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Akajt98
Little Princess
Member since 6/06 1983 total posts
Name:
Jill
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House Appraisal
Has anyone had there house appraise out for a lot more than they are purchasing it for?
Do banks typically appraise a house for the selling price?
Our appraisal did come back higher than what we are paying, however I would think the house is worth even more.
Any thoughts?
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Posted 4/17/07 2:41 PM  |
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| Long Island Weddings | Prudential Douglas Elliman Real Estate |
cjik
I'm Winking!
Member since 2/06 5999 total posts
Name:
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Re: House Appraisal
I think some of this depends upon who does your appraisal and how carefully they examine the market. Frankly, I suspect some appraisers just list the selling price or don't bother doing research.
To be fair though, I think it must be hard to come up with values now, given the way the market is going.
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| Posted 4/17/07 2:53 PM |
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MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Mud
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Re: House Appraisal
Our house appraised for $40K more than the purchase price.
The appraiser just does a drive by- if a lot of your value is from updates inside, it may be worth more than that still.
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| Posted 4/17/07 3:40 PM |
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kerrycec03
Thanks for my Bib LIF!!!
Member since 6/06 8619 total posts
Name:
Kerry
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Re: House Appraisal
our condo appraised for 20K over our purchase price and they did an in home appraisal.
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| Posted 4/17/07 3:42 PM |
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tray831
Spring is almost here.....
Member since 3/06 3332 total posts
Name:
His Baby
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Re: House Appraisal
Posted by MrsNaunie
Our house appraised for $40K more than the purchase price.
The appraiser just does a drive by- if a lot of your value is from updates inside, it may be worth more than that still.
Your appraiser did a drive by???? How did he come up with an accurate price then? My real estate agent had to let my appraiser in the house so he was able to get an idea inside and out.
I thought appraisers have to go in?
My house was appraised a little under 20% more than what we paid for it. We were happy to get out of PMI 
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| Posted 4/17/07 4:13 PM |
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Akajt98
Little Princess
Member since 6/06 1983 total posts
Name:
Jill
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Re: House Appraisal
Posted by tray831
Posted by MrsNaunie
Our house appraised for $40K more than the purchase price.
The appraiser just does a drive by- if a lot of your value is from updates inside, it may be worth more than that still.
Your appraiser did a drive by???? How did he come up with an accurate price then? My real estate agent had to let my appraiser in the house so he was able to get an idea inside and out.
I thought appraisers have to go in?
My house was appraised a little under 20% more than what we paid for it. We were happy to get out of PMI
Now I am a little confused....what does the appraisal have to do with getting out of PMI? For example If our house appraised for $15000 more than we are purchasing for what does that mean to us?
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| Posted 4/17/07 4:19 PM |
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Meaghan729
In Training!
Member since 5/06 7412 total posts
Name:
Meaghan
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Re: House Appraisal
Posted by Akajt98
Posted by tray831
Posted by MrsNaunie
Our house appraised for $40K more than the purchase price.
The appraiser just does a drive by- if a lot of your value is from updates inside, it may be worth more than that still.
Your appraiser did a drive by???? How did he come up with an accurate price then? My real estate agent had to let my appraiser in the house so he was able to get an idea inside and out.
I thought appraisers have to go in?
My house was appraised a little under 20% more than what we paid for it. We were happy to get out of PMI
Now I am a little confused....what does the appraisal have to do with getting out of PMI? For example If our house appraised for $15000 more than we are purchasing for what does that mean to us?
first - our appraisal was just a drive by as well. depending on the neighborhood, the appraisers pretty much know what the houses are worth via comps (most of the houses in my neighborhood are similar) - he did ask me how many bathrooms, etc.
if your house appraises for $15K more than you are paying, you technically have already $15K in equity, then any down payment you make.
For easy math - say you are buying a $100K house and are putting 10% down. if your house appraises for $120K, then you really have 20% equity already, and you wouldnt need PMI.
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| Posted 4/17/07 4:23 PM |
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tray831
Spring is almost here.....
Member since 3/06 3332 total posts
Name:
His Baby
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Re: House Appraisal
Posted by Akajt98
Posted by tray831
Posted by MrsNaunie
Our house appraised for $40K more than the purchase price.
The appraiser just does a drive by- if a lot of your value is from updates inside, it may be worth more than that still.
Your appraiser did a drive by???? How did he come up with an accurate price then? My real estate agent had to let my appraiser in the house so he was able to get an idea inside and out.
I thought appraisers have to go in?
My house was appraised a little under 20% more than what we paid for it. We were happy to get out of PMI
Now I am a little confused....what does the appraisal have to do with getting out of PMI? For example If our house appraised for $15000 more than we are purchasing for what does that mean to us?
Sent ya FM
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| Posted 4/17/07 4:33 PM |
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hazeleyes33
LIF Adult
Member since 5/05 7521 total posts
Name:
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Re: House Appraisal
My house was appraised for $8,000 more than we paid.
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| Posted 4/17/07 4:34 PM |
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-Lisa-
Ella Bella Birthday Girl!!
Member since 5/05 4711 total posts
Name:
Lisa
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Re: House Appraisal
Appraisals aren't an exact science. They're an "opinion" of an estimate of value. 2 appraisers could have very different opinions depending on which comps they choose to use. Don't get too hung up on how much your house appraises for.
Often appraisers WILL "target" the selling price as the appraised value - what better determination of value is there than what someone is willing to pay for that house? But another reason is because banks don't like it if the house appraises for too much more than the purchase price - if it was really worth that much more, why didn't it sell for more - KWIM?
Depending on the bank, and the loan-to-value, drive-by appraisals aren't uncommon. We do them fairly often - especially for refi's.
If you have any other appraisal questions, just ask 
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| Posted 4/17/07 4:51 PM |
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astroqueen74
In love with my boy!
Member since 1/07 1723 total posts
Name:
Karina
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Re: House Appraisal
When the appraisal was done at the house we just bought. The appraiser was there for a while. She looked every where and took notes. We just happened to be at the house measuring.
Message edited 4/17/2007 10:06:39 PM.
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| Posted 4/17/07 10:04 PM |
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RandJ0806
Member since 8/06 3160 total posts
Name:
Robyn
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Re: House Appraisal
when a drive-by was done, we were told the house was worth $20K more than we were buying it. Then we had all of these problems with the actual appraisal and I have a feeling the appraiser just helped the mortgage broker (who messed a LOT up in the end) out and just rushed the appraisal at exactly the purchase price.
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| Posted 4/18/07 11:13 AM |
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