ST Alpha - "Subversive: The house you are buying appraised for less than the selling price? -- nm" (Reading a Post)

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Subversive: The house you are buying appraised for less than the selling price? -- nm

Posted by James Bond (aka Igor) (aka Igor) Aug 3 '09, 11:27

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This has been happening regularly lately. Appraisers are being much more cautious. It's killing tons of deals. -- nm - pmb Aug 3, 11:38
$40k less, as Spawn said. We told the seller we'd remove conditions if she would drop to appraised value. - Subversive Aug 3, 11:28 12
- dang, sorry to hear that -- nm - Epiphany Aug 3, 11:32
- Oh :( -- nm - James Bond (aka Igor) Aug 3, 11:31
- Won't that just keep happening to her? -- nm - David Aug 3, 11:30 9
  - It might, and we could end up buying the house from her in the future if we don't find something else. - Subversive Aug 3, 11:36
  - Probably not. Some appraisers just stamp it and move on. Get three of them there and you will have 3 different values. -- nm - James Bond (aka Igor) Aug 3, 11:31 6
    - It's also common for people to decide what their house is worth regardless of contrary info and be unwilling to take any less. -- nm - Cuzzin Todd Aug 3, 11:35 3
      - Yes, but arguably whatever the price an independent third party in an arms length transaction is willing to pay is its market value. -- nm - pmb Aug 3, 11:39 1
        
        Right, which is why they only use sold comps, not listing comps. - Subversive Aug 3, 11:42
      - Definitely. Of note is that she paid $420k for it at the peak of the boom here in Alberta. - Subversive Aug 3, 11:38
    - Not if they know what they are doing. I see it over and over. - Spawn Aug 3, 11:33 1
      - Yep, and the comps all say that this appraiser was right in the ballpark. - Subversive Aug 3, 11:39
  - Yup. If he was not under a 30 day limit, he could wait her out. -- nm - Spawn Aug 3, 11:30
Like, 40K less. -- nm - Spawn Aug 3, 11:27 4
- Wow. That's a solid appraiser. Most of them just rubber stamp the price. -- nm - Mop (still 235lbs... on a good day) Aug 3, 11:28 3
  - our house was appraised for 30k more than we paid. that was nice -- nm - CQ Aug 3, 11:30 2
    - Yeah, bith houses I have boughthave been appraised almost 50k more than what we offered (and was accepted). -- nm - Spawn Aug 3, 11:31 1
      - (Of course, that was a different time) -- nm - Spawn Aug 3, 11:32

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