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Updated over 7 years ago on . Most recent reply
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Appraisal came back the exact same amount as my asking price
I'm in the process of purchasing a hud home. I thought I was getting a great deal, however the appraisal came back the exact same amount as my offer. The house sold in 2010 for 41k higher than what I offered and it is tax assessed 38k higher than what I offered. There have been no sales in this same neighborhood for over 2 years, so the comps used for this appraisal are several miles away. I just think it is weird that the appraisal came back the exact same price as my offer. Is this normal for hud?
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I personally am frustrated at the fact that the appraiser knows the contract price of the deal. I constantly see the appraisal come back right at contract price or a few thousand over. In order for the appraiser to make a fair judgement of what the true market value of the property is, I think they should not be allowed to know the contract price.