Profile picture for user9959458

appraisal vs. purchase price

looking at buying a home that will be owner financed.  what is the rule on the appraisal.  should it be at, below or higher than the purchase price?   
  • June 17 2013 - Foxcroft
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Answers (3)

Profile picture for user2404714
Appraisals tend to lag the market high and low. They also don't particularly distinguish between an house in perfect condition and one that needs a lot of basic maintenance (which can really add up). The rule however is it is supposed to be right on the money.

I have had appraisals of my property come in at what I thought was very low and one come in I thought was way too high. Its no less a mess than anything else in the mortgage and realty businesses.
  • June 17 2013
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Profile picture for nwhome.us
Pay for 3 appraisals and you'll get three different estimates of value.  You should get 1 for yourself and have the seller get one if they don't agree with it.
  • June 17 2013
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Profile picture for SoCal Engr
An appraisal is a professional opinion of current market value. And, by "professional" I simply mean "you paid money for the opinion of value" - when all-is-said-and-done it's still "an opinion" of current market value.

With that said, would you rather pay more, or less, than current market value?
  • June 17 2013
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