Quote:
Originally Posted by Sr. Mints
When I bought my condo last August, I got an email several months later from my mortgage broker saying I owed ING a couple hundred dollars (I forget the exact amount) for an appraisal, which was, apparently, just a drive-by. Is that common? Also, are appraisals on new condos even necessary?
Also, would you recommend having the condo documents reviewed professionally on a newly built condo? I did, but if I recall correctly, it was a condition by my mortgage broker. I wasn't going to otherwise.
Oh, and I wish I saw this thread when I was in the market. I was LOST!
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Drive by appraisals are common. The main purpose is to ensure the property actually exists. Charging you for this is not unheard of but I would definitely raise a small concern with it.
Review of condo documents is always suggested however it is not nearly as important with a newly built condo. A new condo (assuming the board has been set up) is not going to have much information for you.