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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Spinoff: what if the appraisal comes in for more?
I should know this bc years ago I worked for an RE appraiser but i digress...
I know you can skew comps to your best interest usually but what if the home appraises for MORE than contract price, the seller can't try to jack it up right? they agreed upon price at contract and are legally locked in, this is how I think I remember it goes, am I right?
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Posted 4/18/13 6:08 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Spinoff: what if the appraisal comes in for more?
no- the seller can't change the price
the seller generally isn't told the price - unless there is an issue
when I am the listing agent- I just get a - we are good
appraisers have been bringing the value in close to contract price (even if it should be higher)- everyone is under a microscope these days and I would be shocked if a report came in for more then $10K over asking- I have yet to see it
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| Posted 4/18/13 6:13 PM |
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Pomegranate5
LIF Adult
Member since 2/11 4798 total posts
Name:
Pomegranate5
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Re: Spinoff: what if the appraisal comes in for more?
If you're in contract there is nothing the seller can do. Our house appraised for $15,000+ over sale price and we never even told the seller.
The only reason it's an issue if the appraisal is too low is because of the mortgage contingency in the contract.
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| Posted 4/18/13 6:13 PM |
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Pomegranate5
LIF Adult
Member since 2/11 4798 total posts
Name:
Pomegranate5
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Re: Spinoff: what if the appraisal comes in for more?
Posted by Beth
appraisers have been bringing the value in close to contract price (even if it should be higher)- everyone is under a microscope these days and I would be shocked if a report came in for more then $10K over asking- I have yet to see it
So funny you posted this. Ours came in $17,500 over the sale price! I guess I never told you.
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| Posted 4/18/13 6:14 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Spinoff: what if the appraisal comes in for more?
Posted by Pomegranate5
Posted by Beth
appraisers have been bringing the value in close to contract price (even if it should be higher)- everyone is under a microscope these days and I would be shocked if a report came in for more then $10K over asking- I have yet to see it
So funny you posted this. Ours came in $17,500 over the sale price! I guess I never told you.
see- when it's good- they never share!
that's awesome!
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| Posted 4/18/13 6:21 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Spinoff: what if the appraisal comes in for more?
Okay cool, thanks 
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| Posted 4/18/13 7:05 PM |
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Lauren82
LIF Adult
Member since 10/06 4580 total posts
Name:
L
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Re: Spinoff: what if the appraisal comes in for more?
Mine came in $20,000 over the contract price...No one said anything, except my agent who reassured us that we had gotten a good deal! I'm not even sure if the seller knew.
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| Posted 4/19/13 7:41 AM |
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ISpoilHim
I think I got this
Member since 11/10 1523 total posts
Name:
K
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Spinoff: what if the appraisal comes in for more?
My appraisal came in at listing price. It was 22k above contract. Made me feel like I did a good job negotiating.
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| Posted 4/19/13 7:53 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Spinoff: what if the appraisal comes in for more?
I think usually they are accurate to the contract price, but yes nothing can be done... when we bought our house the appraisal came in 5k more than we bought it for... when we refinanced a little over a year later it appraised for 5k less than we bought it for (and we did work to it too!). argh, go figure!
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| Posted 4/19/13 9:45 AM |
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blustar214
So in love with my little girl
Member since 1/10 2471 total posts
Name:
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Re: Spinoff: what if the appraisal comes in for more?
Posted by Beth
appraisers have been bringing the value in close to contract price (even if it should be higher)- everyone is under a microscope these days and I would be shocked if a report came in for more then $10K over asking- I have yet to see it
We closed in February and our appraisal came back at more than our contract price, by a decent amount.
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| Posted 4/19/13 10:41 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Spinoff: what if the appraisal comes in for more?
Posted by blustar214
Posted by Beth
appraisers have been bringing the value in close to contract price (even if it should be higher)- everyone is under a microscope these days and I would be shocked if a report came in for more then $10K over asking- I have yet to see it
We closed in February and our appraisal came back at more than our contract price, by a decent amount.
it depends on the appraiser- I have closed some that should have been much higher that I know they just put the contract price
as long as it apprasises I'm happy- I have only had 2 that didn't out of over 60+ closings in the last 18 months- that's not bad
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| Posted 4/19/13 12:41 PM |
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