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Updated almost 8 years ago on . Most recent reply

Laramie Hiebner's profile image
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Laramie Hiebner
  • from Lincoln, Nebraska
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Laramie Hiebner
  • from Lincoln, Nebraska
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Laramie Hiebner
  • Lincoln, NE
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Appraisal higher than purchase price

Laramie Hiebner
  • Lincoln, NE
Posted
So I'm buying my first triplex. We negotiated down to $105,000. And we are a few days out from closing and it got appraised at $117,000. What does that exactly mean because the bank told us that means instant equity. Does this mean I could turn around and sell it for $117,000? What are some thoughts?
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JD Martin
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  • from Northeast, TN
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JD Martin
  • Rock Star Extraordinaire
  • Northeast, TN
ModeratorReplied

No thoughts. The number is meaningless right now. It means you're not getting screwed in the deal. A $12k spread between purchase and appraisal is no big deal. If you closed and turned around and sold it for $117 tomorrow, you'd break even. 

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