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Dec 30th, 2023
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 Current Housing/Appraisal Craze
#13989561
05/07/21 09:37 PM
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Joined: May 2011
Posts: 34,711
1ShotNoKills
OP
TFF Guru
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OP
TFF Guru
Joined: May 2011
Posts: 34,711 |
Quick question
I hear of all these houses selling for well over appraisal prices. How does the bank loan on that?
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Re: Current Housing/Appraisal Craze
[Re: 1ShotNoKills]
#13989562
05/07/21 09:38 PM
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Joined: Mar 2008
Posts: 34,575
cocodrie
TFF Guru
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TFF Guru
Joined: Mar 2008
Posts: 34,575 |
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Re: Current Housing/Appraisal Craze
[Re: 1ShotNoKills]
#13989566
05/07/21 09:41 PM
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Joined: May 2014
Posts: 5,663
PondFish
TFF Celebrity
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TFF Celebrity
Joined: May 2014
Posts: 5,663 |
In theory they loan on the Appraisal and hope it's right.
Now the value crash of the early 2000's showed the fault in that. But nowadays the Appraiser gets picked at random. the Buyer or Seller or Realtor or Lender can't pick the Appraiser.
Been in the Mortgage business since '93 se a lot of crazy values. Cali and Vegas got screwed bad in the 2000's. Texas came back from the correction pretty good.
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Re: Current Housing/Appraisal Craze
[Re: 1ShotNoKills]
#13989572
05/07/21 09:48 PM
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Joined: Feb 2018
Posts: 15,323
Sawhorse
TFF Guru
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TFF Guru
Joined: Feb 2018
Posts: 15,323 |
Quick question
I hear of all these houses selling for well over appraisal prices. How does the bank loan on that? Could you please shorten the question?
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Re: Current Housing/Appraisal Craze
[Re: 1ShotNoKills]
#13989574
05/07/21 09:52 PM
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Joined: Mar 2004
Posts: 8,790
Roller22
TFF Celebrity
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TFF Celebrity
Joined: Mar 2004
Posts: 8,790 |
Buyers bring cash to the table above appraised value. We're about to list our home and hope to get well above appraised value.
I Thes. 5:16-18
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Re: Current Housing/Appraisal Craze
[Re: Roller22]
#13989575
05/07/21 09:52 PM
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Joined: Feb 2004
Posts: 68,331
Derek ๐
Queen of Bees
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Queen of Bees
Joined: Feb 2004
Posts: 68,331 |
Buyers bring cash to the table above appraised value. We're about to list our home and hope to get well above appraised value. Moving to Ennis?
Ebolacane Researcher
CovidNado Chaser
McRib Pro Staff
Team Beans
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Re: Current Housing/Appraisal Craze
[Re: 1ShotNoKills]
#13989576
05/07/21 09:53 PM
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Joined: Mar 2008
Posts: 34,575
cocodrie
TFF Guru
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TFF Guru
Joined: Mar 2008
Posts: 34,575 |
If someone makes an offer on a house in Austin for $500k because they're dumb and desperate and get it appraised for $425k, the bank will only loan on the $425k. When I moved to the ghetto in SA, it was "fingers crossed" that the appraiser came back with the purchase price. If not, it would've been up to us to cover the in-between, plus qualify for the loan. Mysteriously, the appraised value was just enough...
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Re: Current Housing/Appraisal Craze
[Re: 1ShotNoKills]
#13989577
05/07/21 09:55 PM
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Joined: Nov 2005
Posts: 7,520
Kentucky
TFF Celebrity
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TFF Celebrity
Joined: Nov 2005
Posts: 7,520 |
they can;t get insurance for it either... Cant insure for more than it is worth.
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Re: Current Housing/Appraisal Craze
[Re: Derek ๐]
#13989586
05/07/21 10:00 PM
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Joined: Mar 2004
Posts: 8,790
Roller22
TFF Celebrity
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TFF Celebrity
Joined: Mar 2004
Posts: 8,790 |
Buyers bring cash to the table above appraised value. We're about to list our home and hope to get well above appraised value. Moving to Ennis? Found 6 acres between Ponder and Justin, although I wouldn't mind being neighbors. Lawn competitive
I Thes. 5:16-18
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Re: Current Housing/Appraisal Craze
[Re: 1ShotNoKills]
#13989755
05/08/21 01:32 AM
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Joined: May 2009
Posts: 1,933
Mac Town Fuzz
Extreme Angler
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Extreme Angler
Joined: May 2009
Posts: 1,933 |
Coworker of mine just sold his house. Listed it for over double what he paid 10 years ago and ended up getting 87k over asking price. Iโm not sure what it appraised at, but I assume somebody brought a chunk of change to closing.
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Re: Current Housing/Appraisal Craze
[Re: 1ShotNoKills]
#13989844
05/08/21 03:00 AM
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Joined: Apr 2008
Posts: 12,334
PaulGrapevine
TFF Guru
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TFF Guru
Joined: Apr 2008
Posts: 12,334 |
Most people are guaranteeing offer price. It is appraises for less, they just bring more money to closing.
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Re: Current Housing/Appraisal Craze
[Re: 1ShotNoKills]
#13989848
05/08/21 03:05 AM
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Joined: Oct 2006
Posts: 7,493
Hook'Em 79
TFF Celebrity
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TFF Celebrity
Joined: Oct 2006
Posts: 7,493 |
Yeah, wife is a realtor and everything right now is over asking. Buyers have to sign an appraisal form saying if it doesnโt appraise they pay the difference and still close.
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Re: Current Housing/Appraisal Craze
[Re: Roller22]
#13989858
05/08/21 03:12 AM
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Joined: Feb 2004
Posts: 68,331
Derek ๐
Queen of Bees
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Queen of Bees
Joined: Feb 2004
Posts: 68,331 |
Buyers bring cash to the table above appraised value. We're about to list our home and hope to get well above appraised value. Moving to Ennis? Found 6 acres between Ponder and Justin, although I wouldn't mind being neighbors. Lawn competitive We wouldn't compete. We would be twins and it would be awesome.
Ebolacane Researcher
CovidNado Chaser
McRib Pro Staff
Team Beans
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Re: Current Housing/Appraisal Craze
[Re: 1ShotNoKills]
#13989860
05/08/21 03:15 AM
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Joined: Feb 2004
Posts: 68,331
Derek ๐
Queen of Bees
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Queen of Bees
Joined: Feb 2004
Posts: 68,331 |
Paying the full nut on 6 acres has to suck though right? Can't get a ag ext unless you have 10-11?
Ebolacane Researcher
CovidNado Chaser
McRib Pro Staff
Team Beans
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Re: Current Housing/Appraisal Craze
[Re: Derek ๐]
#13989949
05/08/21 11:31 AM
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Joined: Mar 2004
Posts: 8,790
Roller22
TFF Celebrity
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TFF Celebrity
Joined: Mar 2004
Posts: 8,790 |
Paying the full nut on 6 acres has to suck though right? Can't get a ag ext unless you have 10-11? Nope it's AG exempt for hay production. The 10 acre doesn't always apply.
I Thes. 5:16-18
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