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

 

Wei Min’s media interviews by CNBC, CNN, New York Times on the subject of investing in Manhattan property

 

 

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About Wei Min

  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

Contact Wei Min

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About Wei Min


  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

Work With Wei Min

CONTACT US