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Hoping he will bless me with #1 | How do you determine if you paid too much for a house? |
We recently closed on a new home in Texas. The asking price of the home was $143,990, but as an incentive (per the builder) they decreased the price to $137,990. That's what we purchased the house for. When we went to closing I asked to see a copy of the appraisal report. The appraisal came back at $138,000. I understand that I basically paid exactly what the house is worth (minus $10), but is that a bad deal?
The deal is done at this point, but based on this scenario does this sound like I didn't do my homework? The mortgage payment will be $1,524 per month on a 15-year FHA loan. It is a fixed rate of 5.5% and we got 100% financing. We even got our earnest money deposit of $300 back. |
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MissV
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Appraisals are not an exact science. As of the day of purchase, you do not appear to have paid too much. However, if other homes in your neighborhood begin selling for much less (seller's willing to take a loss), then your value may slip and dip a little over the years. If not enough sales in your neighborhood to use as a comparison for future buyers, the appraiser will have to go outside of your neighborhood.
Pat yourself on the back for making a good decision. And if you can afford to, still pay a little on principal each month or end of each year to watch the 15 years dwindle down to 12 or so. |
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Drew
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15 year fixed rate. you did great. |
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Roger C
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If you cannot afford the payments, upkeep and maintenance you paid too much (not necessarily more than the house is worth).
A house is worth EXACTLY what someone will pay for it at any given time. You paid $137,990 - at that time that is exactly what the house was worth. Appraising houses is not an exact science but an informed guess as to a house's value. |
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CJ
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If this was a new home, usually (for purchase agreements sake) the appraisal requested by the lenders will come in at your purchase price. It's for paperwork's sake.
And for you to get 100% financing FHA loan, and 5.5%, that is really good. Wow, Texas has some affordable housing. |
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frankie b
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Appraisers wont admit it but they generally come in right around the asking price. This is because if its too high, the seller will feel they let the home go too cheap, and if its low, the loan will not go through. If you could put a different price on the contract, lets say 144,500 I bet you it would come in 145,000.
Basically they just try to appraise it for the contract price.
This sound like you did just fine to me.
RE Agent,
Remax
Oh yeah, the person who said you cant legally sell a home for more than the appraised value is completely wrong. I do not know where she was a mortgage broker, but she was not taught well.
You can sell a home for any amount someone is willing to pay. We do live in a free market society. Now if you falsely disclose a selling price that is illegal. If a home appraises for 150k, but you want pay 200k because you absolutely love it and have to have it there is no law saying you cant pay that. You just have to put 50k down because the bank will not give you the full amount. It would be illegal if you told the bank you were only paying 150k and the seller held a silent second mortgage. |
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that girl!
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that's interesting. the last three houses we have purchased have all had appraisals barely above the offered price. i am not sure if they do it on purpose, or what. i can tell you that the last house we purchased we bought for 152,500, and it appraised for 154,000. we sold it three years later for 184,000.
good luck to you, i'm sure you got a great deal on a wonderful home! enjoy it!!!! |
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freddie
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You did a great job! A 15 year mortgage at 5.5% is very smart. The answer from Frankie was perceptive. You're house is worth want you can sell it for just as Frankie has said. Congratulations - Good Luck. |
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josephcodner
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if thats what the house is appraised for then you didn't pay too much. but you could've always negotiated a lower price for the house. but hey a house is a wise and big investment, you did good |
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allenk22k
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I worked for a mortgage lender and a title company for years. It sounds fine to me. It just sounds like the the builder knew he was over the appraised value and had an incentive that was no more than lowering the price to the appraised value. Legally you cannot sell a home over the appraised value, most lenders will not lend on it. It just sounds like he knew that and needed a reason to lower the price. |
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