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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They definitely do not always come in at the exact amount. Most people have a general idea of what a home is worth, especially these days with services like Redfin and Zillow so the asking price isn’t a shot in the dark to begin with and most people will ask for a little more and negotiate down. Appraisals work because they look at what other homes are selling for in the area that are roughly the same specs. This is why it is generally pretty on point.
However, not always. When my buddy bought his home the house came in $30k under what he offered and they had to renegotiate and he almost lost because the sellers didn’t want to drop the price that much.
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