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Am buying a town home in Bothell, WA and the appraisal came in 25k lower than the purchase price. Although it’s not a big deal to compensate that with the down payment, Just trying to figure out if I made a bad choice over paying the property? The property is just 2 yrs old. So I thought it would be appraised fully.
As your poll results indicate, the answer is "both". You're overpaying for the property but it is expected and normal in this hot market. I've seen people cover $500K of appraisal shortfall in this market. So $25k is not that much
Same, heard of $300k over appraisal as well.
Appraisal is only for loan, as long as your loan approved and you are ok with the price then no problem.
You have to pony up the difference which would come out of down payment then.
Appraisals lag by a month or more. In a sharply rising market this is expected.
Townhomes are bad. Bad locations are bad. Overpaying is bad. That said if you love it and will enjoy it then go for it.
Townhomes are bad. Agreed. But then for my budget, I can only afford 30 yr old single family homes in the areas that am looking for. I don’t want to do that. This townhome is relatively new for the same price as a 30 Yr old SFH. The location of this property is not ideal. But not bad as far as I can see. Again, this is not the ideal home we wanted. But yes, we liked the home and that’s why went ahead with the purchase.
A 30 year old sfh is better than a new plastic towmhome imho. Location is the most important detail and worth saving for.
You will make up the money in the long run. Remember why you are buying in the first place.
We included an appraisal contingency but I think the sellers ignored it because we also bid 150 under their list
@op mind sharing the price ?
Probably a rounding error.
if concerned with overpaying - do the research to see what the recent similar purchase prices are ? if they ae all 25K or more less than yours - you likely did pay top dollar ....and if you did - when this closes - your property will be used as a sales comp for the next wave of units for sale ...and the cycle continues
Really strange. Every purchase I've been privy to the appraisal magically came in exactly where it needed to be. Appraisals always seemed like a racquet to me. I would investigate why the estimate is low and use it to try to get a concession from the seller.
Once it came lower and I tried to negotiate with selleron appraisal contingency and magically I get a new appraisal next day at my offer price.
Unfortunately we waived all contingencies on this property:(