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If a house was listed as $75,500 a year earlier & it was purchased as a foreclosure. Now it is liste

If a house was listed as $75,500 a year earlier & it was purchased as a foreclosure. Now the seller has listed it at $109,900 & has not put that much repair to the home. It hhas been apparised at much less than $109,900. What should we do about this?
  • March 23 2013 - Greenwood
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Answers (5)

To the question "What should we do about this?" I would say nothing. If you would like to purchase the property make an offer you consider appropriate for it.  If the seller accepts it great!! if not, well that is the end of it. At some point in time the seller either find someone who can pay for it  or lower his prices so somebody can finance it, or just take it off market
  • March 24 2013
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I know the appraisal price because i had the home appraised by my lender. And from what i see the home hasn't been upgraded to the asking price. So yes i have options & i will be weighing out all my options. 

  • March 24 2013
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Profile picture for Bill Eckler
First make certain our appraisal information is correct....It not unreasonable to list a property slightly above a home's value, especially in a market in which buyers expect sellers to decrease their prices.

The problem becomes when your get an offer on a "financed" deal in which the offer amount is greater than the appraised value. Banks just won't offer financing on property the doesn't appraise for the sale price.

As a buyer, unless you are a cash buyer and don't care appraised value, we wouldn't recommend offering any more that the appraised amount.
Good luck,

Bill
  • March 24 2013
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May I ask how you know the appraisal price? Did your lender order the appraisal, and you have been informed by your lender as to the appraised price or  are you planning on buying the home with cash? The seller can price a home at any price, it just may not sell at that price. If you are getting financed, the home would have to appraise for at least the sales price. If it doesn't, the options are for the seller to drop the price to the appraised price, or for you to pay in cash the difference above the appraised price, or for you to walk away. So, you do have options.
  • March 24 2013
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Are you looking to buy the property?  If so, Make a offer based on the recent sales in the area, last 6 months, and make sure to put a contingency in your contract based on appraised value.  This way if the house appraises for less than your contract price you are able to re-negotiate the sale price.  
  • March 23 2013
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