My house is appraised at $135,00, but selling it for a little over $136,000. Is the buyer's bank going to be okay with that? Someone on here told me about appraisals, now I'm worried!!!!
2007-06-29 09:23:09 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Pengy - they already did agree to it
2007-06-29 11:06:43 · update #1
Congratulations on selling your house! yay!
Your buyer's bank will do their own separate appraisal. It may come back at $136,000+ and then all will be well.
Depending on the situation, if the home is appraised by the bank for less than the sales amount, you may have to reduce your price AND/OR the buyer may have to kick in the difference. Check your contract to see what it says about that issue.
You can certainly sell your home for more than the appraised price, but the lender will not lend $$$ above the appraised price.
Lenders do not like to offer more $$$ than a house is worth.
But wait and see - the numbers sound very close and you may be just fine. The appraiser may be willing to "adjust" to make it right, because appraising is not a perfect science (particularly in a difficult market where fresh comps may not be available) - and as long as it's not a 100% financing deal the lender may approve it.
2007-06-29 09:34:24 · answer #1 · answered by venicefloridarealtor 4 · 2⤊ 0⤋
The bank is only concerned with how much they lend compared to the appraised value. The buyer can pay anything they want above that as long as they are not borrowing it. But in many cases, if the house sells above appraised value, it means the appraised value may be too low. If there are multiple offers on a house, the demand for it may warrant another appraisal. Appraisers can tweak the amount to match what the lender wants in most cases, as long as it's not too far out of line.
2007-06-29 09:29:17 · answer #2 · answered by Brian G 6 · 1⤊ 0⤋
The buyers bank will get an appraisal and only lend on what the house is worth according to the appraisal. If the buyers agreed to and signed a contract for the $136,000.00 then they should be paying the additional $1,000.00 themselves. You can sell the property for more than it's worth, nothing says you can't. Make sure you have a written contract stating that.
2007-06-29 09:30:23 · answer #3 · answered by Kathleen M 4 · 1⤊ 0⤋
It depends upon the lender, but most of the time a mortgage lender allows for a certain "wiggle room" on an appraisal. It should be okay. It happens all the time in a "hot" market because appraisers have to use historical information (settled sales) to determine a value opinion and each new sale can set another standard.
2007-06-29 09:31:41 · answer #4 · answered by Cheryl G 7 · 1⤊ 0⤋
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2016-10-03 07:29:08 · answer #5 · answered by ? 3 · 0⤊ 0⤋
Question is will the buyers want to pay more for a house than it is appraised at, somehow I doubt it. Look at it this way if you went to a car dealership and the sticker in the window said $15K and the dealer said he wanted $17K would you buy it? knowing it right now is depreciating? I think not. In todays market you will have to lower your price in order to sell
2007-06-29 10:13:24 · answer #6 · answered by Pengy 7 · 0⤊ 1⤋
Your borrower's loan-to-value will be figured on the appraised value instead of the sale price. As long as they aren't looking for 100% financing, they should be okay.
2007-06-29 09:29:22 · answer #7 · answered by Anonymous · 1⤊ 0⤋
You are so close, this shouldn't be a big issue. As the other posters said, unless your buyers need 100% financing, this won't be an issue.
Don't worry yet.
2007-06-29 10:10:49 · answer #8 · answered by godged 7 · 1⤊ 0⤋