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Started By
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re: Appraisals: what a crock of sh¡t...
Posted on 3/18/19 at 6:24 am to East Coast Band
Posted on 3/18/19 at 6:24 am to East Coast Band
Wrong
0
Posted on 3/18/19 at 6:35 am to poochie
You’ve apparently never bought a house. Let’s say you default on the house. The bank has to sell it so they get their money back. If they give you more money than it’s worth and you can’t pay for it anymore, bank takes it away and sells at auction. They aren’t giving YOU more money than it’s worth. Yeah. If you have cash and pay for entire house yourself then yeah you can pay $1MM for 250k house.
Posted on 3/18/19 at 6:38 am to poochie
If banks lent money by your logic I’d be extremely wealthy with horrible credit. 
Posted on 3/18/19 at 6:40 am to poochie
quote:
If person A is asking $350k for their house and person B agrees to that price then the bank appraiser comes back and says that the house is only worth $325k, that’s inherently incorrect. Something is worth what someone is willing to pay for it. In this case person B is willing to buy the house for $350k and therefore it’s worth is $350k.
If the buyer has to finance the house it is only worth what the lender thinks it is worth. If the buyer doesn’t have to finance the house then you are correct and you will not need an appraisal.
This post was edited on 3/19/19 at 5:23 am
Posted on 3/18/19 at 6:41 am to poochie
Our house is appraising on Tuesday.
VA loan.
VA loan.
Posted on 3/18/19 at 7:11 am to dewster
quote:
Our house is appraising on Tuesday.
VA loan
Yeah prayers buddy. Many sellers won’t accept offer if going VA, can’t say I blame them. Great product for buyers though.
Posted on 3/18/19 at 10:51 am to SECdragonmaster
quote:No actually you don't. If anything, you can decide on how much money you want to loan out, but you(bank) can't say a house is so and so and expect everyone else in the world to agree with it.
If I am loaning the purchaser the money, then I get to decide how much it is worth.
Posted on 3/18/19 at 10:58 am to poochie
Dont buy a house with an inflated asking price if you arent willing to pony up the difference OP.
Posted on 3/18/19 at 10:59 am to lsualum01
quote:
However, I don't think that the appraiser should be told what the contract amount is before doing the appraisal.
I refinanced a few years ago. When the appraiser came, I was cleaning a turkey I killed that morning. After talking turkey hunting for a while and figuring out we had some mutual friends, he just asked me "how much do you need the house to appraise for?"
Posted on 3/18/19 at 11:01 am to ItNeverRains
quote:
Many sellers won’t accept offer if going VA, can’t say I blame them
Lol what?
And OP is not very bright if this is being financed
Posted on 3/18/19 at 11:20 am to poochie
Except the bank is paying for it by giving said person a gigantic loan.
If you want to borrow $200k from me but what you're buying is only worth $175k. Why would I give you money I'll probably never ge back
If you want to borrow $200k from me but what you're buying is only worth $175k. Why would I give you money I'll probably never ge back
Posted on 3/18/19 at 11:24 am to poochie
Person B should put 20% ($70K) down anyway so the bank would only finance $280K, so it doesn't matter.
Posted on 3/18/19 at 11:27 am to ultratiger89
The OP has no idea how buying a house works for most.
Posted on 3/18/19 at 11:28 am to Jim Rockford
quote:
The house may be solid as a rock or about to fall down. The appraiser doesn't know and it doesn't figure in to his number.
This is why you pay a licensed home inspector to inspect the home. Usually comes with guarantees and warranties (at least mine did) for the roof, foundation, appliances, etc.
Posted on 3/18/19 at 11:32 am to poochie
quote:
Let me preface this by saying I am neither buying, selling, or refinancing a home. And this opinion applies to appraisals when an offer has been made and accepted.
If person A is asking $350k for their house and person B agrees to that price then the bank appraiser comes back and says that the house is only worth $325k, that’s inherently incorrect. Something is worth what someone is willing to pay for it. In this case person B is willing to buy the house for $350k and therefore it’s worth is $350k.
/random sunday evening rant.
Your whole rant goes out the window when you consider that it's the bank buying the house. They have the cash and they are willing to pay 325K. If they person wanting to purchase the house from the bank is willing to kick in the 25K difference than all's well in wacko land.
Posted on 3/18/19 at 11:37 am to poochie
A $350,000 cash deal with no Lender involved...... now that's an OT Baller.
Posted on 3/18/19 at 11:37 am to poochie
quote:
If person A is asking $350k for their house and person B agrees to that price then the bank appraiser comes back and says that the house is only worth $325k, that’s inherently incorrect. Something is worth what someone is willing to pay for it
housing markets do what they do based on demand...sometimes appraisals are behind market conditions
that said, Florida went up 75% in 5 years and we all know what happened..
"worth what someone is willing to pay for it"
but is it or was it?
Posted on 3/18/19 at 11:55 am to poochie
quote:
the bank appraiser comes back and says that the house is only worth $325k, that’s inherently incorrect. Something is worth what someone is willing to pay for it. In this case person B is willing to buy the house for $350k and therefore it’s worth is $350k.
The BUYER can still pay 350K for the home. He just has to come up with the difference.
Posted on 3/18/19 at 11:58 am to Homey the Clown
quote:
This is why you pay a licensed home inspector to inspect the home.
really doesn't mean anything, inspection just defines the state of the dwelling
quote:
Usually comes with guarantees and warranties (at least mine did) for the roof, foundation, appliances, etc.
with a million little escape clauses for them to not have any liability
Posted on 3/18/19 at 12:02 pm to poochie
That means it iss the value to that person. Doesn't mean it is the market value
This post was edited on 3/18/19 at 12:03 pm
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