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Chief
To quote a mentor of mine “Appraisers are nothing more than whores. Pay em enough and they’ll say anything” crude but true
Chief
You could always hire your own to dispute
Pro
All my appraisals came in at offer price.
It’s more of an art than a science, and appraisers are not really trying to get in the way of a deal if it’s reasonable.
Yes, appraiser knows the price. The house appraisal matched my offer exactly when I was buying my house.
What do you care…if he waived appraisal, worse case is you keep due diligence
Agents often only care about making a quick commission. 5% lower doesnt affect them much, but does affect you a lot.
Good banks hire good appraisers. And, it’s not the appraiser’s job to appraise close to the buying price. They are there to protect the banks from any risks. So, the bank needs an *accurate* report.
It also doesn’t matter much if they appraise a bit low or high. The only number that the bank cares is how much the buyer is lending from the bank. For example, $1m condo buying price, appraisal comes back at $950k. If your buyer only puts in 10% and wants to lend $900k. It won’t be approved because most banks lend at 80% loan per value.
But if your buyer is putting in $500k and only needs $500k from bank. Then, it’s not a problem at all because loan-per-value is way lower than 80%.
So many people don’t realize that the appraiser works for you, not the bank. You pay for the appraiser, so do yourself a favor and find someone that works for you and will work to help you make the best deal. A good appraiser can’t have two masters.
I am confused here. I am the seller. Wouldn’t the appraiser sent by the bank to value the condo?