Post # 1
Hi there! So, we finally have a counter offer that we are going to accept, I have no worries about everything, but one…
This is an older house late 40’s, with 3.5 Acres, the house has been completely remodeled and is very nice. I am still worried the appraisal will come up short of what we will purchase it for (148). I have heard of this happening to some people, and I noticed on the county website the “market value” is only 110. Our relator said not look at this because it can be totally off.
Does anyone have any experience with this? Or have you ran across a similar situation?
Post # 3
I do know that the market values from Zillow and other websites can be way off. They aren’t very accurate, so I wouldn’t worry too much. Try not to think about the fact that the website said it is only worth 110k. Hopefully, the appraisal will come in at the 148 or higher. 🙂 Congrats on the new house!!!!
Post # 4
Yup, this happened to us. The appraisal came back $15K lower than the price we offered and agreed on. We also were doing an FHA loan. The sellers were furious (understandbly, since they were losing money on the sale) but there wasn’t much we could do. Our options were to increase our downpayment (wasnt possible), walk away, or have the sellers lower the price. The sellers lowered the price and we agreed to pay our closing costs (we had oririnally agreed for them to pay $5k in closing costs). The sellers agent also contested the appraisers findings, but that didnt change anything.
Appraisals are really tough. We actually had 2 done on our house within a 30 day period because we switched mortgage companies in the middle of the process (thats a whole different story), and the first appraisal came back at $5k higher than the agreed price. So who knows.
Post # 5
we also did an fha loan on our house and i was scared this was going to happen because like you, county said it was worth less (and the price was driven up because its in a popular neighborhood right by a lake and we were in a bidding war)…. but the appraisal ended up coming back higher than we expected thank goodness!!!
Post # 6
Value of homes can go up and down. Sadly with the market over the past few years, many home values have gone down. For years and years, value just increased. That is not the case anymore.That doesn’t mean your value will go down…but it’s always a possibility. You will just have to wait and see what the appraiser says.
Zillow is not always the most accurate so I wouldn’t look at that too much. I know it’s stressful, but home values seem to be such a crap-shoot now a days. You will just have to wait and see what the appraisal says.
Post # 7
I don’t have advice, but I would like to say that I am jealous, becaue $148,000 wouldn’t buy a parking space where I live, let alone 3.5 acres. So jealous!
Post # 8
@crayfish: LOL. I was thinking the SAME EXACT thing. I think its time to up and move to Minnesota.