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Chief
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Be happy because that appraisal is what your property taxes are based on.
Oh I was reading it like the purchase was done and this was the tax assessor’s price.
Chief
Better than overpaying…
My appraisal came in 15% low in 2014 and the lender started making noise about how I would have to pay the difference in cash or take a higher rate. I called quicken loans, their appraisal was $10k over sales price, and suddenly my lender suggested they could run another appraisal at no cost to me. Surprise: that one was on target 😉
Don’t cave - the second appraisal was probably the best $500 I ever spent
👆This is the way, OP
Chief
I have never seen an appraisal from the bank be that off...
Oh wow. I always figured appraisal comes in at the sales price just to be able to make the origination.
Rising Star
Wow - what did you spend 4K on? Just curious.
Where I live, the bank appraisers know what you are buying the house for, so it’s very unusual for the appraisal to be significantly different unless it’s WAY overpriced… it’s not a totally independent appraisal. If it’s the same for you, then the price must have really not been supported by the comps.
Were the other offers cash? If not, tell the seller you aren't paying offer the appraised value. Ours was closer, but we agreed to 305 and it appraised for 280. We paid 280.
(Current estimate is 415, 5.5 years later)
Pro
Yeah we are saying the same thing. I just bought a house and offered with no contingencies - so I knew going in if it didn't appraise I was going to need to pay the diff, and I sure as hell wasn't going to forfeit my 50k EMD.
I was under contract for a house that appraised $100K under. I hear big bank appraisals tend to be very conservative (we used Chase.) Our case was ridiculous though - unfortunately our realtor didn’t tell us it’s possible to push back and get them to take a look at more info.
Pro
Realtors are so useless and need to go the way of the dinosaur.
I refinanced ....BOA'S appraiser came in 50k lower than what my tax statement had listed and 65k lower that what BOA'S online appraisal tool appraised the property for. Trulia. And zillow also appraised the property for 50k higher. So you just never know. I ended up paying 50k down on my mortgage and refinanced a smaller loan.
May be worth getting a second appraisal (different bank)
Chief
Two options 1. Get a new appraisal 2. Tell them it didn’t appraise and revise your offer down to 237 plus 28k cash