Relocation Appraisal large difference in value

[Tom D]

Idk. Million $ home purchase buyers can be concerned about price too - but that is not the issue
We are supposed to provide an MV opinion for the client, which reflects the property, not the people buying it.

Come on J grant, you sold real estate. The market and prices are determined by the people buying it. I did one where it was listed $1,075,000. Sale price $1,409,000 no mort contingency. There were a lot of bids. And it didn't matter to the concerned buyers. Anyway, i was just saying with that wide range sales the poster listed, it may not have been any major thing other than i want that house honey. I actually had to look at the sales as to their list prices and sale prices, and i was opened mouth to the many that were way over list price, that were now comps.

I just mentioned the buyers here cause i be urban little row homes who went into any area expecting this not. When you have excess/surplus cash, you may not be too concerned about price. Unlike the rest of us poor slobs.

 

[J Grant]

Come on J grant, you sold real estate. The market and prices are determined by the people buying it. I did one where it was listed $1,075,000. Sale price $1,409,000 no mort contingency. There were a lot of bids. And it didn't matter to the concerned buyers. Anyway, i was just saying with that wide range sales the poster listed, it may not have been any major thing other than i want that house honey. I actually had to look at the sales as to their list prices and sale prices, and i was opened mouth to the many that were way over list price, that were now comps.

I just mentioned the buyers here cause i be urban little row homes who went into any area expecting this not. When you have excess/surplus cash, you may not be too concerned about price. Unlike the rest of us poor slobs.

yes, prices are determined by buyers and sellers and they are free to pay or sell for whatever $ they want,

However, if the buyer is financing, it is subject to a financing clause and often an appraisal clause - the WAIVER waives that financing contingency.

In an appraisal, if the value is lower than the SC price - it can affect the price or if the deal goes forward or not - up to the parties but the buyer can get out of the deal if they had an appraisal contingency in the contract.

I wonder how many buyers out there will have buyer remorse if they got a waiver and later find they overpaid - they saved a pittance on the value and then paid tens of thousands over market - because the entities are looking out for the borrower (sarcasm ) by saving them $ on appraisal fees.