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Posted by  PegiT_MN on 7/15/19 4:23pm
The home is listed for $670,000 and a buyer comes through, loves the house, writes a purchase agreement for the asking price of $670,000. Their agent probably ran a few comps and said it seemed like a fair price so all was well. Their lender had an appraisal done and it came in at the asking price of $670,000. The true value of the home may have only been $652,000, but the appraiser could find enough comps to support the $670,000 asking price and the lender said they were fine with the appraisal and would lend at that purchase price. For whatever reason, the buyers decided to get an independent appraisal and that appraiser valued it at only $652,000. Like sigtogo/OR stated, it is a 2.7% difference in value. |
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