My wife and I sold our townhouse and purchased a much larger home this past summer (end of July). Due to a number of reasons, my wife and I (but mainly my wife) are not happy with the house and she is insisting on selling and moving back to our old neighborhood this coming Spring.

In anticipation of this, I looked through the documentation from the home purchase and noticed on the appraisal, which was done by a company called RELS, that there isn't an actual dollar amount but a loan to value ratio.

The mortgage/appraisal were done through Wells Fargo and the appraisal was a 'Rapid Value' appraisal.

I put $105k as a downpayment on this $385k house. The LTV listed on the appraisal is listed as 72%/100. Is it normal for an appraisal to not list an actual dollar value?

So my question is this: did the large downpayment in any way affect the appraisal? I'm concerned that, due to the large downpayment I put down on the house, they may have just pushed the appraisal through?

Not to worry....the Rapid Value is an automated valuation model that Rels (owned by Wells Fargo) uses. It generates an estimate of the value of your home based on comparable sales in the area. As long as the number that the computer comes up with is at or above the purchase price of the property, you can use this in lieu of an appraisal.

It just means that the bank felt comfortable enough about the purchase price being at fair market value that they did not require an appraisal. If you truly wanted an appraisal completed your loan officer should have given you that option, but I would not assume any negative implication from Wells using this report.

I close loans with Rapid Values frequently and they are more typical on lower LTV scenarios such as yours.

Feel free to contact with any questions.

Jason

Thanks Jason, I appreciate the reply!