot market like right now the market price can increase within a month.
How this will impact the appraisal value.
E.g a 3 bed home sold price:
Nov 2020: 650K
Dec 2020: 700K
Jan 2021: 750K
And now in Feb it can be 800K, since only the purchase on Nov-Dec ones are closed will the appraisal still around 650K?
With the closing date 2-3 months, is it possible to get the appraisal later on March rather Feb? to get better appraisal price.. To avoid the need higher down payment.
Thanks.