>want to buy house >shake hands on price >bank sends

For one thing, my down payment is supposed to be lower now, right?

>>1824024
You got a deal

You LVR has just been scaled down and you just got instant equity.

Don't blow it like a negro

>>1824024

um, very easy...

you buy a home for $1, the appraiser (works for no-ones interest) appraises it for $100,000. you are paying property taxes on $100,000.

or your case, you ask to buy house for $100,000. appraises it at $180,000. get ready to pay property taxes on $180k

>>1824039
>Don't blow it like a negro
On my momma life, if dis sella dis me tho...

>>1824042
I live in Belgium, property tax is already long determined. It's € 1500 a year.

>>1824043
Is toch hetzelfde als woz-waarde? Dus ook voor de verzekering etc?

>>1824045
In Belgium it's called "onroerende voorheffing", and it's based on "kadastraal inkomen", which has its own method of appraisal.

It can change over the years, but only in case of significant changes to the property, or to keep up with inflation.

Nothing changed about the house, so nothing's going to change about the property tax.

I'm going through some forums (for Belgium and the Netherlands), and they're saying that the banks are going to go with whatever is the lowest price: the agreed purchase price or the appraisal price.

I really hope that's not true.

>>1824024
I work with a real estate appraiser in California, being 80k higher should just mean the deal moves along. They might ask for more but you can just tell them to fuck off. The only time it's a problem is when it's under and then the bank gets scared.

>>1824130
They can't ask for more, official documents were signed.

I just hope the bank actually takes this appraisal into account.
They're the ones who asked for the appraisal in the first place, the very least they can do is lower the down payment.

>>1824157
Where I'm from they can always ask for more. Until money changes hands nothing is set.

>>1824167
We have this binding agreement called "compromis" that the buyer and seller have to sign.

Even before that is a "purchase/sell promise" with the price on there, that's binding as well.

The only way out for the buyer is the "subject to the obtainment of a bank loan" clause, if you ask for it.
The seller is stuck no matter what.

>>1824183
Well then you are fine, appraisals here are mostly for the bank to make sure they are safe if they get stuck with the house. They just want to know if they get stuck with it they can make their money back.

>>1824196
Well according to the appraisal the "forced sell price" is still a few grand higher than my buy price.

>>1824198
Well that sounds like some local bullshit for you or just some silly appraisal terms.

>>1824200
Nah, it's a standard feature for bank appraisals. They give you two overall prices: forced sale and private sale price.
A forced sale means the house has to be sold right away, no time to wait a few months for the right buyer. That's why that price is lower.

I'm glad I played hardball with the price of this house. It's just nice to know you done good for a change.
I'm still sore over paying sticker price like a retard on a used jeep 10 years ago.

>>1824205
>A forced sale means the house has to be sold right away
As in foreclosure.

>>1824205
Well if you end up trying to fight anything from the appraisal you'd want to hire another appraiser and let him know what's happening. He'll probably try to provide better comparables and then that's sent to the original appraiser and he either explains why he didn't use them or adjusts his value. It's a decent amount of work and around $400 where I am.

You should be fine though. Congrats on the house.

>>1824024
Banks get an appraisal to make sure they're not loaning $300,000 for you to purchase a $150,000 home because if you fall behind on payments and they repossess it and sell it, they lose a lot of money.

An appraisal that comes back with a figure at or higher than the agreed sale price suggests to the bank that there is less risk associated with the loan.

It has nothing to do with anything else.

>>1824208
>Congrats on the house.
Thanks bru.

>>1824289
I know, I'm just wondering how much leverage this gives me against the banks, since they're starting to go crazy with the down payments lately, wanting 20% up front, no debate.

(which is bullshit, since how low or high the interest rate is shouldn't affect the solvency of borrowers one bit if the banks use sound vetting procedures to begin with)

>>1824297
You pay 20% of the purchase price, not the value... not related at all

Just once purchased, you might be able to re-finance and actually get some extra money from the bank

i.e. if you buy the house for $200,000 you will put 20% down ($40,000) and have a $160,000 loan.

If the bank valued it at $280,000 you might be able to then re-finance to 80% LVR ($224,000) so you'll have $64,000 to do renovations or whatever

>>1824415
Why can't I finance at 80% LVR the first time around?

>>1824039
This 100%.

Keep your fucking mouth shut.

Day after closing get a home equity loan to get a rental.

>>1824024
Everybody knows something you don't