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We have an offer on our home with earnest money and all. The offer was for 350K now the appraisal needs to happen, will the appraiser take into consideration the offer and try to get up to that amount?
Location: central, between Pepe's Tacos and Roberto's
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Quote:
Originally Posted by Tressa
We have an offer on our home with earnest money and all. The offer was for 350K now the appraisal needs to happen, will the appraiser take into consideration the offer and try to get up to that amount?
That would be considered fraud. It is illegal for an appraiser to bump the value beyond what the home may actually be worth, regardless of what the offer is. If the home is worth $350K then you have nothing to worry about. If it is not then the deal will not happen unless you drop the sales price.
The appraisal is the current market value, not what your offer is. Agree with the fraud comment... making the appraisal meet the market value would be considered a factor in market manipulation.
Thank you we are set for a lower amount just hope it's not extremely lower. I viewed it on Zillow and it comes in 40K higher than our asking price. I know that zillow is just a rough idea but some around have been going for the zillow price.
We have an offer on our home with earnest money and all. The offer was for 350K now the appraisal needs to happen, will the appraiser take into consideration the offer and try to get up to that amount?
It is a factor. The appraiser will have a copy of the purchase agreement and know that your buyers have offered $350k. Since market value is the price someone is willing to pay....
He will have to come up with evidence supporting this price.
People often think it is strange that the purchase price and the appraised value are often the same number.
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