Listed at 249900, 218 days on market, offered 245000, they accepted with paying 6% closing, we are approved for 250,000 FHA. Now, today, it appraised at 223,000! LO sent over some non-forclousure comps that our realtor sent him to try to get it up somewhat. I dont know if the builder (new house, never lived in ) will bite. We dont have enough saved to cover closing.....any ideas..thoughts....wine?
Simple thought is that the house is overpriced.
Comps on new homes are tough because usually they are compared to older homes. Prior to the downturn, new homes would appriase higher than older homes due to the demand. But now new home demand is down and the homes are not appraising for more than a simliarly sized/built newer house of a couple years old. If the house has been on market for 218 days though, it is definitley time for them to drop the price more.
ok, our realtor emailed us that in fact the appraiser did not raise the number, so 223,000 was sent over to the sellers agent. She then asked that we, in writing, send her an acceptance of the appraisl.? Is that business as usual?
We are very nervous, but it would seem logical for them to accept it....right?
we just bought a new home in jan. went under contract for an asking price of 279,900. we were going va, so when the apprasal came it only appraised for 280,189. not much over asking
in the end, the builder (it was a new home, never lived in, on the market for 18months) dropped the price to 240,069. if it has been on the market for THAT long, they need to lower the price. i'd tell them i'm not paying a dime over what its worth, they can bite or you can walk...i played it like that on my home...and it worked in the end. however if it hadn't, i would have eventually found a new home i'd "LOVE"
if it doesnt work out there will always be another house
deb, I think I may end up in the situation you are in. With the house we want to buy, I've been checking the zillow dot com site and it seems that the estimated value on the house keeps dropping every couple of days. I think the owners think that their house is worth a lot more than it really is in today's market...
But, I've also been checking on other houses that I'm interested in (houses just aren't selling around here!) and the prices keep dropping. So, if the owner of the house we plan to buy won't be reasonable, I'm sure others will be.
Though I do love the house and it feels right, I'm trying very hard to keep from falling head over heels in love with it!!! Don't want to get my heart broken. LOL