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Forum
-> Household Management
-> Finances
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amother
OP
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 Wed, Oct 21 2020, 11:11 am
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
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Wed, Oct 21 2020, 11:17 am
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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
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Wed, Oct 21 2020, 11:38 am
So our appraisal is 20 k more than we are paying
What does ghat mean for me?
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ellacoe
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Wed, Oct 21 2020, 11:45 am
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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
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Wed, Oct 21 2020, 12:11 pm
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Doesn't affect you unless you need PMI which get calculated off the appraised value
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amother
Red
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Wed, Oct 21 2020, 12:16 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
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Wed, Oct 21 2020, 12:22 pm
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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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