I got an offer accepted on a house with an appraisal contingency. I have the cash to bridge this so I’m not super concerned but obviously I’d prefer to avoid paying tons of extra money if I can help it. My realtor told me the comparables looked really good for my offer price. I ended up doing $100k over asking. I guess what I want to know is are comparables the only thing considered in appraising?
I ask because for the area the property is really unique and some “comparables” are just really poorly maintained and I’m worried that an appraiser will use those. Like some similar square footage homes that sold for less had an abysmal backyard without a covered patio, or they have vinyl countertops within, old appliances, etc.. But on the other hand there’s some comparables with way less square footage that sold for more than I am paying for this one..
The house is really unique which is why I wanted it; It has a detached garage and no other home in the neighborhood does (I actually really like this). All others are attached.
Few facts about the property:
The price I offered puts it at $200 / sqft 3600 sqft The owners put a new roof in the past year, new HVAC system, new water heater, new hardwood floors house has a *beautiful* fire place with some custom masonry Covered patio connected to detached garage Separate wiring for detached garage 3 parking spots in driveway New insulation and windows last year beautifully kept yard, 10k sqft lot Corner lot Breeze way connecting detached garage and house
Property is in the North Austin area. Inspection came back nearly impeccable and I met with the inspector after he finished up. He said all the “concerns” he had were normal wear and tear stuff and suggestions, and that he’d 100% buy the house. (He’s inspected other properties for me, and I’ve backed out based on his inspection before).
Thanks, and sorry as I’m sure this kinda thing gets asked a lot. I’m mostly just looking for some peace of mind possibly! Lol.