Home Buying in Livermore>Question Details

Beesto, Home Buyer in Pleasant Hill, CA

Finding out what homes are appraising for.

Asked by Beesto, Pleasant Hill, CA Sun May 20, 2012

We are bidding on houses (and not getting them) but we are so curious what these houses will appraise at. We heard we have to wait until escrow closes. At that point, how do I find out what it appraised for? Is it public information? If so, where do you find it?

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The appraisal is NOT public information but the sales price is. The appraisal is owned by whoever paid for it, usually the buyer. They are free to share the information or not. Buyer's are pushing price up right now and appraisers have not caught up. Either the Seller will reduce price, buyer will bring in more money to close the sale, or a combination of both.

If you work with a well-connected agent, this information(appraisal value) is usually obtainable. It's makes a difference who you work with. If you are getting over-bid, it might not be the price, it might be how your offer is presented. Are you properly evaluating the home for value? Do other agents want to work with your agent? As a listing agent, this make as HUGE difference.

Good Luck!
1 vote Thank Flag Link Sun May 20, 2012
I won't repeat the answers below, but I will say that the agent of your choice needs to have a strong plan with regard to submitting an over asking offer to a listing agent getting multiple offers on a property. This is a very tough market with very low inventory and the key factors when looking over multiple offers from the listing agent's point of view will be: Price, Type of Loan (FHA, Conventional, or all CASH), the time frame for contingencies and a complete understanding of how the buyer intends to move forward if the home does not appraise for the offer price. This may sound a bit confusing so rather than explain here, please feel free to give me a call and I'll let you know what your agent could be doing to help better position you.
1 vote Thank Flag Link Wed May 23, 2012
Hi Beesto,

You will not be able to find out what the home appraised for, but in most cases, you will be able to find out the purchase price. You can ask your realtor to provide the information for you.

Best regards,

Elva A. Wormley
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
0 votes Thank Flag Link Mon May 21, 2012
Appraisals are not public information in the sense that there is a central public access bureau with the appraisals can be found.

Appraisal info can be obtained by asking the appraiser of the property, the buyer or the buyer's broker.

Releasing appraisal info to third parties is purely discretionary.
0 votes Thank Flag Link Mon May 21, 2012
An appraisal is the property of the party paying for the appraisal.
Final purchase price is not public record until the transaction is complete, close of escrow.
Although inside information can get you the contract price prior to close, it is not the actual price until it closes escrow. This contract value cannot be used on a new valuation until the transaction closes.

If you are working closely with a real estate professional, they can access that information via the MLS.

I just commented on appraised value in my blog.

If a home does not appraise, the contract is subject to renegotiation or if the buyer has waived their appraisal contingency, the buyer will have to make up the difference in cash as the lender will not lend over appraised value.

What feedback are you receiving from your real estate professional? Are you being outbid by multiple offers?

The market has definitely turned from buyer to sellers market. Inventory is low. Supply and demand law applies here.
0 votes Thank Flag Link Mon May 21, 2012
unfortunatly unless the information is discloseed to you, you will never know
0 votes Thank Flag Link Mon May 21, 2012
What houses appraise for don't necessarily mean that's what they are selling for.

Buyers may receive higher appraisals on properties than what they're buying them for.

And on another hand, some properties may appraise for less than what the buyers offered...in which case the buyers have options
1. if they're getting a loan, they can ask the sellers to reduce the sales price
2. if the sellers refuse, the buyers can walk or
3 the buyers can come up with the difference between the appraised and offer prices

So I guess your question is really not how much the houses are appraising for, but rather what they're selling for. And yes, most agents won't divulge that information until the escrow closes and goes on record, at which time it will be public information

Several sites, Trulia, for example, can provide this information if the selling agents update their entries
0 votes Thank Flag Link Sun May 20, 2012
Are you working with a Realtor? If you are, they will be able to provide all this information. The local MLS is updated with all this information. When determining an offer price, it's also very important to know what like kind homes have sold for, so that you don't overpay and if you do, you can antisapate where an apprasial will come in at. Keep in mind, if an apprasial comes in low, the owner may not be willing to renegotiate the price and you could be out the apprasial fee.

I hope this helps,

Rocky

Rocky G.H. Hawrysz
Prudential California Realty
rocky@prucalifornia.com
License No. 01468373
0 votes Thank Flag Link Sun May 20, 2012
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