Understanding the appraisal process, Cheddar TV interview
Posted by Wei Min Tan on May 19, 2021
Weimin Tan interviewed by Cheddar TV on the home appraisal process.
A home appraisal is an unbiased third-party valuation of a property. The purpose of the appraisal is to protect the bank’s interest because the bank is lending money to the borrower with the property as collateral.
The Home Appraisal Process
The appraisal process comes in after there is an accepted offer and a fully executed contract
Buyer will submit mortgage application
Bank will start its process: underwriting and appraisal
Appraiser will look at the property and compare to similar closed properties to confirm the subject property’s valuation
To protect the buyer, the borrower should always negotiate for a mortgage contingency in the event that the appraised value comes in lower than the trade price.
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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