House Questions (part deux!) (UPDATE: I'm a home owner now!)

davidsdurions

This is what I was trying to tell you.

Daenris

urahonky wrote: »

The bank did their appraisal on the house... Came out to $167K, the exact amount we paid for it. I'm guessing the sellers did that on purpose.

That's pretty common. Unless there is a major discrepancy between the purchase price and the expected value (based on comps/etc) appraisals will usually come in at or just slightly above purchase price.

mts

yea that has nothing to do with the seller, we have the appraisil and inspection for our house on monday. hoping there isnt too much that needs doing

urahonky

I know the sellers didn't set it at $167, but I'm sure they countered with $167K because of their appraisal.

Daenris

The appraisal is done after an offer is done. It's for the bank so that they know they're not making a loan for way more than the house is actually worth. So the sellers didn't have the appraisal when they countered.

urahonky

Oh okay it was just coincidence then.

Daenris

Not coincidence. The appraiser knows what the accepted offer is and so 9 times out of 10, on a normal sale where the house is reasonably priced with respect to its value, the appraised value will be the accepted offer or very near it.

Just saying that it's not that the seller's knew the appraisal and that's why they countered at that price.

mts

The appraisal is basically the bank okaying the purchase price /mortgage. Though even if it didn't appraise high enough they can just put more money down so the mortgage is less

Maguano

you've never heard an appraiser ask "appraise it for buying, or selling?"

urahonky

Sweet, they agreed to fix everything but the bedroom ceiling and the chimney (which is what I assumed).

Jasconius

houses often get mysteriously appraised for the exact sale price, unless the sale price is totally unrealistic

urahonky

I got the key to the house yesterday! Today we're officially home owners!!!

Thank you guys so much for your help!

urahonky

This thread is going to be so much fun to read through in like 10 years.

davidsdurions

Do you have a draft ready for asking questions about selling the house?

urahonky

davidsdurions wrote: »

Do you have a draft ready for asking questions about selling the house?

Good point, I'll start now! :P

Dr. Frenchenstein

urahonky wrote: »

This thread is going to be so much fun to read through in like 10 years.

this post hurts my heart

bowen

You should've thought of that before you bought that indian burial ground.

Dr. Frenchenstein

that tall man was a very good salesman!