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re: How accurate is a home appraisal for the mortgage company?
Posted on 11/20/20 at 4:01 pm to StringedInstruments
Posted on 11/20/20 at 4:01 pm to StringedInstruments
I bought.
Just seems odd that there could be such a discrepancy between that house and mine and I’m skeptical that the appraisal was dead on the sales price which was even at a discounted number due to not using realtors.
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The appraiser wants to make sure the mortgage company is protected in case of foreclosure. The appraisal is an opinion of the value on the date of report.
As long as the sales price and market are close, the appraiser will approve with a price that works.
In the old days, they would give actual value. Then they moved on to bumping the price a little over sales price to appear as if they were not just matching. My daughter is closing on a house in a couple of weeks and the appraisal matches the sales price.
Don't feel bad. It's just the way the process works. Congratualtions on your new home!
Just seems odd that there could be such a discrepancy between that house and mine and I’m skeptical that the appraisal was dead on the sales price which was even at a discounted number due to not using realtors.
----
The appraiser wants to make sure the mortgage company is protected in case of foreclosure. The appraisal is an opinion of the value on the date of report.
As long as the sales price and market are close, the appraiser will approve with a price that works.
In the old days, they would give actual value. Then they moved on to bumping the price a little over sales price to appear as if they were not just matching. My daughter is closing on a house in a couple of weeks and the appraisal matches the sales price.
Don't feel bad. It's just the way the process works. Congratualtions on your new home!
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