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Home purchase of $82,500 vs Appraised value of $82,500

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Mexstang Guest	Posted: Sat Apr 30, 2011 12:27 pm    Post subject: Home purchase of $82,500 vs Appraised value of $82,500 Like 0 Dislike 0 Hi, I am buying a home for $82,500. The Loan is for $78,000. It was just appraised at $82,500 using the Sales Comparison Approach. Using the Cost it would be $97,800. Do I have anything to worry about or is my loan pretty much approved? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
apexoffice Moderator Joined: 09 Jul 2008 Posts: 193 Location: Atlanta, GA 56.04 Dollars($)	Posted: Sat Apr 30, 2011 5:00 pm    Post subject: Like 0 Dislike 0 I can't speak for your loan approval, but what you are describing is pretty typical. The cost approach will typically be the highest approach to value because noone will pay open market price higher than the cost to rebuild. In this recessed market you will see a significant difference in cost versus market sales, which is why construction has nearly halted. As long as the final opinion of value is equal to or greater than the sales price, you should be in business. Good luck with your new house! _________________ Benjamin Smith Atlanta Area Appraiser
raymond Community Expert Joined: 03 Jul 2009 Posts: 1189 Location: Irvine, California 27.86 Dollars($)	Posted: Sat Jul 30, 2011 8:05 am    Post subject: Like 0 Dislike 0 >>Do I have anything to worry about No. _________________ Raymond Denton www.RaymondDenton.com

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