topic Re: appraisal came in 5k less than accepted offer... worried now ;( in Mortgage Loans

appraisal came in 5k less than accepted offer... worried now ;(

Anonymous — Sat, 23 Jun 2012 18:28:36 GMT

ok so the list price was 164,900. After vieving the home with our agent, he suggested we offer 170,000 becasue of the recent sales of homes very similar to mine that were being sold for and listed at 170,000.

come to find out we didnt need to pay for a appraisal becasue there was already an appraisal done on it in April from the previous buyer who was under contract ( their loan fell through) dont know the details tho.

so we are going to have to go by that appraisal. which came in at 165,000. Now im just wondering what will happen?

heres our original contract agreement:

accepted offer: 170,000 with seller giving us 5100 tward closing csots. (so i assume they just wanted to net their asking price of 164,900) We really cant afford to bring the extra 5100 to the table if they drop offer but refuse to help with closing, hoping they will atleast help with half.

this is totally stressing me out.

Re: appraisal came in 5k less than accepted offer... worried now ;(

JusdoNit — Sat, 23 Jun 2012 18:35:49 GMT

I understand completely how you must feel. Is there any chance you can take your loan up another half point and receive a credit from your lender for a good portion of that $5100 if seller refuses concessions or agrees to half the $5100 with the lower price?

I'm certain they knew it would only appraise at $165k especially since you are using the same one. That really stinks

Hopefully you have more options now

Re: appraisal came in 5k less than accepted offer... worried now ;(

Anonymous — Sat, 23 Jun 2012 18:42:11 GMT

thats what my LO said, she dont know why they even accepted a offer of 170000 knowing they had the appraisal right infront of them for 165000. We are going to try to negotiate as much aso possible. we aleady love the house and our kids are so excited to move

Re: appraisal came in 5k less than accepted offer... worried now ;(

JusdoNit — Sat, 23 Jun 2012 18:46:51 GMT

Mines too. But, we are going to stay positive that it all comes together in the wash. Positive thinking. Positive thinking.

Re: appraisal came in 5k less than accepted offer... worried now ;(

Anonymous — Sat, 23 Jun 2012 19:37:31 GMT

thank u

Re: appraisal came in 5k less than accepted offer... worried now ;(

Familywantsahouse — Sat, 23 Jun 2012 22:14:32 GMT

Just happened to us this week, minus the previous appraisal (but the seller was aware the house wasn't going to appraise for our offer with the concessions though)

Our seller did attempt to drop the concessions and lower the price, but we told him we were walking if he didn't lower the price WITH the concessions. He caved.

I suspect already having had one buyer fall through, if they want to sell their house they'll do the deal with the concessions. We were truly prepared to walk away though if he didn't play ball. You have to decide how much you really want THAT house. I for one was not going to overpay in this market. no way.

Re: appraisal came in 5k less than accepted offer... worried now ;(

Anonymous — Sun, 24 Jun 2012 02:24:21 GMT

thank u you give me hope. Glad everything came together for u! was it also a REO?

we cant even come up with the 5100 so the only thing would be to walk away. we could come up with half of that (still hate to do that) so im just praying for the best outcome i should hear this week, and im going to be a stress basket until i do. :/

Re: appraisal came in 5k less than accepted offer... worried now ;(

Anonymous — Sun, 24 Jun 2012 07:00:34 GMT

@Anonymous wrote:
thank u you give me hope. Glad everything came together for u! was it also a REO?

we cant even come up with the 5100 so the only thing would be to walk away. we could come up with half of that (still hate to do that) so im just praying for the best outcome i should hear this week, and im going to be a stress basket until i do. :/

While I do understand the excitement of owning a home, you have to protect your interest in a home. Always do your own research before making an offer.

What the seller did was unethical, and shows lack of character.

The business professional who also advised offering that amount was not looking out for your best interest involved. Home appraisals and sales differ and fluctuate daily.

In my opinion if this was something that happened to me I would walk away from purchasing this home. I would also find another business professional to deal with.

I know you may have your heart set on this home was just giving you my 3 cents (most of the time worth less) on what I would do.

Good Luck with your decision and hope things work out for you.

Re: appraisal came in 5k less than accepted offer... worried now ;(

StartingOver10 — Sun, 24 Jun 2012 16:10:36 GMT

@Anonymous wrote:
@Anonymous wrote:
thank u you give me hope. Glad everything came together for u! was it also a REO?

we cant even come up with the 5100 so the only thing would be to walk away. we could come up with half of that (still hate to do that) so im just praying for the best outcome i should hear this week, and im going to be a stress basket until i do. :/
While I do understand the excitement of owning a home, you have to protect your interest in a home. Always do your own research before making an offer.

What the seller did was unethical, and shows lack of character.

The business professional who also advised offering that amount was not looking out for your best interest involved. Home appraisals and sales differ and fluctuate daily.

In my opinion if this was something that happened to me I would walk away from purchasing this home. I would also find another business professional to deal with.

I know you may have your heart set on this home was just giving you my 3 cents (most of the time worth less) on what I would do.

Good Luck with your decision and hope things work out for you.

Well said JM-AM. +100

Re: appraisal came in 5k less than accepted offer... worried now ;(

Anonymous — Sun, 24 Jun 2012 16:41:56 GMT

I am so stressed out myself. I just paid the appraisal fee couple of days ago and they're going to appraise it next. Hope it either appraises more or close to my offer

So close in owning a home...

Re: appraisal came in 5k less than accepted offer... worried now ;(

JusdoNit — Sun, 24 Jun 2012 17:56:11 GMT

@Anonymous wrote:
I am so stressed out myself. I just paid the appraisal fee couple of days ago and they're going to appraise it next. Hope it either appraises more or close to my offer

So close in owning a home...

Hang in there. We will remain positive for you as well. It's gonna happen and we will close on time and without more drama.

Re: appraisal came in 5k less than accepted offer... worried now ;(

Anonymous — Mon, 02 Jul 2012 20:24:50 GMT

sellers lowered to appraised value with the same percent closing cost contribution!

im in underwriting for the next 3 days it could take! pleaese wish me luck, praying this will be over soon! closing date in 2 weeks if all goes smooth! almost done!