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Appraisers are a bad example. I think most people would be shocked at exactly how many appraisals come in exactly at the contract price. You can't tell me som
by pmiller2 8y ago
Appraisers are a bad example. I think most people would be shocked at exactly how many appraisals come in exactly at the contract price. You can't tell me something's not influencing them, even if it isn't direct pressure from a lender.
- ams6110 8y agoReal estate appraisals are mostly on the basis of what other similar houses have sold for. This is the same process that the realtor uses to determine an asking price. Not surprising they are generally pretty close. The last thing a realtor wants is for a sale to fail to close because the appraisal is too low.
- pmiller2 8y agoI didn't say anything about asking prices. I said "contract prices," which is the final agreed-upon price for the house after an offer is accepted. Even if the asking price is higher or lower than the contract price, it's typical for the appraisal to come in right at the contract price. The appraiser knows this value going in, and it's pretty typical for the appraised value to be exactly the contract price. This is, at least, a very interesting coincidence.