Is the appraisal used to make sure the price you're paying is in line with what the house is actually worth?
Thanks!
kittyke
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Re: Appraisal
Exactly, I don't think the bank will loan you a mortgage of 500K if the house is appraised at $215K. I think it is for the buyers own good to - to make sure what he is getting is worth the cost. Just my opinion!
kittyke
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Re: Appraisal
Niecey
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Re: Appraisal
Some houses are appraised less that what it actually cost. That happened to us as well as some friends we know. They just shouldn't be waaaay off. But it could affect how much mortgage the bank will extend.
lmm0922
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Re: Appraisal
Thanks everyone! I heard that they usually come in a little lower than the selling price too. So I was surprised that ours came in slightly over the agreed price. Just wanted to make sure I wasn't missing anything!
jags77
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Re: Appraisal
usually they come a bit over the selling price. keep in mind that the appraisers see the contract price before they make the appraisal so often they are a bit swayed with this price.
as long as it comes close to what you are paying, you are fine (as others have said)
