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Old 08-07-2008, 08:35 AM
 
146 posts, read 840,548 times
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The bank has appraised the home I am purchasing at the number we are paying.

I was wondering if this is normal? Do banks normally appraise higher or lower?

Thanks!
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Old 08-07-2008, 09:03 AM
 
Location: Kings Park & Jamesport
3,180 posts, read 10,543,677 times
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Yeah, they look at the house a different way than a consumer would and market forces are not a primary factor. I would say most appriasers are much more conservative now than in the past 5 years.
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Old 08-07-2008, 10:03 AM
 
146 posts, read 840,548 times
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Good to know! Thanks, Kb!
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Old 08-07-2008, 01:17 PM
 
335 posts, read 935,366 times
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Quote:
Originally Posted by purelygeneric View Post
The bank has appraised the home I am purchasing at the number we are paying.

I was wondering if this is normal? Do banks normally appraise higher or lower?

Thanks!
Just wondering: is the appraisal "relatively" close - - or not - - to this or next year's county tax assessment on the house?
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Old 08-07-2008, 01:32 PM
 
Location: Kings Park & Jamesport
3,180 posts, read 10,543,677 times
Reputation: 1092
fairly close.............
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Old 08-07-2008, 01:41 PM
 
Location: East Northport
3,351 posts, read 9,760,727 times
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It always amazes me how the appraisal always comes in at exactly the purchase price. Do not consider it a confirmation that you paid the right price.
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Old 08-07-2008, 08:45 PM
 
706 posts, read 3,763,931 times
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Quote:
Originally Posted by TomMoser View Post
It always amazes me how the appraisal always comes in at exactly the purchase price. Do not consider it a confirmation that you paid the right price.

Me too.
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Old 08-08-2008, 03:57 AM
 
335 posts, read 935,366 times
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Quote:
Originally Posted by Kbinspections View Post
fairly close.............
KB: is that your experience: that an appraisal generally is - - or should be - - fairly close to the County Tax Assessor's "assessment" (or Fair Market Value)??

The thing is: I just noticed a house in a nice area whose assessments for the past two years has DROPPED by $100+ k since 2007. Thus its "Fair Market Value" assessment is now adjusted to far less than the current list price on the house (and the appraisal I see on Property Shark)

Any insights?

Thanks
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Old 08-08-2008, 04:10 AM
 
Location: Kings Park & Jamesport
3,180 posts, read 10,543,677 times
Reputation: 1092
Quote:
Originally Posted by modmondays View Post
KB: is that your experience: that an appraisal generally is - - or should be - - fairly close to the County Tax Assessor's "assessment" (or Fair Market Value)??

The thing is: I just noticed a house in a nice area whose assessments for the past two years has DROPPED by $100+ k since 2007. Thus its "Fair Market Value" assessment is now adjusted to far less than the current list price on the house (and the appraisal I see on Property Shark)

Any insights?

Thanks
Fairly close to the market value,yes......to the assessement, no.

Appraisals work off of current sales in the area, assessmwnts....well I still can't figure how towns do that but its not that accurate..lol
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