Just had our future house appraised !!!!

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Posted by cjb88

dont they always appraise the house for what you paid???

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Nope

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Posted by cjb88

dont they always appraise the house for what you paid???

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no. and if they don't you will need to come up with the difference for the closing

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Posted by HearzBellz

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Posted by cjb88

dont they always appraise the house for what you paid???

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no. and if they don't you will need to come up with the difference for the closing

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Or walk away from the deal, which is what we are prepared to do.

our appraisal came back lower. We did have to put an extra amount down to avoid PMI. But I honestly dont know how they came up with the apprisal value because about 6 months after we bought our house, a house on our block, same house, less square footage, same property, not as many updates sold for about $40K more than we bought ours.

So although at first I was upset about the appraisal value, it was not enough to make us reconsider the deal! And be careful about saying you will walk away from the deal, make sure that htere is something in your contract to that effect. Because the appraisal comes after the signing of the contract.

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Posted by Kelly9904

our appraisal came back lower. We did have to put an extra amount down to avoid PMI. But I honestly dont know how they came up with the apprisal value because about 6 months after we bought our house, a house on our block, same house, less square footage, same property, not as many updates sold for about $40K more than we bought ours.

So although at first I was upset about the appraisal value, it was not enough to make us reconsider the deal! And be careful about saying you will walk away from the deal, make sure that htere is something in your contract to that effect. Because the appraisal comes after the signing of the contract.

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Actually this is pretty standard from what more than one broker told us. If a house comes back less the contract says that the seller can chose to adjust the mortgage price accordingly or void the whole deal and from the buyer's side a ender will only give you the value of the house as a loan so that equates to not being able to secure a loan therefore all deposits in escrow MUST be returned. At least thats what our contract says.

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Posted by Summerbride04

I was told to get it appraised prior to signing a contract.

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everyone I spoke to had it done after the contract. But that would make sense to do it before too.

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Posted by Summerbride04

I was told to get it appraised prior to signing a contract.

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Some appraisers will not do an official walk-through appraisal until a contract is signed. I have heard of people finding comparables in the neighborhood to see if you will hit your target number, but that is not the same thing/