House Appraisal - Usually more or less than purchase price?

Was your appraisal more or less than what you paid for your house? And by what percentage? Thanks!

Re: House Appraisal

It was $500 lower.

Re: House Appraisal - Usually more or less than purchase price?

My last appraisal was about $40K more than my purchase price. Unless I'm backwards, I'm almost positive that a bank insists on the appraisal exceeding the purchase price, otherwise they're lending beyond the true value.

Re: House Appraisal - Usually more or less than purchase price?

I believe the appraisal needs to be higher than what the loan is. This is a good thread! I'm starting to freak out that we might be paying too much.

Re: House Appraisal - Usually more or less than purchase price?

The appraisal needs to be at least what the amount of the mortgage is or the purchase price. If it appraises for less than what you need a mortgage for then you need need to come up with the differance.

Re: House Appraisal - Usually more or less than purchase price?

FM LisaT. she is an appraiser.

Re: House Appraisal - Usually more or less than purchase price?

Our apprasisal on our co-op was exactly what we paid.

Re: House Appraisal - Usually more or less than purchase price?

we generally try to match the purchase price (when possible) - too much higher makes the bank wonder how/why it would be worth more if it sold for less (if the house appraises for $400K - why did it sell for only $380K? - sometimes it works out that way, but generally the selling price IS the best indicator of market value - though often concessions are built into the 'selling price')

A lower appraisal generally requires the buyers to put up cash to make up the difference.

Re: House Appraisal - Usually more or less than purchase price?

Ours appraised for $35000 more...

Re: House Appraisal - Usually more or less than purchase price?

Thanks for the information everyone! Our house appraised for more than we are paying, and I was just wondering if this is the norm.

Re: House Appraisal - Usually more or less than purchase price?

Our Appraisal was $10,000 higher than sale price

Re: House Appraisal - Usually more or less than purchase price?

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Posted by Tigger77

Ours appraised for $35000 more...

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So did ours!!!!!

Re: House Appraisal - Usually more or less than purchase price?

Ours appraised for $50,000 more then we paid at first but then when it came to getting the mortgage the priced it to exactly what we are paying.

Re: House Appraisal - Usually more or less than purchase price?

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Posted by nov2004bride

Ours appraised for $50,000 more then we paid at first but then when it came to getting the mortgage the priced it to exactly what we are paying.

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So you had two appraisals?

Re: House Appraisal - Usually more or less than purchase price?

Nope. Our friend is our mortgage broker and he knows the appraiser. He told him how much he would appraise it for but for some reason it is not good to have it in writing that it is worth more. I am not sure why though

He said it is harder to get a mortgage.

Re: House Appraisal - Usually more or less than purchase price?

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Posted by nov2004bride

Nope. Our friend is our mortgage broker and he knows the appraiser. He told him how much he would appraise it for but for some reason it is not good to have it in writing that it is worth more. I am not sure why though

He said it is harder to get a mortgage.

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Thanks for the info!

Re: House Appraisal - Usually more or less than purchase price?

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Posted by kel2004

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Posted by nov2004bride

Nope. Our friend is our mortgage broker and he knows the appraiser. He told him how much he would appraise it for but for some reason it is not good to have it in writing that it is worth more. I am not sure why though

He said it is harder to get a mortgage.

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Thanks for the info!

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Anytime

Re: House Appraisal - Usually more or less than purchase price?

ours appraised at purchase for 20 thousand more then we paid. im so curious to see what it would appraise for now that we did all the work

Re: House Appraisal - Usually more or less than purchase price?

Don't sweat it. Just as long as the appraisal comes in for at least what the purchase price is... your fine.

Re: House Appraisal - Usually more or less than purchase price?

My appraisal came in 2500 less than the purchase price. The seller had to accept the new price or he would have lost the deal