What happens when land value is estimated diferently by two parties?
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wheeler
Apprentice
Joined: 18 Jan 2006
Posts: 7
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 Posted: 06/13/08 - 05:12 Post subject: |
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| Taking up mortgage on some land that I own is a complicated process as it is and I don’t need additional set back such as having two different banks giving me two different evaluation reports on it. What happens when two different banks estimate land value differently? I am a little bit confused with all this. |
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godart
Apprentice
Joined: 20 Oct 2007
Posts: 4
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| Posted: 07/22/08 - 02:48 Post subject: |
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| There is no need to be confused at all because this is something that normally happens to all of us and you will see this soon enough. You get different valuations ad the only thing that you need to watch out for is that you don’t pick the lower one. Even if you get more then two different appraisals you should be thinking of the highest one as the one that you are really interested in. This is what will help you a lot in the long run and you will not have anything to worry about at all. Just take the highest one and you will be set for good. |
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