house: appraisal

[sistawendy]

The appraisal for the new house came in at $1K over what I agreed to pay for it, so I (just barely) don't need to pay any difference in cash. That was... kind of on the nose. My agent is relieved that there are no work orders, as I suppose I should be because timing.

Comments

[sistawendy]

Ah, the crucial piece of missing info is that banks won't lend for more than the appraised value, even if they've pre-approved you for more. Sure, the seller is fine with the price I offered, but the bank has to be as well, or I'm out of pocket for the difference.

[namoda]

Oh that's so interesting. Huh. So all those massively outsized bidding wars really are for super wealthy assholes

[sistawendy]

Ayup. Something like a third of all house purchases in the last year were in cash.