Home Buying in Roxborough>Question Details

kathy.lout, Home Buyer in Philadelphia, PA

house appraised about $120,000 but numerous things are wrong

Asked by kathy.lout, Philadelphia, PA Thu Apr 11, 2013

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6
I live in Rox. also. What are the issues? May be able to share how I handled mine.
0 votes Thank Flag Link Sat Apr 13, 2013
Depending on exactly what mistakes were made, it may have affected the final price opinion. Without knowing what info was incorrect its hard to say if your value has been affected. In general appraisers give a fair opinion of actual value. Its always possible to get one on a bad day though!
0 votes Thank Flag Link Thu Apr 11, 2013
Hi Kathy, what is your question?
0 votes Thank Flag Link Thu Apr 11, 2013
The appraisal is an opinion of value, it includes the subject property (which is your property) and it compares it to recent sales of similar properties. Yes the house may need a lot of work, but once it's fixed up it could be worth a lot more.

To be sure your getting a good deal your Realtor can tell you with a list of recently sold properties. If the house appraised for $120K and it need say $10k worth of repairs and others have sold for $130k or more you’re ok. If the houses are selling for less then the purchase price and repairs combined keep looking.

If the bank is willing to give you the money to close 9 time out 10 the house is worth the appraised value. The bank will not give you a loan on a property if it wasn’t worth it.

Good Luck!

Tyrone Spiller, Jr Broker/Realtor/Owner Wyndmoor Realty
215-836-7711 office
267-979-5497 cell

Information deemed reliable, but not guaranteed.
0 votes Thank Flag Link Thu Apr 11, 2013
defects are factored into appraisals
if it was in better condition than that the appraised value would be higher
0 votes Thank Flag Link Thu Apr 11, 2013
Hi Kathy,

What is your question?

Robert Weiss
Broker/Owner
Coldwell Banker Hearthside Realtors
215-379-2002
r.weiss@cbhearthside.com
0 votes Thank Flag Link Thu Apr 11, 2013
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