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.
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.
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.
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
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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.
Just saying that it's not that the seller's knew the appraisal and that's why they countered at that price.
gamertag:Maguano71
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Thank you guys so much for your help!
Good point, I'll start now! :P
this post hurts my heart