Frankfort Help (sale, house, to buy)

[madelyn]

Hi everyone,

I really need some advice on a home I am trying to buy. We came to Frankfort last week and looked at several homes in the 450 to 500,000 range. We came across one that even in this slow market we know it is a great deal.

My question is that we are trying to buy this house without selling ours first and I am not sure how appraisers work in Illinois. This person had their home listed at 499 and then down to 479 and now down to 469 since we were there last weekend. They told us they are relocating and need to get out. We looked at several homes and this one definately belonds in the 499 range. Will an Illinois appraiser appraise a home for more than the purchase price or will they take the easy way out and appraise it for the sale price? The only way we can buy it is if it does and we have instant equity. Please let me know what you think.

Madelyn

[mdz]

When we bought ours 6 years ago, the appraisal came in above the purchase price, so that should answer your question. Hopefully everything works out for you.

[madelyn]

Thank you for the reply but the market has really changed in six years. Has anyone just recently purchased a home that they thought was below market and had it appraise for more?

Madelyn

[madelyn]

Is there anyone out there that just bought a home that can help?

[vester72]

I'm building in Frankfort right now - from what I have heard the appraisal will come in at or near the purchase price - but I am not closing until March of next year so I cannot be positive. Hopefully that helps a little.

[sbd78]

Originally Posted by madelyn

Hi everyone,

I really need some advice on a home I am trying to buy. We came to Frankfort last week and looked at several homes in the 450 to 500,000 range. We came across one that even in this slow market we know it is a great deal.

My question is that we are trying to buy this house without selling ours first and I am not sure how appraisers work in Illinois. This person had their home listed at 499 and then down to 479 and now down to 469 since we were there last weekend. They told us they are relocating and need to get out. We looked at several homes and this one definately belonds in the 499 range. Will an Illinois appraiser appraise a home for more than the purchase price or will they take the easy way out and appraise it for the sale price? The only way we can buy it is if it does and we have instant equity. Please let me know what you think.

Madelyn

We just bought a new construction home and it appraised for $6K more than we paid for it.