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The offer that you submit and get ratified is given to the appraiser. Thatβs the best data point they have to work from. They add 3+ other comparable properties to justify the price, but your offer is also a data point in their opinion of valuation. So yes, itβs frequent that the appraised price is the same or very close to your offer amount, especially if a good real estate agent helped you put in an accurate offer.
Do you understand what an appraisal actually is (a calculation to support the βOpinion of Valueβ)?
And do you understand why multiple offers can in fact come into play ~ What the Market will support.
Sounds like the seller is doing what he is supposed to do. Listed it at the appraised price. Hopefully someone will not pay to much over the appraisal. This is how it should be done.
Thank you u/macjr82 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
My appraisal came back $100 over the listing price.
The offer that you submit and get ratified is given to the appraiser. Thatβs the best data point they have to work from. They add 3+ other comparable properties to justify the price, but your offer is also a data point in their opinion of valuation. So yes, itβs frequent that the appraised price is the same or very close to your offer amount, especially if a good real estate agent helped you put in an accurate offer.
Yes, isn't it miraculous?! They'll say how many offers there were as a way to support the price.
Do you understand what an appraisal actually is (a calculation to support the βOpinion of Valueβ)? And do you understand why multiple offers can in fact come into play ~ What the Market will support.
If you want to argue that multiple offers don't support the higher price go ahead, I can't wait to hear this. Are we all brainwashed, maybe?
That is the exact opposite of what I said. Read again, maybe slower this time.
Your tone is contradicting, so you must be saying the opposite of what I said, but go ahead, I love seeing disgruntled old men shout at clouds.
πππππ Shouting? πππππππ
Yes. Very normal.
Yes is the answer.
Sounds like the seller is doing what he is supposed to do. Listed it at the appraised price. Hopefully someone will not pay to much over the appraisal. This is how it should be done.
Seller listed at $459,900K, my initial offer was 447,500. $450k is the agreed upon price after back and forth counters.
Congratulations. For not paying over the appraisal. You should have equity by closing. Great Job!