Real basic question here. We put in an offer at asking $219, went under contract, and the house appraised at $222. Great news, so they say! But I, in my n00bish first time buyer naivety, don’t really get where that $222k number came from.
Yes I’m glad we didn’t pay a gap. Yes I’m glad the house appraised above our offer. But, like… how does appraisal actually work? (Edited to focus the question)
Thanks for wisdom, First timer