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Appraisals, etc.
So we are in the process of looking for our first home. In chatting with our Realtor, she was explaining to us that it is more and more common now for people to be leaving out the appraisal contingency when placing an offer, because it is the only way to get an offer accepted. Given this, that puts us in a bit of a predicament, because if the appraisal for a place comes back less than the listing/offer price, then we are at risk of wiping our entire emergency fund and other savings in order to make up the difference. Obviously, it would depend on the amount- if it was $500 we'd be fine, but if it was even a few thousand, that would really be problematic. Anyone have any thoughts/advice on this?
One of the homes that we are seriously considering was foreclosed on in January. The listing price is 35k over the price that the bank obtained it for. Would the bank have gotten an appraisal once they owned the house and set the listing price based on that? Do you think there's any room for negotiation, or will we be killing any chance of getting the place by offering less than the listing price? It has been on the market for 8 days as of today (which is pretty rare) and active the whole time; we are going to see it on Saturday. According to another site that I found, it is part of a "first look" program which allows only people who plan to buy as a primary or secondary residence (no investors) to put in offers for the first few weeks of the listing being active- it has 9 days remaining as part of this program.
TIA!
Re: Appraisals, etc.
Your offer should be contingent on being able to procure a loan. This is different than stating the house should appraise for the offer price. However, if the house does not appraise for the offer price, you wouldn't be able to procure a loan anyway.</
Sounds like all your realtor cares about is that she sells you a house. We had both clause in our contract/offer, that one the house would appraise at or above the offer price, and two, if the bank does not come give us the loan for this