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When you bought your house, was the purchase price higher or lower than the appraisal value?

C

civilicious

Senior member
Im in the process of buying my first home, and am anxiously counting down the days to closing (may 11). I just heard back from the appraiser that my home is valued at $197,000. The purchase price for the condo was $180,000. Was this a good buy?

Just wondering, how much more was your house worth compared to your actual purchase price?
 
The appraised value and market value are two totally different things...

If you can, do some research of similar type houses (age, sq footage, etc) in the area that have sold recently and compare those values to what you paid...

anyway congrats!!!

The appraised value is what is used to determine how much your taxes are (tax amount = millage rate x appraised value).
 
paid £50k refinaced a little 2 years ago valued at £190k but i think it was £10k different when i first got it
 
First 4plex, price was higher, but rents in the area were high enough that it made it worth it to pay over

Second 4plex, price was lower...had more to do with a cooled real estate market than me being a sexy negotiator

Also, I don't plan to sell either any time soon
 
Originally posted by: civilicious
Im in the process of buying my first home, and am anxiously counting down the days to closing (may 11). I just heard back from the appraiser that my home is valued at $197,000. The purchase price for the condo was $180,000. Was this a good buy?

Just wondering, how much more was your house worth compared to your actual purchase price?
Click to expand...

purchase price is always lower than the appraised value... Lenders will not lend you mroe than the appraised value.
 
Originally posted by: sao123
Originally posted by: civilicious
Im in the process of buying my first home, and am anxiously counting down the days to closing (may 11). I just heard back from the appraiser that my home is valued at $197,000. The purchase price for the condo was $180,000. Was this a good buy?

Just wondering, how much more was your house worth compared to your actual purchase price?
Click to expand...

purchase price is always lower than the appraised value... Lenders will not lend you mroe than the appraised value.
Click to expand...

Are down payments against the law now?
 
Originally posted by: b0mbrman
Originally posted by: sao123
Originally posted by: civilicious
Im in the process of buying my first home, and am anxiously counting down the days to closing (may 11). I just heard back from the appraiser that my home is valued at $197,000. The purchase price for the condo was $180,000. Was this a good buy?

Just wondering, how much more was your house worth compared to your actual purchase price?
Click to expand...

purchase price is always lower than the appraised value... Lenders will not lend you mroe than the appraised value.
Click to expand...

Are down payments against the law now?
Click to expand...


Even if you have a downpayment, the lender will only lend you the reminaing balance.
 
Originally posted by: sao123
Originally posted by: b0mbrman
Originally posted by: sao123
Originally posted by: civilicious
Im in the process of buying my first home, and am anxiously counting down the days to closing (may 11). I just heard back from the appraiser that my home is valued at $197,000. The purchase price for the condo was $180,000. Was this a good buy?

Just wondering, how much more was your house worth compared to your actual purchase price?
Click to expand...

purchase price is always lower than the appraised value... Lenders will not lend you mroe than the appraised value.
Click to expand...

Are down payments against the law now?
Click to expand...


Even if you have a downpayment, the lender will only lend you the reminaing balance.
Click to expand...

Um...that still doesn't answer my question 😕

After all, the OP's question didn't ask "When you bought your house, was the amount financed higher or lower than the appraisal value?
 
Mine (and all of my friends/coworkers who I've spoken to) were the exact same. We all paid appraisers hundreds of dollars to drive by the house and say that it is worth exactly what we are willing to pay, to the penny.

Yes, what we are willing to pay should be pretty close to the true market value of the house. But I wish that appraisers would at least give a number a bit different from the offer amount. That way, I can get an independant viewpoint on if I slightly overpaid or slightly underpaid. When they just come back to the penny on what I offer, why did I have to pay them hundreds of dollars to give no new information?

 
Originally posted by: dullard
Mine (and all of my friends/coworkers who I've spoken to) were the exact same. We all paid appraisers hundreds of dollars to drive by the house and say that it is worth exactly what we are willing to pay, to the penny.

Yes, what we are willing to pay should be pretty close to the true market value of the house. But I wish that appraisers would at least give a number a bit different from the offer amount. That way, I can get an independant viewpoint on if I slightly overpaid or slightly underpaid. When they just come back to the penny on what I offer, why did I have to pay them hundreds of dollars to give no new information?
Click to expand...

This is one of the many occasions when middlemen screw you over during a house purchase. My house appraisal came to $100 more than the purchase price. The appraiser didn't even get out of the car to look at the house.
 
The house I just bought (well the closing is May 18th) got appraised for the exact amount. I got it for $210k (-$7k towards closing etc so bottom line $203k) and all the comps (total 5) with same exact floorplan and condition/age sold for $212k-$229k in the last 2 months. My lender said that the appraiser looks and will only put a lesser price than purchase price (if applicable) but wouldn't do the other way because its only for mortgage purpose and lender doesn't care as long as its worth as much as the purchase price. Now refinancing/HELOC is a different story.
 
Originally posted by: sao123
Originally posted by: civilicious
Im in the process of buying my first home, and am anxiously counting down the days to closing (may 11). I just heard back from the appraiser that my home is valued at $197,000. The purchase price for the condo was $180,000. Was this a good buy?

Just wondering, how much more was your house worth compared to your actual purchase price?
Click to expand...

purchase price is always lower than the appraised value... Lenders will not lend you mroe than the appraised value.
Click to expand...

yes they will, but not very much over.
 
Originally posted by: sao123
Originally posted by: b0mbrman
Originally posted by: sao123
Originally posted by: civilicious
Im in the process of buying my first home, and am anxiously counting down the days to closing (may 11). I just heard back from the appraiser that my home is valued at $197,000. The purchase price for the condo was $180,000. Was this a good buy?

Just wondering, how much more was your house worth compared to your actual purchase price?
Click to expand...

purchase price is always lower than the appraised value... Lenders will not lend you mroe than the appraised value.
Click to expand...

Are down payments against the law now?
Click to expand...


Even if you have a downpayment, the lender will only lend you the reminaing balance.
Click to expand...

not true.

a friend of mine put down %30 (from sale of old house) and recived a loan for $10k over the reminaing balance to do so small improvements that it needed.
 
Assessment price of my house also was 17K less than listed price, and I paid full price for it.

PS. I don't know the appraisal price, and the bank give me the loan with out an appraisal. Loan officer think that my house worth at least 30K more than the listed price. The bank only look at the MLS number for size lot/house, and the age of the house.

 
Mine appraised for 270k less than two years ago when we were buying it, the tax value was 263k, and we paid 261k. Nice deal.

Now, with the comps in the area, it will easily appraise for 300k or better. Probably sell for that much, too. I definitely wouldn't take less than 300k for it.
 
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