re: Question About Home Purchase,PMI, and Appraisal Value

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Where does the "true value" of the house come from if not the appraisal? I don't really understand that.

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It just goes back to the concept that an item is worth what a person is willing to pay for it.

If a house appraises for $205,000 but only sells for $165,000, then they view it as being only worth $165,000.



And yea, I know it's kind of messed up. All it really does it show you how much bullshite the appraisal industry is.