Question for Real Estate Agents: Appraisal came back $117K less than contract $

[MikeJaquish]

Congrats!

[JustJoy]

That's great news! Congratulations! Sure is wonderful to hear when things work out in happy and positive way! Enjoy your new home

[Janecj]

Originally Posted by foma

Update: We got the home!! ...for significantly less might I add. WoOt wOot!! The reappraisal went up slightly but we still saved over $80K+. The original appraisal was "wrong" because the sales price he/she used was incorrect. The sellers accepted the amount and we're happy with it, too. Can't wait to move in!

Not surprising. Good for you and hope you enjoy the new home!

[TuborgP]

Originally Posted by 007 license to sell

Like the others said the bank will not loan more than the home is worth, homes are depreciating fast is some area's depending where your from the appraisal could be dead on. Relocation companies don't want to hold on to properties especially in this market. So if they are asking for another appraisal I would make sure they pay for it. But that doesn't mean your lender will go along with the new appraisal either.

Don't become emotionally attached to this home, there are allot of homes for sale and if this one doesn't go thru there is more to pick from.

Good Luck

I am not a realtor but went through the process a couple of years ago just before things started to tank. I can see what you say being right on target. Neighborhoods change and a custom house is built at a cost for the original owner. Doesn't mean everyone will value the modifications etc the same way(sorta like wall paper). The bank needs to protect itself and if there was school redistricting the house could have been well overpriced. I look back at where I came from and see houses selling for a lot less but every once in awhile a house goes for more than the others are and you wonder why when you look at the listing and pictures etc etc.

[BigDGeek]

Congratulations!