will appraisal value be ok?

9 years ago

House was appraised for 150k. Land was valued at 9k and house build cost was 141k so the loan amount for ths new construction was good but it was a non conforming area appraisal stated.( old houses and no new homes. Homes were under 120k in area). Anyways we had to find different land and did so in the rich section. Seller droped price from 26.5k to 22k. Cost to build now is 172k with land included in that price. Houses around neighborhood very from 170k - 200k and some over. Should i be ok and get appraised value for around my loan amount? We had to get preapproved for this different lot. All that went ok and are approved. Just wondering about aporaisal value. Also there are new homes is the area as well. Thanks vinnie ohio

Comments (3)

pixie_lou
9 years ago
You wont know until the appraisal comes back and the bank approves it.

It isn't so much what houses in the neighborhood are being appraised for. It is more in terms of size, sf, number of beds, baths, garage bays, size of lot. And how your home compares to the existing homes. Sounds like on the previous lot you would be the biggest house in the 'hood. But now you will be the smallest house?

Why is it costing an additional 9k to build on the new lot?
vinnie1212
Original Author
9 years ago
the first lot only cost 9k. this lot is 26k. Thanks for the info. i know a little how the appraisal works now that i got the chance to talk to him and real a lot about it. Anyways, the appraisal came back approved. was just getting nervous as im sure most do. this house will not be the smallest on the block. it definitely was the biggest on the old lot. thanks for your info
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kudzu9
9 years ago
vinnie-
Glad it worked out. A lot like that in my neck of the woods (Pacific NW) would be at least $200k, and putting a house like that on it would cost another $300-$400k. Consider yourself a lucky man.