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philipphilip · Joined: 09 Mar 2009 Posts: 1 1.33 Dollars($)

Hello, I am a first time home buyer and I paid $450 for a recent home appraisal that the FHA lender recommended. I had offered $229,000 for the property and after my offer was accepted the FHA appraiser went out and appraised the property at $230,000! Is this common to have figures that closely? I thought it was a bit odd so hence my question.
Thank you

Niicss · Posted: Mon Mar 09, 2009 3:00 am Post subject:

Hi philipphilip

I personally don't think it is odd. But if you feel that this is a case of inflated appraisal, then you can contact another property appraiser and get the appraisal done once again. This will help you in knowing the exact value of the property.

Thanks.

gmakerley · Posted: Mon Mar 09, 2009 7:48 am Post subject:

in no universe known to man would $1000 be considered an inflation of an appraised value.

having a new appraisal done would be an absolute waste of money. one can never know "the exact value" of a property, as we, especially, have learned in the last couple of years.

the appraised value of the property in question is not at all uncommon. if your purchase price was in excess of the appraised value, i'd suggest you might have cause for concern. in this case, please worry not.

Guest

Thanks to all that took the time to respond to my question...very much appreciated.
Have a great day!

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