Profile picture for Vince Curtis

Vince Curtis

Zillow All Star

The All-Star badge is given to top contributors of the Zillow community. These are active Zillow users who share their real estate knowledge and help others by contributing high-quality content. The more and better the contributions, the more likely an award will be granted. Users' contributions can be seen in their profiles.

Agent

1 Recent Sales (last 12 months)

Owner (27 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Short-Sale,
Appraisal

Advice

  • (7012 Contributions,
  • 127 Best Answers,
  • 1839 Helpful)

Contributions are sorted newest to oldest.

How close to the appraised value of a property is a typical sale price ?

Answer

95% of the time the appraisal value of a purchase will be the purchase price, simply because the Subject property, under contract, is indicative of the correct market value, if that is what you are asking. IE if a homes sale price is $200K, MOST of the time it will appraise for $200K. The only time it wont is when there are no comparables to support the purchase price OR its a distressed, non-arms length transcation, or a 'short' sale. Not sure what 'appraised value' you speak of - if its the Zillow Zestimate, then no, it may be close but probably not the same. 

  (1)
Low Appraisal value while trying to get PMI cancelled

Answer

For PMI removal, first ask your PMI lender if ANY licensed appraiser can do the appraisal. If so, contact a local appraiser, you can find one here....Ask FIRST that appraiser if your target value is likely, and if so, hire them to do the appraisal. Most appraisers can give a ball park value BEFORE they are hired, and they will tell you if your 'finished basement' and/or 'extra bedroom' will be factored into that value. Shop around, not all appraisers are the same. If you CANT use any appraiser, well then, you are stuck with the appraiser your current lender hands you. If that path does not work out, you could think about contacting a loan broker for a new loan without PMI, granted the new lender will give you a loan without PMI. Good luck !

  (0)