amariec's Advice

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amariec wrote:

Appraisal lower than asking price in RENT TO OWN contract. How to proceed?

Answer
Like I said before, I sincerely appreciate all of the CONSTRUCTIVE comments.  I feel I have done my due diligence as far as research and educating myself on the subject of rent to own, and very few answers were the same for this scenario.  If my situation had been different, I most definitely would have put our home on the market the traditional way.  And even if I were using an agent, are you suggesting that you never confer with another person in your field for guidance, David Barr? 
April 20 2012
(1)

Appraisal lower than asking price in RENT TO OWN contract. How to proceed?

Answer
We have NOT signed anything.  I had a contract written up that spelled out everything, and it was actually a very symbiotic deal; I was only asking for them to pay my mortgage payment, no added on costs, but he just didn't agree on the asking price and therefore wanted an appraisal.  I'll definitely send him the report, but I just felt it was a poor representation of the value.  this was an independent appraisal and has nothing to do with his financing, it was more for his peace of mind.  I really appreciate all of the quick responses.
April 20 2012
(1)
Appraisal lower than asking price in RENT TO OWN contract. How to proceed?
I'm in the middle of negotiating with a "buyer" in a contract for deed sale on my home.  The buyer did not agree with my original asking price, so we both paid for half on an appraisal.  Needless to say, I was shocked when it came back almost 10k less than what I was asking.  I felt that the appraiser did not use adequate comps when assessing my homes value.  None of the homes in our subdivision are more than 15 yrs old, but he compared mine to 2 homes that were 36 yrs old.  Anyway, how do I proceed with this guy?  Do I have to send him the appraisal since he paid for half, or can I just tell him I don't want to lower the price, regardless of what the report says?  HELP!!!
April 20 2012
(0)