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Is there a limit on how much I can sell my house for

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December 26 2008 - East Lyme
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Profile picture for sunnyview
No there is not a limit on how much you can sell for. The only "limit" that may come into play is how much money the bank will be willing to lend your buyer. Banks generally will require an appraisal before the mortgage is written. If the the house does not appraise for at least as much the sale price, the bank will require the buyer to come up with the difference between the appraisal value and the agreed sales price. Banks do this to both protect themselves on the lending side and to try to eliminate fraudulent transactions. Of course an all cash buyer would not have this issue to deal with and could pay $1m for a $200K home if they wanted to with no issues. You can choose whatever price you want to ask for your home and then buyers will have to decide if they want to pay it. There is not law or limit on how much you can ask for a house. It is a free market after all.
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December 26 2008
Mark - try answering a recent question, not one that's 2 years old  - that way you might actually be helping someone!

Your answer contains spam - it's not allowed - if anyone wants to contact you, they can click on your profile for more information.
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December 03 2010

So glad to see so many people bringing up the issue of appraisals.  You can ask whatever you want, but an interested buyer cant do anything if they cant get the loan. 

Another problem you will run into is that if a house sits for a long period of time, people start wondering why and assume something is wrong.  Your best bet is to price it competitively or wait until the market recovers to sell it.

Good luck!

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December 29 2008
Profile picture for san1244
The reason I was asking is because a friend in the surrounding neighborhood had his home appraised at $540,000 and was in no hurry to sell so he asked $1.3 million -- he got it. It took 4 years, but it sold.
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December 26 2008
Profile picture for wetdawgs
There are no legal limits on how much you can sell your home for, however, if you price it at a ridiculous level you will either get no lookers or people making ridiculously low offers.   

Of course, no bank will provide a loan to anyone who over bids and it is rare to get an offer that isn't contingent on financing.

When I was last in the market for a home, I saw a couple of houses that were priced approximately 20% higher than their competitive price.  Did that motivate me to give an offer.  Absolutely not, it triggered hilarious laughter at their unrealistic expectations.    As there were so many top quality houses priced well, I didn't even want to waste my time getting into a round of negotiations with someone who had no realistic perspective!

A few years ago, in the top of the boom years, your approach may have worked.  These days, you'll simply get no lookers and fewer offers.   So, why bother?  (If you are using a realtor, the realtor is not likely to accept a ridiculous price because they know their commission is dependent on selling the house)


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December 26 2008

Yes, it matters...unless you have a cash buyer. Someone who offers to buy your home and is using a mortgage could run into a problem.  To obtain the mortgage the bank is going get an appraisal.  And especially in this market the bank is not going to lend more than the house is worth.  So a buyer can offer whatever they like......but in the end you will just end up disappointed because they won't be able to get financing.

Hope that helps,
Chris

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December 26 2008
Profile picture for san1244
I'm in no hurry to sell so I was thinking that if I asked well over the price that the house is worth, maybe someone would come along and make an offer. I wondered if there were any legal limits as to how much I could sell the house for regardless of its worth.
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December 26 2008
Yep sure is,  The buyers determine how much they will pay and then the appraser determines how much the value actualy is and that number is what the loan amount is based on buy the lender.
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December 26 2008
 
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