did not appraise for what we offered? This happened with us today with one bank. We are going to get the other bank's appriasal report tomorrow and it is expected to be favorable, but I was wondering how common this is. I totally disagree with the appraisal.
swags1016
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My agent had told me about this happening
DjPiLL
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This is an easy way for a bank to force you to pay PMI... even if you are putting 20% down.
sept20yay
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do you think that is why the bank came in at such a low appraisal, DJPILL?
nov04LIbride
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Could you ask for a second appraisal? I know that in ours to find the appropriate appraisal price they checked for what others the same had sold for recently, which we had already found out. If they said it appraised for much less than all other houses or condos in the area that are similar have been going for, I would think you could definitely ask for a second opinion.
Niecey
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My house was appraised for less that the selling price. I was a little upset and surpised when this happened because that is what houses in my neighborhood sell for...upon research we found this to be very common - it happened to some of our friends and I have seen it happen to others on this website and similar.
We did not have a problem with mortage - I guess it could cause an issue because the appraisal helps determines how much mortgage you can have...I guess b/c we put down over the 20% it wasn't an issue for us...just disappointing and confusing.
charon54
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Our house also appraised lower than what we were paying. Our real estate agent said it had to do with the fact that the appraiser did not know the school district and the area well. She met with a different appraiser and brought comps and then the house appraised at the same value we were paying.
sept20yay
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Actually, this is so weird. We just got an appraisal from another bank that said the house was valued at our buying price. The difference is unbelievable- from one bank to another 13,000 dollars Our lawyer said a lot of these banks are extremely conservative with their appraisals.
Kriss2c
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Posted by charon54
Our house also appraised lower than what we were paying. Our real estate agent said it had to do with the fact that the appraiser did not know the school district and the area well. She met with a different appraiser and brought comps and then the house appraised at the same value we were paying.
You will find that in the RE business a lot of people are in bed together and not always for your benefit.
