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Appraisal help( house)

 
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amother




OP
 

Post  Wed, Oct 21 2020, 2:11 pm
Does anyone know how appraisals work?
Is the appraisal usually higher than the price you are buying it for?
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amother




Denim
 

Post  Wed, Oct 21 2020, 2:17 pm
The appraisal is the amount the house is worth to the bank. In a buyers market you might be buying it for less, sellers market there can be budding wars and drive the price way up above market value.
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amother




OP
 

Post  Wed, Oct 21 2020, 2:38 pm
So our appraisal is 20 k more than we are paying
What does ghat mean for me?
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ellacoe




 
 
 
 

Post  Wed, Oct 21 2020, 2:45 pm
It might help to look at comps in the neighborhood. That will give you an idea of what houses in the area have sold for recently.
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amother




Pumpkin
 

Post  Wed, Oct 21 2020, 3:11 pm
Doesn't affect you unless you need PMI which get calculated off the appraised value
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amother




Red
 

Post  Wed, Oct 21 2020, 3:16 pm
amother [ OP ] wrote:
So our appraisal is 20 k more than we are paying
What does ghat mean for me?


Means nothing to you unless you are negotiating a. Sellers concession off of it.
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tichellady




 
 
 
 

Post  Wed, Oct 21 2020, 3:22 pm
I just bought a house so I know a bit about this. An appraisal that’s higher than what you are paying is a good thing
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