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

[namoda]

Explain to someone who has no idea what you are talking about. WHY would you have to pay the difference? If the offer was accepted, why would you pay the difference?

[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.