Assessment after blast snake approximately 25% lower => extremely uncertain

In the appraisal, it states cost approach - determined market value. We consider the property worth the purchase price; otherwise, we wouldn't have looked at it in the first place. Only when you have it in black and white that you are paying several tens of thousands more than the appraisal indicates necessary do you start to feel uneasy.

So from my own "experience," even if I only perceive this as a listener. There are properties that simply cannot necessarily be calculated according to the cost approach. The colleagues just had a case where the calculated cost approach value was €240,000, but this was too low for all the involved appraisers. This was simply because the location is very sought after and there is definitely potential in the house. Therefore, in the end, a cost factor of 1.55% was applied to bring the house into the range where it is seen according to the appraisers' assessment.

It may simply be that in your cost approach this was not done. That means the pure cost approach must first have been carried out, right? Is there then afterwards a market adjustment, for example in the form of an applied cost factor (although this might not fit if there are hardly any comparable sales)?

There are also some pitfalls in the procedures for appraisals that can lead to the values not seeming to match each other. What does the financing bank say? That then also allows conclusions to be drawn, otherwise only the own market feeling (which is of course difficult when nothing or little comparable has been sold).

Since we are bringing in relatively much equity, our loan is below the lending limit. It works for the bank. Regarding the purchase price/valuation, the bank employee said that it is "still" within range. There are far greater differences.

Ok! What makes me a bit suspicious after rereading is the quite significant concession from the seller; €24,000 + kitchen is actually a lot for the current market and does suggest that there aren’t many interested parties or that he must have realized that €499,000 is too much. How long has the house been on the market?

We called directly after the ad was online and viewed the property the following day. We then submitted a purchase offer the next morning. 2-3 days later, we received the acceptance response. In the meantime, there were at least 2 more viewings. The owner wants to move as quickly as possible because he has bought/wants to buy a property in another location with his new partner. This was about 2 weeks ago. Due to the high equity, we had advertised a fast process and secure financing.

But can you still get a solidly built single-family house (built in 2014) with ancillary building costs and a garage for 390 K€ nowadays?