Buying A Home
lmdbww
member
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.
Any sellers have issues w/low appraisals killing the deal?
A pretty much exact comp to our house nearby just closed way low and we're now afraid it's going to hurt our appraisal and kill the deal... Anyone have this happen? How did you handle it?
Re: Any sellers have issues w/low appraisals killing the deal?
I would try to be proactive and have my agent figure out why it sold so low - was it sold because of a divorce, a relocation, were there issues with the house structurally etc. Basically you want to find any reason why that house would not be indicative of an arms length sale.
A foreclosure or shortsale is an appropriate comp.
I know many people who have offered to split the difference between the agreed upon price and appraisal. However, there are also many buyers who would never pay a penny over the appraisal.
It sucks for "regular" buyers, but that's just how the market works right now. Hopefully you can make up the difference on the purchase side.
It happened when we were trying to sell our townhouse. Unfortunately in our development, there were 3 or 4 foreclosures back to back. We were under contract with a buyer and the appraisal came back $14,000 below contract price. After much deliberation we dropped our price for the buyer and met the appraisal price. The buyer decided to back out after agreeing to the new purchase price--he said that he could not understand why we were selling so low when we paid $20,000 more in 2007. Wow...his agent was terrible and unable to explain the market situation in our area. In the end, we are now landlords...and if we had sold at the lower price, we would have taken about $10,000 to closing and now we are making a small profit as landlords. But every situation is different so I hope for you guys that your sale goes through...but if not, having a rental property could be an option.
The house was not a foreclosure or a short sale, but I don't know the situation otherwise. It was under contract within 5 days of being listed and they closed super fast, in less than a month.
I am actually somewhat worried about this with our house that we are buying. When our realtor pulled the comps for the area they were very low. But our realtor said he did think the house we were buying was worth way more than those comps for different reasons and we agreed. For example, one house was 15 years older than our house, they had unfinished basements, no updates, less square footage, less desireable location, etc.
I guess it is hard to find good comps in a slow market in a small town. But I am worried the bank will come back with a low one, but one step at a time I guess. If they do, I think we will point out those factors which make it different from the comps and work with the sellers.
Not always true.
A foreclosure or a short sale is only an appropriate comp if they are indicative of market value and are driving the market.
Many times foreclosures and short sales are let go at liquidation value rather than market value. A single fREO sale does not necessarily make it a comprable, especially if there are many other arms length sales that can be used as comps. However, many foreclosure sales would show that foreclosures play a major role in the market and then they may be applicable as comparable sales.
It all depends on the specific market area.
From what I understood of the OP the sale was abnormally low for the area.
I sold my house to a couple using an FHA loan. A week before closing the FHA appraisal came in $17,000 below the sale price. I had to lower the price by that much b/c I didn't have time to resell my house in a week. I was furious b/c I could have sold to someone with a conventional loan and not had this problem.
There should not be any difference in value between a conventional loan appraisal and an FHA appraisal. Market value = market value regardless of the type of financing.
The house we bought appraised at 10k less then our accepted offer. I was surprised since we thought our accepted offer was a great deal. The appraiser compared our two story 2100 square foot home to 1300 square foot ranches in another neighborhood. The bank wouldn't allow a second appraisal so the sellers lowered the price the full 10k. I honestly felt bad for them, but both were in their late 80's and didn't want to put the house back on the market and we weren't about to pay a price for a house that was more then the bank would finance.
Agreed, the appraisal would have been the same. The second offer (conventional) had the money to make up the difference.
On Tuesday, the Internet was abuzz with admirers pointing to Billups? abrasion as addition archetype of the ?Clippers Curse.?
One problem. There is no Clippers Curse. What believers accede a anathema the blow of the apple considers a alternation of bad administration decisions.Cheap Nike Shoes Oh sure, there are times if players accept been injured: Blake Griffin absent his aboriginal division because of a knee injury. Danny Manning, the Clippers? top aces in 1988, blew out his knee in his amateur season. The aggregation traded two first-round picks for Tiny Archibald in 1977; one ages into the season, he tore his Achilles? bond and absent the absolute season. Bill Walton had a alternation of bottom injuries during his seasons with the team.
Some alarm that a curse, but added teams alarm it a day in the activity of an NBA team.
Ask Lakers admirers about James Worthy breaking his leg just afore the alpha of the 1983 NBA playoffs, apparently costing the Lakers an NBA title.Jordan shoes Or ask them about Byron Scott and Magic Johnson both adversity broken hamstrings during the 1989 NBA Finals, with Scott affliction his afore Bold 1 and Johnson during Bold 2. The Lakers were swept in that series. Cheap Jordan Shoes Or Mnike womens soccer cleats custom nike soccer shoes indoor soccer shoes for kids nike nike nadal tennis shoes lightest nike running shoe buy nike air diamond turf cheap nike air max lebron vii cheap nike high dunks cheap nike air
nike soccer shoes for women best nike running shoes for men girls nike soccer cleats nike make your own soccer shoes green nike tennis shoes buy custom nike dunks nike free run barefoot cheap nike shoes for kids cheap nike air max
nike soccer cleats for cheap nike outlet woodburn buy nike shoes online cheap nike girls tennis clothing finish line nike free run boys nike air max 2009 nike free run flint platinum retro-stealth cheap nike shox for women nike coupon
nike soccer cleats cheap nike outlet legends buy nike dunks online nike free 7.0 review design your own nike basketball shoes boys black nike shox nike free run ipod cheap nike shox women nike outlet coupons
agic backward afterwards testing absolute for HIV. Does anyone say the Lakers are cursed? No, because the Lakers admiral accept a history of authoritative astute abstract picks and trades, abrogation the aggregation in position to balance bound from setbacks.
Look at the Clippers? abstract history: In 1981, they drafted Tom Chambers, who went on to accept a solid career ? with Seattle and Phoenix. Afterwards he averaged 17.4 credibility for the Clippers, they traded him to the SuperSonics for James Donaldson, Greg Kelser and Mark Radford. To be fair, the Clippers did abstract a approaching Hall of Famer in 1981: Tony Gwynn, who is in the Baseball Hall of Fame. In 1983, the Clippers called Byron Scott, again traded him to the Lakers. In 1984, they called Lancaster Gordon with the eighth all-embracing aces of the draft. Lancaster Gordon? Nike jordans shoes sales Meanwhile, eight picks later, the Utah Jazz called John Stockton. In 1985, with the third aces in the abstract and with Chris Mullin, Detlef Schrempf, Charles Oakley, Karl Malone and Joe Dumars all available, the Clippers selected, delay for it, Benoit Benjamin. (By the way, that year the Lakers called A.C. Green with the 23rd pick.)
We could play the ?name the bad abstract pick? bold all day. In 1987, the Clippers had three first-round picks. They went with Reggie Williams, Joe Wolf and Ken Norman. Remember Danny Ferry? Bo Kimble? LeRon Ellis? Randy Woods? Terry Dehere? Lamond Murray? Michael Olowokandi?
So, no, there is no Clippers Curse. There was just a alternation of abhorrent amateur cadre decisions fabricated by the team.Which seems to accept afflicted this division beneath new General Manager Neil Olshey. Who is apparently busily aggravating to ample the aperture Billups? abrasion leaves.