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Answers (14)
You and the seller agreed on the open market to settle at that price and have established the value. The appraiser simply found that other recent sales had been for slightly higher amounts and gave you a value 2,000 more based on that data. Why be upset over this news? I'd be upset if I paid $360,000 and the house appraised for less.
- Mark75NYC
- Contributions:1316
Some towns/counties are seeing appraisals falling in value because of the oversupply of houses on the market. What town and county is this in?
- Dave Mason, "DebtFreeDave"
- Contributions:1315
I don't think you are going to find too many appraisers that are going to stick their neck out to far in this market. I don't think I would worry about it.
- Andrew Adams, "203K Specialist"
- Contributions:9349
How much more would you have had to pay for it 3 years ago? You are getting a great deal.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
blair,
Nobody is getting a good deal. these days. They, the buyers, are actually the highest offers paid for the property. I do not see any new pilots for "FLIP THIS HOUSE"... I did however see a new pilot starring those same people from last year's show on the sequel pilots:
FLIP THIS BURGER
REPO THIS HOUSE
MIAMI LEGAL ( a spinoff from BOSTON LEGAL about Foreclosure Attorneys in South Beach)
If you are buying the home for a home... you are fine. If you are buying the home to make money...... good luck... we have not even finished laying people off. Do not buy looking for a V bottom in the market or you may be kissing your "V" bottom good-bye. Keep rockin'.
Nobody is getting a good deal. these days. They, the buyers, are actually the highest offers paid for the property. I do not see any new pilots for "FLIP THIS HOUSE"... I did however see a new pilot starring those same people from last year's show on the sequel pilots:
FLIP THIS BURGER
REPO THIS HOUSE
MIAMI LEGAL ( a spinoff from BOSTON LEGAL about Foreclosure Attorneys in South Beach)
If you are buying the home for a home... you are fine. If you are buying the home to make money...... good luck... we have not even finished laying people off. Do not buy looking for a V bottom in the market or you may be kissing your "V" bottom good-bye. Keep rockin'.
- blairpt123
- Contributions:9
I guess what your saying makes sense. I was just hoping it was higher and that I was getting a better deal.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Blair,
You are buying the proprty for what it is worth in the current market, what more do you want...You want to buy it for less than it's worth?
Why would the seller sell the property for less than it's worth?
Nathan,
Look up FannieMae form 1004MC
You are buying the proprty for what it is worth in the current market, what more do you want...You want to buy it for less than it's worth?
Why would the seller sell the property for less than it's worth?
Nathan,
Look up FannieMae form 1004MC
- blairpt123
- Contributions:9
What I'm saying is that in a time where people are getting great deals on homes, I'm upset that my appraisal was only a few grand over my buying price. That's my issue.
- Nathan Wolf, "natewolf"
- Contributions:1825
The appraisal boards work differently in each state. In North Carolina, while an appraisal lists "active" and "pending" sales for informational purposes, they are not used to establish the actual value-- i.e. as comparables.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
Is Edit ever going to work? "small discount to appraised value instead of a large one"
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
Funny but EVERY appraisal I look at includes Pending and Active comparables into the report. I wonder why that is Nathan?
Blair - you are upset that you are buy only at a small discount to appraised value instead of a small one? This makes no sense at all.
The PUREST form of valuation on a property is what a willing buyer and willing seller agree to. You agreed to 360,000, probably felt OK with that at the time, and now that the appraiser told you it is worth MORE than you agreed to, you are upset?
Blair - you are upset that you are buy only at a small discount to appraised value instead of a small one? This makes no sense at all.
The PUREST form of valuation on a property is what a willing buyer and willing seller agree to. You agreed to 360,000, probably felt OK with that at the time, and now that the appraiser told you it is worth MORE than you agreed to, you are upset?
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Blair,
Your bid was probably well thought out by you. That was what you were willing to pay. Your appraisal was probably a "safe Appraisal" because all you needed your appraisal to come in at was $360k. .... I don't understand why you would be upset. You got it for what you wanted and you were probably willing to pay even more. .... Good luck, Rudi
Your bid was probably well thought out by you. That was what you were willing to pay. Your appraisal was probably a "safe Appraisal" because all you needed your appraisal to come in at was $360k. .... I don't understand why you would be upset. You got it for what you wanted and you were probably willing to pay even more. .... Good luck, Rudi
- Nathan Wolf, "natewolf"
- Contributions:1825
A property should appraise for the value of the loan. Expecting some huge disparity in the appriasal and the purchase price is an unrealistic expectation. It may definitely be a matter of it being a Wells Fargo ordered appraisal. Their appraisers tend to be quite conservative.
A market analysis by a Realtor may be a better indication of the value of the property based on homes for sale in your area. Appraisers only use "SOLD" properties for valuation.
A market analysis by a Realtor may be a better indication of the value of the property based on homes for sale in your area. Appraisers only use "SOLD" properties for valuation.
- Andrew Adams, "203K Specialist"
- Contributions:9349
If the home you are buying was worth substantially more than you are paying for it...why would the sellers sell it to you at that lower price?
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