Reply
Regular Contributor
Tpelc23
Posts: 236
Registered: ‎08-16-2010

Home value came in 8,000 less than what we need :(

[ Edited ]

Have a call into the realtor, not sure what we do now. This stinks.

2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUB:smileyhappy:
Regular Contributor
sewmuchdebt
Posts: 162
Registered: ‎05-14-2009

Re: Home vakue came in 8,000 less than what we need :(

you should be able to ask seller to come down to appraised value.


Starting Score: EQ 505 jul09
Current Score: EQ 702 TU 693 EX 692 apr12
Goal Score: 700+


Take the FICO Fitness Challenge
Regular Contributor
Watching
Posts: 217
Registered: ‎04-05-2012

Re: Home vakue came in 8,000 less than what we need :(

We have the appraisal ordered and should happen next week... I'm really worried the same thing is going to happen to us...

New Contributor
tasharn
Posts: 58
Registered: ‎08-08-2011

Re: Home vakue came in 8,000 less than what we need :(


sewmuchdebt wrote:

you should be able to ask seller to come down to appraised value.


+1. I believe your options are to either ask the seller to come down on the price or pay the 8grand out of pocket.

Community Leader
Senior Contributor
StartingOver10
Posts: 3,814
Registered: ‎03-06-2010

Re: Home value came in 8,000 less than what we need :(


Tpelc23 wrote:

Have a call into the realtor, not sure what we do now. This stinks.


Well, if you are the buyer you can do several things: 1) negotiate the contract price to the appraised value or 2) bring additional cash over the appraised amount to closing (not recommended in this market) or 3) a combination of 2 and 3 or 4) cancel the purchase and get your EMD back.

 

You are the buyer. You are the one that has the "power" in this deal. There is no reason that you and your agent shouldn't be able to re-negotiate the shortage on the appraisal. Is this a short sale or a regular sale or an REO? If its a short sale or REO the renegotiations are a slam dunk unless the appraiser made some sort of obvious mistake. If it's a traditional sale, then you may have slightly more difficulty.

 

Now, if you are talking about a refinance, that is a horse of a different color. You would need to bring the shortage in cash to the closing unless you are doing an FHA streamline refi.

 

I made an assumption that you were purchasing a home. Please correct me if I am wrong.

Regular Contributor
Tpelc23
Posts: 236
Registered: ‎08-16-2010

Re: Home value came in 8,000 less than what we need :(

It is an reo. We are hoping they will come down by 8 grand or split the difference but we dont really want to do that
2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUB:smileyhappy:
Community Leader
Senior Contributor
StartingOver10
Posts: 3,814
Registered: ‎03-06-2010

Re: Home value came in 8,000 less than what we need :(


Tpelc23 wrote:
It is an reo. We are hoping they will come down by 8 grand or split the difference but we dont really want to do that

If your agent provides the appraisal to the listing agent showing the $8k shortage - the listing agent will get it to the asset manager and they will most likely drop the contract price to meet the appraised value. It depends upon the asset manager. You really should be in very good shape to get the reduction in price.

Valued Contributor
boomhower
Posts: 1,863
Registered: ‎09-20-2011

Re: Home value came in 8,000 less than what we need :(


StartingOver10 wrote:

Tpelc23 wrote:
It is an reo. We are hoping they will come down by 8 grand or split the difference but we dont really want to do that

If your agent provides the appraisal to the listing agent showing the $8k shortage - the listing agent will get it to the asset manager and they will most likely drop the contract price to meet the appraised value. It depends upon the asset manager. You really should be in very good shape to get the reduction in price.


I agree.  Unless they want to sit on until the market gets better(heaven knows how long that will take), then they will drop it to market value.  Being REO they know no one is going to loan on more than the appraised market value. 

Regular Contributor
Tpelc23
Posts: 236
Registered: ‎08-16-2010

Re: Home value came in 8,000 less than what we need :(

Thanks guys!! Hopefully we will find out Monday. The house was listed for 112,000 but our loan was set to be $116,700 as we are rolling in closing cost and the seller agreed to pay $3501.00 of the closing cost. So even at the original price of $112,000 the appraisal came in $4,000.00. I wonder if they are going to want us to come up with more of closing cost instead of rolling them in. We can come up with the $3,501.00 in closing cost, but we really hoped we could roll them in. The house is owned by Wells Fargo

2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUB:smileyhappy:
Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: Home value came in 8,000 less than what we need :(

I heard recently that the appraisal sticks with the house for six months so the bank will have to disclose that amount to all buyers, they are this far into it with you, I'd bet 2 bucks that they lower the price to close the deal.  Won't that be awesome for you?  Fingers crossed!

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+