Under contract with a house in the tri-state area and waiting on appraisal report. We went $50k over ask which is common in the current market. Curious what others have seen in regards to appraisals. Higher, lower, right at offer?

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Your realtor should be able to find comps in the area to reference against your price. That will be the best indicator of how your house will appraise. I was $50k over and the house was in original condition and my realtor was concerned, but it appraised higher than the offer. Sometimes it do be like that

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Ah yeah best of luck! Take a look at the first time home buyers subreddit as well, a lot of people talk appraisals there, but the consensus I’ve read is that things usually appraise

helpful

I offered $625k on my house listed for $675k. Seller countered for $655k. Appraised at $663k.

uplifting

Appraisals are a craps shoot. You will get 3 different numbers from 3 different appraisers, and there’s little to no recourse once you get the number.

Plan to cover an appraisal gap, and hope for the best.

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One time I stuck a for sale sign in my front yard, no seller agent, no appraisal. I paid a few hundred dollars to be placed on MLS. I best guessed it’s value. I got a buyer 2 weeks later. It appraised 5k under my asking. The buyers tried to renegotiate, I said no. I accepted your original offer without a contingency of appraisal. They paid the amount over the appraisal. I did pay the buyer agent 2.5% basically so they wouldn’t steer their buyer somewhere else. It was more like a bribe. The buyer agent was absolutely useless in the transaction, and especially in negotiating.

Or….if it doesn’t appraise, use that information to negotiate a lower purchase price.

Before the smart people on fishbowl say “you won’t be able to / the seller won’t accept that” … it’s happened to me so I speak from experience.

If it doesn’t appraise, they will end up in the same situation unless they find a cash buyer.

I went 30k over with no issues but couldn't have gone any higher appraisal came in only 1500 more. I think appraisers know you have to go over and I was told they are more concerned with the condition of the house.

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