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So, I'm in the process of closing on a home I'm buying. So I just got back the appraisal report on the loan we're trying to secure. The appraisal amount is exactly our purchase price. Is that normal? rather, is that ok? Is there anything I need to know before I close in a week?
Originally, I had hoped that the appraisal would be a little higher so that I could include a seller's assist towards closing cost. Now, I'll have to fork it out myself; which is not a problem though.
Hey nabwong, it would probably be to late to ask for closing fees, unless you asked for that in the contract offer, and got it agreed by seller. With all the mortgage mess and trouble that many companies got into, now days its almost impossible to get lenders to pay anything out at closings, and most of the time, they make it happen with credits given at the closing. Its now uncommon, for appraisals to be exactly what the contract calls for, and not a problem, as most of the time, that does not impact or influence the value for later. Appraisers are also afraid to over estimate, with all the newer guidlines. So good luck, and just enjoy your new home.
If you wanted closing cost help, why didn't you ask for it in the contract?
Ask, accept, get.
Closing cost is not an issue. I can cover it. I'm just wondering if I had asked for closing costs, would the appraisal reflect that? If that's the case, what's the point of an independent appraisal? Say for example, I agreed on xxx amount and the appraisal is xxx amount. But would it be xxx + 10k-20k if that is what it would cost with seller's assist? I'm just curious cos that sounds fishy to me.
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Quote:
Originally Posted by nabwong
Hey peeps,
So, I'm in the process of closing on a home I'm buying. So I just got back the appraisal report on the loan we're trying to secure. The appraisal amount is exactly our purchase price. Is that normal? rather, is that ok? Is there anything I need to know before I close in a week?
Originally, I had hoped that the appraisal would be a little higher so that I could include a seller's assist towards closing cost. Now, I'll have to fork it out myself; which is not a problem though.
Thanks!
I had the same experience. When I closed on my house the appraisor concluded that my house was worth exactly what I paid for it, which seems to make sense. You, as the market, have set the price. I do not know how common that is, but I would assume that it is not uncommon.
The appraisal district seemed to notice as well, so try not to overpay.
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