Hi Cathie. Let's make a couple of assumptions. First, you had your home appraised to give you an idea of what it was worth before placing it on the market for sale. Secondly, you believe your home is valued at more than the appraised price and perhaps the appraiser was just "conservative" in his estimate of value. If this is the case, I would place the property on the market at an agreed upon asking price (after having a new market analysis) and the market will dictate what you can sell for.

The buyer can obtain his own appraisal after you are in contract. The appraisal you have for $280K is yours. You paid for it, and a buyer is not entitled to that information (which is someone else's opinion of value).

Best of luck.

If a buyer is willing to pay the price and has additional funds to pay toward the purchase, since the lender will base the loan off of the appraised value. Or, if you find a cash buyer, no problem.

You would probably be lucky to sell it for $280,000, but it doesn't hurt to ask the highest plausible amount that you think you can justify to a potential buyer. Remember, the buyer is going to have to pay a lot more in financing costs to buy your home - giving them a lot less buying power. Good luck!

An appraisal in this market is about worth the price of the piece of paper it is written on, on the day it was written, if the weather was good and the gods were smiling, maybe.....
Bottom line, your house is only worth what somebody is willing to pay for it.

yes. you have to find a buyer who want to overpay by 19,000. It not very likely. if the appraisal is legit, it will be an uphill battle. even clients who have the money dont like the idea of paying over appraisal.

Cathie
That is a great question.
There are a couple of things that we don't know from your post:
The type of appraisal and when it was completed.
We also don't know your local market trends.

If the appraisal was done for say a re-fi, and say it was last year, then it may be that the lender, given the tightened underwriting requirements, opted to use a conservative appraisal. This is very common now, lenders have been burned, so they want to make sure that if you default, there is sufficient equity to pay off the mortgage.

If the appraisal was done by an insurance company, and is based on replacement cost, the figure might be a little over the actual cost of replacement to cover the insurance company's profit and loss picture.

The other factor is whether the market is trending up or down. If the overall market trend is going up, it may be that the appraisal is reflecting a lower value than the current market value. OTOH, if the market is trending downward, then the value may be less.

When someone sells a home, and somebody else buys that home, that price becomes the market price for that home. So until a home is actually placed on the market, we do not know (in most cases) the precise value. In a housing tract where all the homes are identical, then we have a much better idea.

The truth is that what you paid, how much you have invested, how much you need to net, do not matter to a buyer. The buyer wants to buy the best home for the best price. A good Realtor will look at the market, compare the features of your home to those on the market, and predict a range of value.


My recommendation is to talk with a Realtor and discuss your plans for moving, where you want to go, when you need to be there, and work together to develop options. It is not uncommon to discover in this process that you may not be able to sell your home for the price that you were hoping, but in the town where you are moving you can get a better deal than you thought.

Good luck!

You can certainly try, however anyone getting a mortgage would have to pay the difference of the $19,000 on top of their deposit and closing costs as the bank will only loan based on the appraised value. If you can find a cash buyer, which are rare, you may not have a problem, goo dluck with your sale.

The lender will ONLY lend money for appraised value of home. You can sale your property for any amount you want HOWEVER buyer would need to pay you $19,000 at closing, plus closing costs and etc. Not many families have this amount of disposal income INCLUDING 3% + for lender requirements downpayment, inspection & appraisal fees, earnest money.
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The buyer's bank or mortgage co. will not loan more than the appraised value. If the buyer wants the home badly enough to come up with the difference,it would go. It's doubtful in the current market that someone would pay more than the house is worth,as it is not likely to appreciate that greatly in the near future. Appraisers rely on neighborhood comps to make their detrmination.