if a home was appraised at value X, can you sell it for more?

Asked by Pugmummyjoanne, Virginia Sun Apr 15, 2012

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Bill Eckler, Agent, Venice, FL
Wed Jul 18, 2012
If the home involves a mortgage....likely not.
If it's a cash buyer and the appraisal isn't an issue.....Absolutely. Price is determined by how much a buyer is willing to pay.

Good luck,

Bill
0 votes
Nathan Corye…, Agent, Alexandria, VA
Wed Jul 18, 2012
A Home is in the End worth what A Buyer is willing to Pay for it? I recommend getting your own appraiser to appraise the Home for You and see where they come in on valuation?
0 votes
Christopher…, Agent, Tarrytown, NY
Mon Apr 16, 2012
Hi, Absolutely! I just had this happen with a 1.3 million dollar home in my county. An appraisal is a professional opionion and is largely based on market data. Just because a home doesn't appraise for a certain number doesn't mean it's not worth it, there just isn't enough market data to support the price. It really comes down to how much the buyer wants the home, in my situation they put up the additional 150k to make up the difference.

Sincerely,
Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
914.406.9023
0 votes
Tina Lam, Agent, San Jose, CA
Mon Apr 16, 2012
Appraisals are codified guesses at the value of a home, at best. The appraiser generally tries to give you a mid-point estimate of value (imagine the top of a bell curve). On either side of this distribution, the appraiser has plenty of leeway to generate a "supported" value, either higher or lower, depending on who hires him. So, there's plenty of possibility for you to sell a home for more than the appraised value. The probability just goes down as the asking price goes up. Of course, as Tim mentioned, you can also sell it for less, sometimes much less or nothing in certain rare scenarios.
Web Reference:  http://www.archershomes.com
0 votes
Suet, Both Buyer And Seller, North Las Vegas, NV
Sun Apr 15, 2012
Simple answer No. Complicated answer Maybe. It will depend on a. If the buyer is willing to pay more for the property that what the value is. 2. Buyer has enough money down that the financing will not matter to the equation, and still is willing to pay more than the house is technically worth. 3. Bank is ok with the value/loan ration. 4.Buyer is paying cash, and doesn't care what the appraisal is.
Another option is to have another appraisal done after any improvements you make, to justify to the price and value of the home. Any buyer to the property that will be obtaining financing will be having an appraisal done, no matter what your appraisal states. The bank/lender requires it.
PS I personally paid 3K over appraisal in North Las Vegas, simply because the house had everything we wanted, including a back yard that would of cost easily 25K+ to put in. HOWEVER the negotiated price was actually more that what we finally paid, and we split the difference with the seller. It was not an issue with the bank because we were putting more than 50% down. Good luck.
0 votes
Pugmummyjoan…, Both Buyer And Seller, Virginia
Sun Apr 15, 2012
what improvements are the best to tackle first?
3 bedroom, 1 bath, full basement -half is finished -paneled, all upstairs is carpeted -including the kitchen, believe to have hardwood underneath though. all rooms wall-papered -but most aren't attached very well. home was built in 1955.
and any suggestions on the improvement value?
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sun Apr 15, 2012
Of course you can. You can also sell it for less. If you sell it there will be another appraisal done to make sure it is in line for the lender to make the loan on it. If you find someone with cash they don't have to have another appraisal. If the banks appraisal comes in lower than the sales price when you sell it, then you will have some problems and you will have to lower the price or the buyer will have to pay more in cash (good luck with that).
0 votes
Janine Bodway, , Whitefish, MT
Sun Apr 15, 2012
Yes, one option you can sell the home for more if you can show the total cost of improvements made after your purchase.
Janine Bodway,
Acceptance Capital Mortgage Corp.
0 votes
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