Are houses you’re buying appraising for the amount you bid for?

I’m frustrated…I’m in a metropolitan area in California and came into the market very motivated. Since End of October, my hubby and I have seen (in person) almost 60 houses and put in 14 offers with 95% returning a multiple counter offer for highest and best, and some asking to waive appraisal. We are first time home buyers, and want to make sure our loan will cover what we bid so that we aren’t paying more out of pocket to cover the difference of appraisal from our winning bid. We are looking to start a family and want to save as much as possible.

I’ve been bidding at least $20k above previous sold comps in the area within the last 3-6 months. Obviously we’ve been in a bidding war and gone way above that, but I’ve been reluctant to “play the game” because of my fear of it not appraising. It feels crazy now, and I’m not sure how appraisers are doing their evaluations. I’ll see a house that sold at $800k at 1600sq ft and another in the same neighborhood for close to that same price for 1200sqft a month later. Both look the same in terms of looks, layout, materials, etc. What gives?!

Did your house appraise at what you bid? How are appraisers evaluating nowadays? How can I be confident with my bid if I don’t know how it will be appraised? Am I doing this all wrong?

submitted by /u/greenteaitsforme
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I’m frustrated…I’m in a metropolitan area in California and came into the market very motivated. Since End of October, my hubby and I have seen (in person) almost 60 houses and put in 14 offers with 95% returning a multiple counter offer for highest and best, and some asking to waive appraisal. We are first time home buyers, and want to make sure our loan will cover what we bid so that we aren’t paying more out of pocket to cover the difference of appraisal from our winning bid. We are looking to start a family and want to save as much as possible. I’ve been bidding at least $20k above previous sold comps in the area within the last 3-6 months. Obviously we’ve been in a bidding war and gone way above that, but I’ve been reluctant to “play the game” because of my fear of it not appraising. It feels crazy now, and I’m not sure how appraisers are doing their evaluations. I’ll see a house that sold at $800k at 1600sq ft and another in the same neighborhood for close to that same price for 1200sqft a month later. Both look the same in terms of looks, layout, materials, etc. What gives?! Did your house appraise at what you bid? How are appraisers evaluating nowadays? How can I be confident with my bid if I don’t know how it will be appraised? Am I doing this all wrong? submitted by /u/greenteaitsforme [link] [comments]

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