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I've always found that appraisers are very conservative (they have to be) I have had 2 good friends that owned National companies that did appraisals. I would never expect an appraisal number to be the same as the home's actual worth. Based on my own experience and what I've heard, I think appraisers are about 5% low, all the time, on purpose. It's merely a number to validate the banks loan number and make the lender feel secure.
They also neglect things in the house and on the property that are worth, in some cases, significant dollars.
I'm not bashing appraisers, they have a tough job with a lot of liability......but to say that a home is only worth what the appraiser says is just silly. The house is worth what someone will pay for it, especially those 'one-of-a-kind' houses. If the buyer really wwants the house, they will have to pay the difference between the appraisal/loan amount and the 'real price'......
I've always found that appraisers are very conservative (they have to be) I have had 2 good friends that owned National companies that did appraisals. I would never expect an appraisal number to be the same as the home's actual worth. Based on my own experience and what I've heard, I think appraisers are about 5% low, all the time, on purpose. It's merely a number to validate the banks loan number and make the lender feel secure.
They also neglect things in the house and on the property that are worth, in some cases, significant dollars.
I'm not bashing appraisers, they have a tough job with a lot of liability......but to say that a home is only worth what the appraiser says is just silly. The house is worth what someone will pay for it, especially those 'one-of-a-kind' houses. If the buyer really wwants the house, they will have to pay the difference between the appraisal/loan amount and the 'real price'......
Appraisers get a copy of the contract so they see the sale price when they're writing their report. In my opinion, they're just trying to see if they can reasonably justify the sale price. Personally, I think any appraiser who shorts an appraisal by a small number like $5K just woke up on the wrong side of the bed.
99% of the sales I'm involved in the appraisal comes back at the sale price. Usually, a few reports every year come back over the sale price for me and for the first time in a number of years this last year I had a report that came in under the sale price.
OP, you posted and then made such an excruciating decision in a matter of hours???? I have to guess your mind was made up anyway. I had to re-read the first post because I thought maybe it was from November or something.
OP, you posted and then made such an excruciating decision in a matter of hours???? I have to guess your mind was made up anyway. I had to re-read the first post because I thought maybe it was from November or something.
Yeah. I have to be out of my house and people are coming to buy my furniture right out from underneath me!
I guess I did kind feel rushed and also . . I did love that Condo from the time I first saw it.
Appraisers get a copy of the contract so they see the sale price when they're writing their report. In my opinion, they're just trying to see if they can reasonably justify the sale price. Personally, I think any appraiser who shorts an appraisal by a small number like $5K just woke up on the wrong side of the bed.
99% of the sales I'm involved in the appraisal comes back at the sale price. Usually, a few reports every year come back over the sale price for me and for the first time in a number of years this last year I had a report that came in under the sale price.
This is the second time this has happened to me!
The house I'm currently in didn't appraise - there was a difference of like $6000.
The owner ended up leaving all the televisions; the projector system; washer/dryer; and some furniture so I paid the appraisal price but gave him money for the stuff he left
Both of us were relocating for our jobs; he had to start his in another state and I had to start mine.
If an appraiser misses a contract price by a few thousand, it's usually because he's pumped it up as high as it could go.
As soon as you come in below contract price, the requests, reconsiderations and revisions come pouring in. If the contract price is in the range of adjusted sales prices, it's so much easier to hit the number and be done with it.
Sounds like what happens with antiques and collectables. They are worth what people are willing to pay.
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