Why do home purchase appraisals come in at the exact purchase price agreed to by the seller / buyer?

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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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Anonymous 0 Comments

Because they’re only pretend. They’re worth nothing more than the paper they’re printed on. Appraisals exist as an industry to provide a false sense of security to investors who can’t evaluate the value themselves but also don’t really care enough to have any proper valuation done. It’s little more than a few pages of numbers that give the illusion of some type of precision that simply doesn’t exist.

The common saying in real estate is some version of; “name me the property and the value you want and I’ll get it appraised for that value. ” And it’s true.

If as appraisals were even attempting to be objective they’d create them without any knowledge of the contract price.

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