Just as there are specific guidelines for appraising single-family homes, there are special requirements for the appraisal of condominiums that must be met in order for GreenPoint to have a proper value assessment.

Usually your condo complex must be finished in order for GreenPoint to approve your loan. If the appraiser gives your unit one value without seeing the finished product of other adjacent units, the others could turn out differently and worsen or better the marketability of your condo, therefore changing its appraised value.

Another factor in condo appraisals is the ratio of owners to renters. Usually a condo with a lot of owner-occupied units is more appealing than a complex with a lot of renters. If your complex has more renters than owners it may have a lower appraised value than if the same complex had all owners. This may be because owners tend to take better care of their homes and tend to be a working population, as opposed to renters that come and go and may not treat renting as generously as home owning.

The appraisal is never done without taking into account the values determined for other projects. The appraiser will look at the value of other complexes on the exterior and interior and gain a clear understanding of the general price of similar condominiums in the area. Remember, the homes in your area and the area itself are factors considered in an appraisal as a part of the “comparables” aspect.

Keep in mind that if you are requesting a large loan this may be one of those other ‘little’ factors considered during the appraisal. The larger loan amount you request the more requirements your appraisal must meet.