First time home seller: I sold more than what is appraised for....
 

...am I ****ed?

To be fair...this was our first time selling a house. We just went through the whole inspection process with minor fixes.

And then we got our house appraised today....shit. I am 99.9% sure that we are asking $10k-$20k more than what it will appraise for.

Am I ****ed when the appraiser comes back with a significantly lower appraisal than what we are asking?

I have a feeling that most of the answers will be. "It depends on how bad the buyer wants the house...."

I think if the appraisal comes in for less than the sale price, the financing won't go through unless the buyer pays it down in more cash. But that's the buyer's problem.

They might be able to come back & request you lower the price.

The bank won't loan for more than the house appraises for. The buyer might have a decent down payment so maybe it won't matter but I bet they ask to lower the price.

Usually if the appraiser knows what the purchase price is they will get it up that high or close to it. So

Why wouldn't you get it appraised before you put in on the market? Seems ass-backwards to get one after you've made a deal on it but I'm certainly no real estate expert.

If the guy is paying cash I don't see the big deal.

Do you have a realtor?

Yes....she told us not to worry about it.

We had it appraised a couple of years ago prior to some interior/exterior updates. We asked abut $40k over that appraised value. Got an offer within 2 days of putting it up for sale...

I know it will appraise more than what it did a couple years ago...but it won't be a $40k jump....

The buyer's agent usually tips the appraiser off as to what the offer is. I've bought many homes and always it appraised for just over what the loan/purchase price was.

If the buyers want to buy and the sellers want to sell, the deal will be done. Most of the time.

If you can sell your house for more then it is appraised for....cool. I think you are saying that it WAS appraised for higher back when and now it is going to come in less now then it was from "back when".

If the buyers, in a contract, are willing to buy at +40k and you have not done any repairs...in this market I can't see why the new appraisal would come in less then the first one.

Prices are going up...unless it is in Detriot, pun intended.

And what Tiny said

Tell them Tyler Bray has visited many times.

Yes, THis. Don't worry, the appraiser will come in real close to the contract price. I've bought and sold around 30 properties so I know this.

What type of loan is your buyer using i.e. fha, va, usda or conventional? Each has different guidlines when it pertains to money down and loan to value. If its cash the result will be a simple negotiation to the what your willing to accecpt and what they are willing to pay. I can tell you also that the appraiser doesn't give a shit about what your selling it for and will go strictly from comparably prioperties recently sold within the in a given area. You seriously cannot talk to them about your opinion of the homes value...only suggest or point out other comps you feel are a like property. We have had quite a few come in low lately and it really only boils down to sellers asking way to much. I don't blame anyone for wanting to make a little money but your realtor should be fully aware of what you can realistically expect to get for the home with a compeditve market analysis.

I think they are going FHA, fwiw.