Posted by David Krulac on February 17, 2005 at 22:59:16:
give it to him, Have a first for almost $500,000k with a bank and you take a second for $40,000 or $50,000, and everybody is happy including you, the buyer, the bank and the appraiser. Everybody lives happily everafter.
Appraisal came in 50K low, any ideas? - Posted by JON
Posted by JON on February 16, 2005 at 21:57:05:
I have a buyer who submited a contract without any contingencies (no inspection or anything) but since the lender require appraisal we went with it.
I listed at $540k, He offered $550k but unfortunately the appraisal came in at $500.
Other similar (but newer) properties in this ‘hot area’ are going for $510 at this time and seem to be appreciating at a rate of $4000k ~ $9000k a month.
Buyer’s agent says they will try using another appraisal company but we’re already on our 3rd appraiser who claimed they can ‘Hit the Number’ but haven’t done so.
Re: Appraisal came in 50K low, any ideas? - Posted by Sean
Posted by Sean on February 18, 2005 at 08:17:36:
Guys willing to pay 50k over market value, on a 1/2 Million dollar home… and will still do it even if appraisal is low… and needs a mortgage to buy it? I don’t know, I’d be watching this guy myself… the smell test seems to be catching a wiff of fishiness.
Anyway, Take the highest appraisal, let him get what he can get from the bank and take back a second for the difference… provided of course what he gets in the first and his cas will cover whatever you need to pay and give you a profit.
Re: Appraisal came in 50K low, any ideas? - Posted by MikeJ-Fl
Posted by MikeJ-Fl on February 17, 2005 at 07:37:30:
Does he have a nice BMW you’d like to own?
Re: Appraisal came in 50K low, any ideas? - Posted by abstract
Posted by abstract on February 16, 2005 at 22:15:43:
“I listed at $540k, He offered $550k but unfortunately” the appraisal came in at $500.
Other similar (but newer) properties in this ‘hot area’ are going for $510
So I guess Joe Smoo.,is gone come along and offer a offer on a property that you listed for 540k,and he offered 550k, and now everybody is informed by a tird-party that the prop’ is worth 500k.And in this hot market everything is going for 510k, when joe smoo., buys, call me,I want to sell him the Golden Gate Bridge.
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The Property is not worth $540K or $550K - Posted by Johnbull
Posted by Johnbull on February 17, 2005 at 06:37:24:
The property is worth between $500K and $510K.
You are asking above market, and the buyer is a fool.
… buyer wants to buy regardless - Posted by Jon
Posted by Jon on February 17, 2005 at 22:02:03:
The buyers agent says buyer wants to buy regardless
since his new job is very close to this house
and schools in this upscale neighborhood have a significantly better reputation. Seems like one appraiser finally came up with $525. I’m wondering if I should reduce the price or have him come up with the rest in cash at closing.
There are about 9 new highrise office buildings being built all within 2 minute walking distance so it’s quite obvious that this property will continue to appreciate (at the least, the cashflow from rent would get better) even if I don’t sell right now but I am trying to use the money for another more lucrative investment.