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Updated over 7 years ago on . Most recent reply

User Stats

248
Posts
51
Votes
Deadrick Colbert
  • Investor
  • Easley, SC
51
Votes |
248
Posts

Appraisal came back the exact same amount as my asking price

Deadrick Colbert
  • Investor
  • Easley, SC
Posted

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? 

Most Popular Reply

User Stats

324
Posts
157
Votes
Dylan B.
  • Investor / Real Estate Agent
  • Oklahoma City, OK
157
Votes |
324
Posts
Dylan B.
  • Investor / Real Estate Agent
  • Oklahoma City, OK
Replied

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.  

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