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re: Are houses appraising in accordance with the inflated sales price?
Posted on 7/27/21 at 1:58 pm to Tomatocantender
Posted on 7/27/21 at 1:58 pm to Tomatocantender
quote:it will have to. the worst time will be when the sell prices go down and appraisal value lags.
I would hope appraisals don't match the inflated prices,
1
Posted on 7/27/21 at 2:00 pm to Chef Curry
We bought a Lakehouse last July after a brief bidding war. It was appraised higher than what we paid based on sales of others around us. We contested and brought it down a little but still way too high.
Posted on 7/27/21 at 2:03 pm to arcalades
quote:
it will have to. the worst time will be when the sell prices go down and appraisal value lags.
This is what happened in 2008 around that TARP bailout from the euphoric run of Katrina prices. Appraisal values and tax assessments moved its base higher but the more fluid sell prices plummeted, creating a donut hole of shite.
Posted on 7/27/21 at 2:08 pm to StripedSaint
Buying new home in Sumner County, TN. Signed contract in December of 2020, closing tomorrow. Appraisal came back $32,000.00 more than contract price.
This post was edited on 7/27/21 at 2:19 pm
Posted on 7/27/21 at 2:20 pm to EastUpper
quote:
Signed contract in December of 2020,
How in the heck were you able to keep an immovable asset under contract for 9 months? Hell, even checks are stale dated after 6 months.
Posted on 7/27/21 at 2:48 pm to Chef Curry
The house across the street appraised at 20k less than the asking price. The buyers paid the extra 20k.
One two houses down sold for 15k over asking. I don't know what it appraised at, but the asking price was the same as the one across the street, and I seriously doubt it appraised for more. If that's the case, then the buyers would have come up with 35k extra in cash.
One two houses down sold for 15k over asking. I don't know what it appraised at, but the asking price was the same as the one across the street, and I seriously doubt it appraised for more. If that's the case, then the buyers would have come up with 35k extra in cash.
Posted on 7/27/21 at 2:54 pm to Chef Curry
In Houston, lots are not appraising for the sales price. I have heard that people send letters with their offer agreeing to pay the difference in cash if it doesn't appraise high enough to cover their loan. Places here have been selling for $30-50k over asking price with 20 offers coming in.
Posted on 7/27/21 at 2:57 pm to Tomatocantender
quote:
your Kristy Swanson
Posted on 7/27/21 at 3:22 pm to Chef Curry
you do know how real estate is appraised, right ?
Comparable sales figures ?
Comparable sales figures ?
Posted on 7/27/21 at 3:45 pm to StripedSaint
I remember buying my first home with a VA loan and the closing costs were resonable. Nowadays closing costs are unreal.
Posted on 7/27/21 at 4:17 pm to Chef Curry
The tax assessor has slightly increased the value for tax purposes here in Alabama. The homeowners policy, however, now reflects the increased cost of materials on the new coverage level which are higher than appraisal values.
Posted on 7/27/21 at 4:25 pm to Chef Curry
In the area we are looking waiving the appraisal is almost required in the offer, they know it wont appraise for the ask price much less what it goes for above ask
Posted on 7/27/21 at 5:05 pm to Shadowlink
quote:
Bought in 2016 for 210k and had an appraisal done recently for 280k.
This response makes no sense whatsoever.
Posted on 7/27/21 at 6:42 pm to Tomatocantender
It is/was new construction. We broke ground in December and close tomorrow.
Posted on 7/27/21 at 6:51 pm to Chef Curry
I did updates so it’s not apples to apples but ours sold and appraised for 110k more than we paid for it in 17
Posted on 7/27/21 at 7:41 pm to USMEagles
quote:
People on this board seem to think that the real estate market has somehow become irrational compared to some notion of "what things are actually worth"- whatever that means. I mean, I'm not generally one of those "muh market" Libertarian types, but who else decides what something "is actually worth?"
Some do believe this to be another Bubble, and it may be to an extent. But like another poster pointed out: the USD is going to dog shite and this is thanks to politicians thinking that it’s okay to create trillions of dollars out of thin air in our Fiat monetary system.
Consequently, institutional money is going into real estate as a hedge against the coming inflation.
TLDR: buy gold and real estate!
This post was edited on 7/27/21 at 7:42 pm
Posted on 7/27/21 at 11:05 pm to Tomatocantender
NOLA was using some bullshite software which was not even close to appraisals. Best thing that ever happened was wife dumping rental property in Uptown she inherited.
Posted on 7/28/21 at 1:14 am to StripedSaint
quote:
Just completed an appraisal for ours in Nashville. The number matched the current sales prices.
In a lot of these situations where a bank is getting the appraisals for a mortgage or even business loan the appraisal is nothing more than a rubber stamp
I literally had an appraiser call me and ask me what it should say just a few months ago
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