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Nemaha Co Nebraska | In my opinion there's a lot of talk under the table between appraisor's and realtor's. Several cases to prove my point- 9 months ago i sold my house and couple acres in Indiana. I went through a realtor and we started out on what i thot was high, 65k more than i paid for it 5 years prior (i had put about 30k in upgrades into it). We got an offer that was in within 3k of our asking price which we were tickled with but the catch- the buyer was using some sort of government loan with 100% financing so the property had to appraise at or above the agreed upon price. I was a bit concerned but my realtor quickly assured me that the appraisor's know what a property needs to appraise for and he said 99% of the time it will match the agreed upon selling price. Guess what, my property appraised for the exact amount we agreed to sell for.
After selling the property we moved here to NE. I found a nice place in the country through a realtor. I was getting financing through the local bank so it had to be appraised, guess what, it appraised for the exact amount i offered.
A friend of mine in MO bought a property a couple years back. Same scenario, he was getting financing and it needed appraised and sure enough appraised for the selling price. He lived there several years, did a bunch of work to the house, cleaned up outside (it was grown up in weeds and trees when he bought it). He decided to sell it on his own so he hired an appraiser to appraise it and wouldnt you know it appraised for 40k less than what he had paid for it.
My point is- when youre getting financing through an institution and it needs appraised it will mostly likely appraise for what it needs to.
To the OP, I would think that price is a bit high since its never had any upgrades and no HVAC system. It would be interesting to see you hire your own appraisor and then see how it compares with the banks appraisor (if you are financing)
My ramblings may not be the case everywhere, this was just my experience. | |
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How to appraise a rural home
