Is it possible to sell a house for more than the appraisal?

Question

The house appraised for 90,000 and the owner is asking 96,900.

Answer 1

There are also several types of appraisals.

A tax value appraisal does not show what a mortgage company will lend. Neither does a relocation appraisal.

If you buy a home using a mortgage your mortgage company will usually require (but not always) an appraisal be done by someone they trust. If you have agreed to buy a home subject to an appraisal and your mortgage company appraisal comes in much lower like you said, then you can back out of the deal. The seller might offer to lower the price to the appraised value or you might offer to pay over the appraised price (probably forcing you to make a larger down payment).

The buyer usually decides that the appraiser knows whet they are talking about and requires the lower price or backs out.

Answer 2

The owner can sell his house for whatever price he wants. When you enter into a purchase contract you need to make sure that you are protected in not being obligated to purchase the house if the appraisal does not equal or exceed the purchase price.

Answer 3

It is possible but doubtful. If appraised at 90 and you are willing to pay 96 you are already out of equity not a wise move

Answer 4

The lender may loan up to the appraised value, however, this does not prevent the Buyer from paying the difference. Just be sure that your homeowner's insurance is correct and not overpriced, as you want coverage for the dwelling, not the land.

Land doesn't move or burn (except in CA).

Answer 5

Absolutely. Pricing has everything to do with what the market will bear. Appraisals are just one person's opinion, albeit a relatively reliable one.

Answer 6

Yes it is possible.

Answer 7

ITS POSSIBLE , BUT DOES NT HAPPEN OFTEN. MAYBE THE SELLER IS GIVING SELLER CONCESSION