We made an offer on a home and we’re through the inspection / attorney review and the appraisal comes back at the EXACT amount we offered. Now, I’m the buyer here, so right or wrong, I feel like we overpaid to win the bid. Why does this happen? How on earth does it appraise to the exact amount?
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Appraisals are based on the sale prices of homes. It’s a little more complicated than this, but if a house sells for $500k, that house is now worth $500k (within reason.)
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