ChiefsPlanet - View Single Post - Home and Auto Need CP expertise - Selling a home: Do you get an appraisal before listing your home?

Dayze · 11-12-2019, 02:49 PM

it couldn't hurt; just so you have a general idea, so you can evaluate the offers / how much cash they're putting down etc..

so if, the asking price is 100k (using simple math here), and it appraises at 90k; and you get an offer from someone for 105k who is only putting like 3% down and financing the rest; you know there's a good chance their loan would be more than appraisal and the loan wouldn't go through; by the time this is discovered, you could be 3 weeks into the process and a deal fall through then you've lost time on the market and have to list it again. I think you could keep the earnest money at the point of it falling though, but time lost on the market would be more of a concern to me than $1k in earnest.

if the offer/contract is 'close' in terms of what an appraisers comes up with, my opinion the appraiser just says "yep, it appraises" for exactly the sell price so the loan will go through. obviously, it's there a large gap, the probably don't do that. in our case, our offer was about 3k more than what we thought the house would appraise at, but we got the appraisal back, and it was appraised at exactly our offer. lol.

11-12-2019, 02:49 PM	#7
Dayze Resident Glue Sniffer Dayze's Avatar Join Date: Nov 2003	it couldn't hurt; just so you have a general idea, so you can evaluate the offers / how much cash they're putting down etc.. so if, the asking price is 100k (using simple math here), and it appraises at 90k; and you get an offer from someone for 105k who is only putting like 3% down and financing the rest; you know there's a good chance their loan would be more than appraisal and the loan wouldn't go through; by the time this is discovered, you could be 3 weeks into the process and a deal fall through then you've lost time on the market and have to list it again. I think you could keep the earnest money at the point of it falling though, but time lost on the market would be more of a concern to me than $1k in earnest. if the offer/contract is 'close' in terms of what an appraisers comes up with, my opinion the appraiser just says "yep, it appraises" for exactly the sell price so the loan will go through. obviously, it's there a large gap, the probably don't do that. in our case, our offer was about 3k more than what we thought the house would appraise at, but we got the appraisal back, and it was appraised at exactly our offer. lol.
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