Money Matters
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
so frustrated right now!
We just heard back from the appraiser. We had 2 full asking price offers in 4 days, and the appraisal came in 10k. I'm just so frustrated right now. She used some comps that were 10-15 years older than our house, and didn't adjust the prices for that. She used comps from last year and adjusted the sales price by 1-2k because they were a year old. News flash woman, houses have gone up in the city by up to 25% in the past year- not 2-3%. She gave us an adjustment for the pool but not for the lot type or generator.
Ugh! I'm waiting for a call back from the realtor, but I don't even want to think about our options right now. I wish she would have pulled some more comps from our neighborhood- she only pulled 2. We have one 3 doors down that is 900 square feet less and they are asking only 27k less. It's just bigger than half our house!!!! And it's pending sale right now too.
Anybody with experience negotiating after an appraisal comes back?
Ugh! I'm waiting for a call back from the realtor, but I don't even want to think about our options right now. I wish she would have pulled some more comps from our neighborhood- she only pulled 2. We have one 3 doors down that is 900 square feet less and they are asking only 27k less. It's just bigger than half our house!!!! And it's pending sale right now too.
Anybody with experience negotiating after an appraisal comes back?
Re: so frustrated right now!
sq ft, construction type will over rule 10-15 years of age.
The market may have gone up 25% in your area- but did it go up 25% for YOUR type and size of house. There is a difference.
Challenge the items you question - but first talk to your realtor about those items.
Without a change in the appraisal amount, you have to either lower the sales price, or if the buyers will agree (most won't) to split the difference.
Who determined the sales price of your home? Was it based on recent sales?
All this happened a week or 2 before we were supposed to move in with a 6 week old baby. We were pretty motivated to make the sale happen, and we were buying at the bottom of our price range, so we were willing to bring extra money to the table. I don't know whether your buyers will be willing or able to do that, but it does happen sometimes.
You can also ask the buyers to try to get a mortgage at a different bank that might give an appraisal closer to your agreed upon price. That won't work if they are getting an FHA loan because bank appraisals stay with a house for FHA loans for several months, but if they are not getting an FHA loan they should be able to get a new appraisal at a new bank.
TTC since 1/13 DX:PCOS 5/13 (long, anovulatory cycles)
Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
1/14 PCOS / Gluten Free Diet to hopefully regulate my system.
Chemical Pregnancy 03/14
Surprise BFP 6/14, Beta #1: 126 Beta #2: 340 Stick baby, stick! EDD 2/17/15
Riley Elaine born 2/16/15
TTC 2.0 6/15
Chemical Pregnancy 9/15
Chemical Pregnancy 6/16
BFP 9/16 EDD 6/3/17
Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
www.5yearstonever.blogspot.com
Heard back from our realtor. She looked at it and said the mistakes they made weren't major enough to call for a reevaluation and that we would have to pay for a reappraisal. She said that is a gamble even though we think it should go up, it could for some reason go down. She said part of the problem is that we are one of the bigger houses in the neighborhood, and most of the sales (that we based the price on) are smaller one stories in the neighborhood. The appraiser didn't consider those comps at all. So she had to go outside the neighborhood and use old comps to get ones that worked.
I think we hopefully came up with a solution. We are no longer paying any of their closing costs, and then we will meet them in the middle. Our realtor is giving us back 1% to help make up the difference. They would have to bring 3k to closing. Now we just have to see if they will accept that. Otherwise we may walk and try for a conventional buyer. The house is paid for so we wouldn't have much in the way of carrying costs if we do end up moving into our other house before this one sells.
I'm feeling a lot better about this after talking to the realtor and hopefully finding a middle ground. 10k off on the appraisal was such a shocker, I figured it may come back a couple off either low or high, but not that much!
We heard back from the buyer- she has NO cash to bring to the table besides her 3.5% that FHA requires to have down. She came back at us with 150k plus 500 in repairs. We are now trying to get her to either give up the repairs or move closing a week so we don't have to move twice. (Into a storage unit/in with my sister and then into our new house).
Apparently this crappy appraisal has completely screwed us over- we have to disclose it to a Conventional buyer which means that even if we did get a conventional buy, I"m sure they would retract any offer above 150 when they find out.
I'm feeling pretty depressed about it right now because it doesn't seem like we have an option. We don't know what comps the head realtor used when he told us to list it at 157 because he didn't put it in the folder, and when our normal realtor looked for some better ones, she said there just isn't really a great reason to pay for a new appraisal- we may not get much more than we have to pay for the appraisal back. I'm kind of wishing we had gone with another realtor as some of you suggested at the beginning because it just seems like a lot of people dropped the ball during this whole thing.
Thanks for letting me vent here. Sorry this got so long- I need to go have a drink!
In the meantime, bottoms up!
They were ready to walk away if we didn't give them the 500 in repairs, so we did because putting it back on the market and having to deal with this all again over $500 is stupid. And in all likelihood we would just get another FHA buyer so it wouldn't change anything. Our agent is giving us 1% of their commision so that makes up of some of the loss but we are clearing a lot less from the house than we thought we would which sucks completely.
Again, thanks everyone! Really needed to vent yesterday. Today I'm trying to focus on moving into our new house, I will be taking ds to a Gymboree open house and maybe doing some window shopping!