Moderator: Nicole Marie
dai bread wrote:How does house buying work in New York State? Assessors have to confirm the purchase price? Here, you can get all the assessors you want, but if the purchaser wants to pay more (or less) that's between the two of you- buyer and seller.
jamiebk wrote:These are referred to as "Appraisals" out here in CA.
Schmeelkie wrote:Yeah - it's actually the appraisal I'm talking about. I get them confused.... Basically the bank doesn't want to lend you more money than the house is worth. Seems they don't give you much breathing room though. I'd have thought that a price less than $5000 over the appraisal wouldn't be a cause for concern - it's a drop in the bucket compared to the overall cost. But the banks are getting pretty anal these days. Weirdly, the appraisers have access to the purchase contract, so they can adjust accordingly. Not sure if that's completely fair.... Anyway, still haven't heard anything yet...
jamiebk wrote:Yeah...I know what you mean Schmeelkie...It seems to me that if someone is willing to pay XXX dollars over the asking price, then that IS the value of the house regardless of the appraisal. How else do home values rise? By the bank's definition they would not.
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