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I-Hate-Hulse · 05-09-2006, 12:50 PM

I had a situation similar to this as described in your other thread on 1st time buyers:

http://forum.calgarypuck.com/showthr...ighlight=buyer

Ironically, my situation just resolved itself today. When I first bought my place, it was 5% over what the appraiser deemed safe for the bank to mortgage based on comparable sales in the area. As such, they would only grant me the value of the appraisal, and I would have to fund the difference between appraisal and purchase price by myself.

I ended up grinding down the seller which is what I would recommend 1st. Doing this put me in a position that I could fund the difference so I went ahead with the purchase. The appraiser was quite good, and let his appraisal period stretch right to the deadline before posession date, and in that time the market came up enough of the 5% that I was able to get my full purchase price as a mortgage, 3 weeks later. You could also try this.

Keep in mind that was when I put 25% down - in that case the bank does the appraisal. for anything less than 25% down, CMHC does the appraisal.

I suspect the comment was that there were not condos in the immediate AREA that exceeded $250K - there are certainly some that exceed that.

Your next bet after CMHC is to try GE or Genworth - I've know people that had problems with CMHC get a GE mortage easy enough so it doesn't mean your dream is dead.

Good luck!

05-09-2006, 12:50 PM	#4
I-Hate-Hulse Franchise Player Join Date: Jul 2003 Location: Sector 7-G Exp:	I had a situation similar to this as described in your other thread on 1st time buyers: http://forum.calgarypuck.com/showthr...ighlight=buyer Ironically, my situation just resolved itself today. When I first bought my place, it was 5% over what the appraiser deemed safe for the bank to mortgage based on comparable sales in the area. As such, they would only grant me the value of the appraisal, and I would have to fund the difference between appraisal and purchase price by myself. I ended up grinding down the seller which is what I would recommend 1st. Doing this put me in a position that I could fund the difference so I went ahead with the purchase. The appraiser was quite good, and let his appraisal period stretch right to the deadline before posession date, and in that time the market came up enough of the 5% that I was able to get my full purchase price as a mortgage, 3 weeks later. You could also try this. Keep in mind that was when I put 25% down - in that case the bank does the appraisal. for anything less than 25% down, CMHC does the appraisal. I suspect the comment was that there were not condos in the immediate AREA that exceeded $250K - there are certainly some that exceed that. Your next bet after CMHC is to try GE or Genworth - I've know people that had problems with CMHC get a GE mortage easy enough so it doesn't mean your dream is dead. Good luck!