If the appraisal comes back below the purchase price, you will have to make a choice. (1) You can move forward with the purchase since you have the funds to do so. (2) You can attempt to renegotiate purchase price with the seller, however, the seller can say no. (3) If this contingency is intact, you can decide not to purchase the property. You will be out your inspection fees and appraisal fee and possibly monies put out for HOA docs that have been spent through escrow. (4) You can ask, but will have to pay for, another appraisal. (5) If you have removed contingencies, you may still be able to get out of the sale if you want to, but may have a portion, or all of your deposit at risk. You should run it by your attorney. Sometimes you can get an appraiser that doesn't know the intricacies of a neighborhood. I had one that closed earlier this year and the difference between two appraisals done 2 weeks apart by different appraisers was 12%. That adds up, especially in NB where homes and neighborhoods are quite different within just a few miles or less of each other. What do you feel the value is? The value of a home is what a seller is willing to let it go for and a buyer is willing to pay. Did you look at other properties prior to this one? Do you feel like the price you offered is money well spent? Trust your instincts and good luck.
What are you looking for? I have some properties becoming available. Feel free to call or text.
It will depend on what it is you are looking for and your lifestyle. I am happy to talk with you over the phone or over a coffee on 17th this evening, I'm heading that way in a few minutes already, or the next couple days. Give me a call, I'm familiar with those areas.. [removed by Zillow Moderator. Please see our Good Neighbor Policy for posting guidelines]
Looks like a land lease purchase. The owner probably already owned the home and bought the land from The Irvine Company. In Eastbluff, some of the homes are still on lease land and some are not which is why it looks like huge price swings for visually comparable homes.
Find a neighborhood not too far from yours with some sort of eye sore or cell tower and look at the prices of homes that have sold closer and further. There will be a price difference usually within just a few blocks. It is the same for homes that back busy streets, shopping areas, etc...
If it's showing up in Newport Coast, it's probably one of the Timeshares across from Pelican Hill. I think I saw one there for $8000 in my updates about a week ago.
Generally speaking... the home is listed once the contract is signed unless it's dated for further down the road. You should be speaking to a real estate attorney, because as agents, we are not allowed to give legal advice.Sounds like there are many factors, best to go to the proper source. Does Virginia have a right of rescission, was the contract properly filled out, etc... Also take into consideration, depending on what the market is doing in Virginia... I know we are having multiple offers situations all over the place out here and prices are moving up... is Mom willing to potentially forego getting the highest price by selling it on the side to a friend?Why not see what offers come in? Let the friend buy in the end if you want, maybe utilize a right of first refusal, but see what the market will bear by putting it out there? It may well be more than you both think you are saving.I've found that friends, neighbors, etc... when they get in on the side, expect to also save the commission.
Your best bet is to speak to a good lender who can go over your options with you. I have 2 that I can recommend if you would like, who have financed buyers in Costa Mesa. Maybe a duplex might work for you, then you can utilize some of the rent in qualifying. Feel free to contact me anytime, I'd love to help and am in the area.
It does happen a lot. Most of the time there is NO phone call. Just part of living in our rude world.
This was fun to read a seller's perspective. A couple of things that might make it easier for other sellers since your home is on it's way to closing... :) Yay!!! If you want people to take their shoes off, leave a note and booties near the front door. Most people don't naturally take off their shoes at the front door. (I had to train my kids and friends.) It is better to have pets completely out of the house as well as any trace of them. No litter boxes or food dishes, pet beds, etc... Too many people have allergies. A lockbox is always good, especially the kind that track who is using the key. You can set it out when you leave or hide it in a spot that the agent will have to tell other agents about. No lockbox or appointment only is a deterrent. It's much better for the showing instructions to read, call for lockbox location. You can request feedback from other agents with a service called Homefeedback.com When an agent leaves their card, you enter their information and it sends an email requesting feedback. It's only about 20 bucks or so. Just realize that this isn't a high priority for many agents who show property. Who wants to field 20 phone calls from listing agents everytime you show property to a buyer? If there is no offer, that is your feedback. Even if your agent calls them for feedback, they may not get it at all or it could be days later. Congratulations on your sale!