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RE: What I don’t understand is how financing works for buyers

Posted on: March 22, 2021 at 09:26:36 CT
Mizzou Lou KC
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Appraised value is "the appraiser's opinion of the most probable selling price as of a certain date" (usually the day it is inspected). So in today's insane market, appraisers usually are aware of how many offers the seller had over the weekend (these days, 2-10 in the 1st 24 hrs), therefore it's very rare that a house would appraise that much under. If there is such a case, there are Review Appraiser in the bank or in the management company that would make sure a mistake wasn't made, and would review all available comparable properties and question why properties weren't chosen that would justify the $330,000 price...most likely order another appraisal from a different appraiser and split the difference if it's still under sale price.
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The housing market in KC is absolutely nuts right now - Sal CMSU - 3/21 16:12:17
     Just come up with a reasonable price - Mizzou Lou KC - 3/22 09:29:04
     You are a tiny house owner?(nm) - meatiger MU - 3/21 22:22:28
          No, just a small house owner (nm) - Sal CMSU - 3/22 09:06:20
               I never pictured you as small(nm) - meatiger MU - 3/22 10:38:36
     my uncle wants to sell.....in miami beach, FL.... - SEC_BIG_GAMEHUNTER SEC - 3/21 21:22:38
     It's like that everywhere. Friends just moved in Nixa - alwaysright MU - 3/21 21:03:49
     RE: The housing market in KC is absolutely nuts right now - ashtray UF - 3/21 18:33:56
     Foreclosure moratorium has tightened up supply - Grasslands MU - 3/21 17:32:50
     keep printing money, baby (nm) - 90Tiger STL - 3/21 17:26:42
     RE: The housing market in KC is absolutely nuts right now - Breadtruck MU - 3/21 17:26:13
     What I don’t understand is how financing works for buyers - Beakerbasher KC - 3/21 17:09:37
          RE: What I don’t understand is how financing works for buyers - Mizzou Lou KC - 3/22 09:26:36
          Depends on what the appraisal comes for - meatiger MU - 3/21 22:25:00
               it magically winds up around that price a lot though (nm) - Sal CMSU - 3/22 09:06:54
     Tell me about it. Where I live you better come with $100k+ - HandBanana MU - 3/21 16:50:12
          I know people are paying it - Sal CMSU - 3/21 16:51:03
     Is the same true for higher end homes (>500k)? - KC rules MU - 3/21 16:33:16
          There isn’t a single home under $850k in my neighborhood in - Carlos Rossi KC - 3/21 19:34:16
          No, those can sit a while still in most areas of KC - Joeboo MU - 3/21 16:57:48
               woof (nm) - Sal CMSU - 3/21 17:04:24
          I would assume it's not as competitive - Sal CMSU - 3/21 16:50:00
     interest rates low - fatrat MU - 3/21 16:24:39
          No they do not. Normally get a "best and final" offer - UMR85 MU - 3/21 20:27:54
     It'll crash again with Joe and his super flunkies draining - Newcatbirdseat MU - 3/21 16:17:02
          it's gotta burst some time (nm) - Sal CMSU - 3/21 16:18:25
               List your house for +50k, sell it, move into an apartment, - Newcatbirdseat MU - 3/21 16:24:15
                    There is something to be said for that - Sal CMSU - 3/21 16:32:57
                         and that part about you being old and only apparently - 90Tiger STL - 3/21 17:27:45
                              Lol (nm) - Sal CMSU - 3/21 21:07:28




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