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Answers (5)
- Ofe Polack, "Ofe Polack"
- Contributions:1416
It seems as if some us are a bit confused...you have beeen seeking advice from a Realtor, but this person is not your agent yet? Who has been discussing the purchase with the seller, you or the Realtor? Once you begin to discuss a purchase with the seller directly, you are depriving yourself of the Realtor's expertise. First make a decision if you are going to hire a buyer agent, and if you do, yield to their advice. Otherwise go solo and and do your own research prior to making an offer, ultimately the lender will have an appraisal done and the loan will be based on that amount.
- David Hennigan, "92880"
- Contributions:2
Mr. Graham, Having an appraisal done before the home is listed is generally a waste of time. The exceptions are when the home is being sold as a short sale (sold for less than what is owed) or as a foreclosure. In this case it sounds like a standard sale. The sellers agent needs to do a CMA (comparable market analysis) to determine what price the market will bear for the property in question. This will give the seller a good idea what the buyers are willing to pay for a home of this type. Once there is an accepted offer the buyer's lender will have an appraisal done and if the appraisal comes in below the current offer, the buyer and seller will need to re-negotiate the price until they are both happy. At any rate, you need to have an agent do a CMA for you to give you an idea of what you should offer. Good Luck!
- Benjamin J Shoemaker, "BenatAlpha"
- Contributions:55
Chuck, I'm not clear on this yet, but I want to help you with this. Does the landlord/seller already have an appraisal? If so, have you seen it? Is your agreed upon purchase price in line with that appraisal? If there is not yet an appraisal, and you have not agreed on the price, you are putting the cart before the horse. Either way I think you need either an attorney or a Realtor to help you with this... The following is just my opinion and is not legal advice, I am not licensed to practice law. Either the landlord/seller needs to pay for an appraisal that you can use to set the purchase price, and you NEED to see this appraisal before you buy this property. Or you need to agree to a price and go to a lawyer to get some wording that states something along the lines of "...(you) agree to pay the lower of the appraised value as determined by your lender or the agreed upon price..." I think this is what you are trying to accomplish, but this really would be easier if you had some help. The attorney is likely going to cost you less in this scenario becasue the Realtor's fee is your responsiblity. This is becasue the landlord did not agree to list the property, and therefore is not offerring any commission. So unless you can get the landlord to agree to pay the Realtor (good luck...) you will be just as well served by an experienced real estate attorney licensed in your state. Boy, I hope this works out for you, let me know if have any more questions.
- John Stewart, "nwhome.us"
- Contributions:2159
Because, if you use an agent, they will include all of the relevant conditions to protect you as a buyer. In this case there should be a financing condition with a specified lender and amount that you intend to put down, or borrow. That lender really don't care what another appraiser says about the value, they will use their own appraisal. If the conditions present a situation where you do not qualify for the conditions presented in the original offer, you are given an opportunity to terminate the agreement and have your earnest money refunded.
- Laurel Jaques, "LAUREL JAQUES"
- Contributions:65
Depends on how old the comparables are that are used to value the property. Are they the best sale comps available? Are they the most recent sales? I would suggest contacting an agent to represent you as a buyer, they can pull up recent comparable sales and let you know what a fair market value for the property is.
Appraised Price
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