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Subject Expert
You’re upset because your house appraised? Most people would be thrilled for that in this market. Having to come up with the extra cash if the seller won’t negotiate down is a headache. Be grateful.
Mentor
Likely the other way around. The appraiser gave you the number you need to hit. They could go higher but higher risk the bank or someone challenges it.
Lastly even if appraisal came in lower in this market most sellers don’t really care to negotiate. You pony up more down payment or you can walk away. Obviously that depends on contract but many people have been waiving appraisal.
Your offer is taken into consideration when considering market value. The subject property is its own best comp. As long as other comps support it, many appraisers will align to the offer.
Mentor
Do you want to use a lower appraisal to negotiate the price down? I expect that won't work. When I sold my second home, the appraisal came in lower. The buyer wanted a discount, but instead we threatened to walk and go with another bid who would pay cash for the balance. We got the higher price
It happened to me too, but on an investment property. Talked to the appraiser off the record and said his job is to make sure your offer price isn’t “crazy” and also the appraised value is also what people are willing to pay for it, such as your offer price. Sometimes your strategy works, but if your offer isn’t “crazy” and the market is going up the way it is, it’s not surprising.
Are you in a hot real estate market? In SF Bay Area most buyers waive the appraisal contingencies and the appraisal report won’t help you get a discount from the seller. Having the appraised value to be equal to or more than your purchase price will only help you from a borrowing standpoint, so you don’t have to figure out how to make up the difference with a bigger down payment from your end.
Lender has absolutely no influence on the appraisal… they can’t pick the appraiser or even know who they are until the appraisal is completed. There are 3rd party services that ensure this.
Your lenders #1 priority is a successful, on-time transaction…but, no, they had no hand in the establishment of value.
Thanks everyone for your feedback. We are now content with the appraisal lol. In this market seems everything is just different.