If you have purchased a house recently...

Re: If you have purchased a house recently...

• MrsLeanna member

  March 2009

  Our house was bought by a cash buyer so we didn't need an appraisal.  But the way it works usually is that you can't get financed for anything higher than the appraised value.  So if a house appraises for $200k that's the highes value that the mortgage company will approve for that house.  So, unless it's a cash buyer no house would sell for higher than the appraised value. 
  

  
  

   

  
  

  
  

  
  

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• MrsJuneHawk

  March 2009

  Right, I know that.  I asked because we had agreed on x selling price and we were almost positive the appraisal would come at least at that price but insted, it was $30k less.  Worked out great for us but not so much for the seller.
  

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• MrsLeanna member

  March 2009

  Oh, well i'll let you know what happens when we buy a house, but i do know that the house we're looking at sold for $200k more than what they're asking for 2 years ago!!

  By the way - have you moved yet?  If so - do you have any leftover boxes i can have  
  

  
  

   

  
  

  
  

  
  

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• MrsdeOliveira

  March 2009

  Three years ago when I purchased a house for my parents, that happened to me as well. In this market, I don't think that is uncommon because there are so few comparables.  Lucky you though that your seller still wanted to sell even at a lower price.

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• melly&jimmy

  March 2009

  Our house appraised above the offer/selling price. 

  

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• MrsJuneHawk

  March 2009

  Haven't moved yet Leanna!  I need boxes too......lots of boxes. LOL
  

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