Answers (5)
- Tom Molinari, "ValueExpert"
- Contributions:20
Let me put on my appraiser hat. First of all, are there any very recent closed sales that support the sale price on the home? Are there any pending sales that support the sale price?
Have your broker call the listing agents on the pendings to see if the contract price supports your sale price.
In my market area prices are rising. But there has to be recent market data that supports the rising price supposition. I think most appraisers are aware of rising prices but there has to be data to back it up.
Once sales close at higher price points then the appraiser has something to work with. If there are no very recent sales at higher price points then you may be stuck with a lower appraisal until such time as some pending sales close at the higher price point.
We are currently in a challenging market with the supply-demand equation far out of balance. We have an extremely limited inventory and numerous buyers. This typically results in higher prices. I would imagine that within the next month or so we should have a sufficient number of closed sales at higher prices to use as comps. Until that time you may need to come in with more cash down or convince the seller to reduce the price.
Have your broker call the listing agents on the pendings to see if the contract price supports your sale price.
In my market area prices are rising. But there has to be recent market data that supports the rising price supposition. I think most appraisers are aware of rising prices but there has to be data to back it up.
Once sales close at higher price points then the appraiser has something to work with. If there are no very recent sales at higher price points then you may be stuck with a lower appraisal until such time as some pending sales close at the higher price point.
We are currently in a challenging market with the supply-demand equation far out of balance. We have an extremely limited inventory and numerous buyers. This typically results in higher prices. I would imagine that within the next month or so we should have a sufficient number of closed sales at higher prices to use as comps. Until that time you may need to come in with more cash down or convince the seller to reduce the price.
- J Pat Kearney, "Ventura Home Loans"
- Contributions:5
You can also ask your Realtor to provide you with recent comps, if the purchase price if $40K over the purchase price, you can re negotiate the price, or pay the 40K premium or have your realtor/broker review the contract for other remedies i.e. cancellation.
Best of success.
Best of success.
- Andrew Woodruff, "AndrewWoodruff"
- Contributions:1
So long as a home has sold within the last 90 days, it can be a comp. You can request that the bank use a second appraiser to verify the initial appraisal. Appraisals can vary up to 30% depending on the appraiser.
- Amanda Alejandro, "homesforsale86"
- Contributions:480
yes reo's can be used in apprasials.
if your apprasial came in less than the what you offered ask the seller to concess to the apprasial amount. if your still in your contingency period you can walk from the contract if your not a fha loan and you still want the house and the seller doesn't want to concess then you choose.
but if your tring to purchase with an fha loan then they wont lend on it for more than the appraised amount
ask the seller to concess
best of luck
if your apprasial came in less than the what you offered ask the seller to concess to the apprasial amount. if your still in your contingency period you can walk from the contract if your not a fha loan and you still want the house and the seller doesn't want to concess then you choose.
but if your tring to purchase with an fha loan then they wont lend on it for more than the appraised amount
ask the seller to concess
best of luck
- Eric142
- Contributions:80
Yes REOs can, and sometimes should, be used in an appraisal. Especially in places were REOs make up a significant portion of the market (like California).
As for your options, you probably have all the ammunition you need to negotiate down the price. Why on earth would you want to overpay for a house by $40,000?
As for your options, you probably have all the ammunition you need to negotiate down the price. Why on earth would you want to overpay for a house by $40,000?
Can REOs be used in comparing properties appraising a house?
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