What happens when appraisal of home you’re buying comes back MUCH higher than listing price, but you made offer over appraisal value? (FL, USA)

There is a home that I’m planning to make an offer for that looks like a tremendous find. It might be very competitive because it was priced lower than those in the area.

If it’s priced at $500k but zillow estimates and limited comps show it is likely valued at $600k to 625k

Our budget would be $500-625k

I wanted to make an offer 10k above appraisal to be competitive, but am I setting myself up to be totally screwed in case appraisal comes back at something like 600k?

I feel it’s so crazy we saw it on the lower end of our budget but we might walk out at the top end of our budget.

I keep finding out info of what to do when appraisal comes back lower, but what if it comes back way higher and you promised to pay above that?

submitted by /u/FoxWalk
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There is a home that I’m planning to make an offer for that looks like a tremendous find. It might be very competitive because it was priced lower than those in the area. If it’s priced at $500k but zillow estimates and limited comps show it is likely valued at $600k to 625k Our budget would be $500-625k I wanted to make an offer 10k above appraisal to be competitive, but am I setting myself up to be totally screwed in case appraisal comes back at something like 600k? I feel it’s so crazy we saw it on the lower end of our budget but we might walk out at the top end of our budget. I keep finding out info of what to do when appraisal comes back lower, but what if it comes back way higher and you promised to pay above that? submitted by /u/FoxWalk [link] [comments]

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