Fred is right...be thankful it appraised for what you needed it to come in at. Your concern sounds like you are worried that you don't have / won't have any value in your property.
No one has a crystal ball so I can only speak on those things that were true in the mortgage business last weekend. It used to be the case that refi appraisals ALWAYS came in at a higher amount than a purchase appraisal.
Appraisal guidelines have also gotten border-line rediculous these days in the name of punishing everyone for the actions of a few. People's livelihoods and freedom are currently on the chopping block in this industry. Appraisers are doing what is required NOT to have any RED flags raised regarding their work. If that means your appraisal has to be modest in order for me to stay in business then dog-gone-it it's worth what you said you are willing to pay for it....THE END.
Good Luck...as my girlfriend would say "It's the Season of the Witch"...Nothing is wrong, things are as they have to be.
If your Lender followed the new Home Valuation Code of Conduct (HVCC)
required by Freddie Mac / Fannie Mae,
be glad it appraised at your offer price.
Sometimes just because one unit has a higher comp and is similar to yours doesn't mean the value is going to be the same.
The market dictates home prices, and the true value of the condo is going to fluctuate anyway so I wouldn't worry about it. Stuff like that can drive you crazy, just like if you looked up your 401k balance 10 times a day. All that matters is when you sell the condo it's worth more than you paid for it, so sit back and relax and good luck with your closing!
When a property fails to appraise for the purchase price, then they'll put down the actual appraisal price.
So, don't worry. It's all part of the process. And it won't have any effect on you when, at some point in the future, you want to sell.
Hope that helps.
I wouldn't worry about that. Most of the time the appraisal will not come in above the actual sales price in the contract. For some reason it seems the appraisers do not like to do that. Just be glad that the appraisal did not come in short, that would have been a real problem!
If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Phone: (718) 645-1665