What is the name of your state? MA
I am in the process of refinancing and debt consolidation. The bank I am dealing with did an electronic appraisal which came in with enough money to refinance and payoff all the debts and closing costs. The bank is now doing a physical appraisal of the house. They stated that sometimes there is a difference in the two numbers but they would obviously have to use the physical appraisal number. (The electronic appraisal came in at a very high number approx 50K more than the average selling prices in our neighborhood -basing that on the last 3 sales in our area)
We dont have the number from the physical appraisal yet. Im just trying to figure out what to expect.
Does anyone know what factors would create such a discrepancy?
And does this happen often where the numbers would be different?
I am in the process of refinancing and debt consolidation. The bank I am dealing with did an electronic appraisal which came in with enough money to refinance and payoff all the debts and closing costs. The bank is now doing a physical appraisal of the house. They stated that sometimes there is a difference in the two numbers but they would obviously have to use the physical appraisal number. (The electronic appraisal came in at a very high number approx 50K more than the average selling prices in our neighborhood -basing that on the last 3 sales in our area)
We dont have the number from the physical appraisal yet. Im just trying to figure out what to expect.
Does anyone know what factors would create such a discrepancy?
And does this happen often where the numbers would be different?