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Answers (8)
- Johnny James, "Palmdale Mortgage"
- Contributions:406
You should not pay more than the appraised value for the property with a period on the end.
- Jason Bonas, "Jason Bonas"
- Contributions:214
Good answer Hick,
Don't pay extra, just move on... There are plenty more properties on the market
and not to change the direction of this post but, FSBOs, keep that in mind!
-there are also plenty of FSBOs who are unrealistically priced. So even if you get someone to offer you the unrealistic price you were looking for this is the wall you will run into when it comes time to finance.
(no i am not saying all FSBOs are over priced but, for those who are priced over market keep this post in mind)
Don't pay extra, just move on... There are plenty more properties on the market
and not to change the direction of this post but, FSBOs, keep that in mind!
-there are also plenty of FSBOs who are unrealistically priced. So even if you get someone to offer you the unrealistic price you were looking for this is the wall you will run into when it comes time to finance.
(no i am not saying all FSBOs are over priced but, for those who are priced over market keep this post in mind)
- Dan, "the_country_hick"
- Contributions:4700
You were just told the house was overpriced. Did you not hear that message?
The appraisal said the house is worth x amount. It is not worth x+ 30.
Do not listen to a realtor who says you need to pay the difference. Go back, offer the appraised value (showing the appraisal) OR LESS and then wait. Do not overpay today. Tomorrow the house will lose even more value.
We have 2.7 million foreclosures in the works today. We have 7 million coming through 2012.
10.2% unemployment, around 16 million people without jobs and it is getting worse.
Relax, get a good deal or walk away. This will not be the last house you like or can afford to buy.
Remember, every month you wait is another month prices will be dropping and that you can add to your down payment with.
The appraisal said the house is worth x amount. It is not worth x+ 30.
Do not listen to a realtor who says you need to pay the difference. Go back, offer the appraised value (showing the appraisal) OR LESS and then wait. Do not overpay today. Tomorrow the house will lose even more value.
We have 2.7 million foreclosures in the works today. We have 7 million coming through 2012.
10.2% unemployment, around 16 million people without jobs and it is getting worse.
Relax, get a good deal or walk away. This will not be the last house you like or can afford to buy.
Remember, every month you wait is another month prices will be dropping and that you can add to your down payment with.
- Sam Shueh
- Contributions:379
Suggest you save enough money to account for the difference.
Bank owned real properties are deliberate low to move them in 30 days. I do not make an offer contract unless the client has the means to pay the difference. In other words, we pay 15% for 10% down and protect clients make sure you don't swing through from enthusiasm to disappointment mood.
Bank owned real properties are deliberate low to move them in 30 days. I do not make an offer contract unless the client has the means to pay the difference. In other words, we pay 15% for 10% down and protect clients make sure you don't swing through from enthusiasm to disappointment mood.
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
If the appraiser has submitted the appraisal to the FHA system, it doesn't matter how many comps or other appraisals you get, this appraised value stays with the house for 6 months for an FHA loan. If someone knows how to get an appraisal thrown out of the FHA system before the 6 months, pls let me know; it could come in handy.
- Peter Numrich, "Numrich"
- Contributions:7
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
Why would you pay the difference? If it doesn't appraise and you are using an FHA loan, the appraisal stays w/the house for 6 months regardless of who buys it (as long as they use FHA.) Based upon what you have said, I am surprised that FM is not willing to come down on the price. I have had this happen a few times w/buyers and the sellers have always come down. That's not to say that it is the rule. You could ask your bank to have a field appraisal or ask FM to supply an appraisal to support their asking price. Don't overpay for the house in this market. You could be making a financial decision that is not in your short term or long term best interest.
- Dawn Rupersburg, "dawnrupe"
- Contributions:22
I would not pay the difference in this market. I would wait a few weeks and re-submit your offer based on the appraised amount or you could ask your lender to order a another apprisal from a different appraiser and ask the seller to pay for it. Sooner or later the seller is going to have to accept a lower price.
house did not appraise for buyer offer
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