Profile picture for DonnieEarls

My Appraisal when buying my house, came in $1000.00 over loan amount, and i got a great deal.

My Appraisal when buying my house, came in $1000.00 over loan amount, I looked at the appraisal report and half wasn't correct. I believe the appraiser new what the appraisal needed to be at, the asking price for the house was 145,000 we agreed to 134,000 and the appraisal was 135,000. multiple websites, estimate the value of the house over $150,000 and in 2007 was valued at $192,000.  ive had my loan for 8 months now, and i have been paying pmi, i believe that the appraisal should of at least been 155 which would take away my pmi. has anyone had the same issue?
  • March 13 2013 - Lyndhurst
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Answers (4)

The appraisers generally just look at the amount on the cotnract and they come in very very close to that amount
  • August 08 2013
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Profile picture for Outer Banks N C
OF COURSE he saw the amount he had to verify. That is all the appraiser does is to verify the loan amount for the bank. It is not a true appraisal that shows the MAX amount that could be gotten if sold on the market. It just verifies to the bank they are making a good loan. It is one of the most MISUNDERSTOOD things buyers don't understand in real estate. This is why they come in slightly over the purchase price, the appraiser does not need to stick their necks out any more than is necessary.
  • March 13 2013
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Profile picture for user0656247
Multiple website estimates do not mean a thing, they are just estimates from random data collected on the property. The houses value comes from the appraiser seeing the house and mainly looking at what comparable houses are selling for in the same area. Yes the appraiser could be wrong but the lender is not going to see it that way and will go with the appraisers appraisal value. Look at it this way, you just got s deal, you got a 135k house for 134k. Thats a pretty good deal.
  • March 13 2013
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Profile picture for Go Huskers
See my answer in this thread. 

  • March 13 2013
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