topic Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!! in Mortgage Loans

Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

hippychic823 — Tue, 10 Jul 2012 22:26:03 GMT

Well, my journey to homeownership has NOT been easy. Actually repairing my credit was the easiest part (surprisingly!!!). What keeps getting me are the appraisals!!! I have had to walk away from 3 houses because of SUPER low appraisals (like 30K below purchase price low appraisals...I posted a thread back in March about that). So I am determined to own a home so I just pick myself up and keep trying. Well, I found a home (details in July/Aug Closers thread) and now its time for the dreaded appraisal, which seems to be where everything falls apart for me. I would appreciate any prayers/good vibes/words of encouragement/tips/advice. And also, good luck to each and every one of you on your journey to becoming homeowners and a ultra-mega-big congrats to those of you who've closed....

Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

StartingOver10 — Tue, 10 Jul 2012 23:12:52 GMT

@hippychic823 wrote:
Well, my journey to homeownership has NOT been easy. Actually repairing my credit was the easiest part (surprisingly!!!). What keeps getting me are the appraisals!!! I have had to walk away from 3 houses because of SUPER low appraisals (like 30K below purchase price low appraisals...I posted a thread back in March about that). So I am determined to own a home so I just pick myself up and keep trying. Well, I found a home (details in July/Aug Closers thread) and now its time for the dreaded appraisal, which seems to be where everything falls apart for me. I would appreciate any prayers/good vibes/words of encouragement/tips/advice. And also, good luck to each and every one of you on your journey to becoming homeowners and a ultra-mega-big congrats to those of you who've closed....

Why aren't you going in after the appraisal and renegotiating the price in accordance with the appraised value?

When you are the buyer it is a slam dunk to renegotiate after the appraisal to have the contract price reduced to the appraised value if its a bank owned or short sale property. Many sellers on a traditional sale understand that is the process too. Why are you walking?

Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

hippychic823 — Wed, 11 Jul 2012 06:36:30 GMT

Tried negotiating price on all 3 houses. Sellers wouldn't budge....they weren't willing to come down 30K in price. Trust me, I wasn't just like "oh ok" and walked. I realllllyyyyy have been trying sooo hard but I'm in a very small area and a lot of the sellers here are just convinced that their homes are worth more than they really are. And I haven't tried buying bank-owned or foreclosures because I've heard too many horror stories about them (they take forever, all the "red tape", etc) It has been very frustrating. But, yes....I did try to negotiate a lower price. Meanwhile, the 3 houses I had to walk away from are still on the market...and since I'm going FHA my low appraisals will "stick" to the houses for 6 months (or so I was told. Not sure if that's true or not) so you would think the owners of those homes would lower the prices but hasn't happened. One seller actually denied my counter-offer after appraisal and said he was "holding out for a cash buyer who could pay what his house is REALLY worth" lmao. He's still waiting.......

Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

JusdoNit — Wed, 11 Jul 2012 08:55:45 GMT

@hippychic823 wrote:
Tried negotiating price on all 3 houses. Sellers wouldn't budge....they weren't willing to come down 30K in price. Trust me, I wasn't just like "oh ok" and walked. I realllllyyyyy have been trying sooo hard but I'm in a very small area and a lot of the sellers here are just convinced that their homes are worth more than they really are. And I haven't tried buying bank-owned or foreclosures because I've heard too many horror stories about them (they take forever, all the "red tape", etc) It has been very frustrating. But, yes....I did try to negotiate a lower price. Meanwhile, the 3 houses I had to walk away from are still on the market...and since I'm going FHA my low appraisals will "stick" to the houses for 6 months (or so I was told. Not sure if that's true or not) so you would think the owners of those homes would lower the prices but hasn't happened. One seller actually denied my counter-offer after appraisal and said he was "holding out for a cash buyer who could pay what his house is REALLY worth" lmao. He's still waiting.......

Hahahaha. Did someone explain to him that THAT is the price his house is worth and that Investors only shove out cash for mega bargains in this market. Laughing my tail off with ya

Is this one competitively priced? If not has your agent prepared the seller for what may be a disapointment?

In the meantime....forward on to the Power of Positive thinking.

Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

jules0580 — Wed, 11 Jul 2012 12:00:22 GMT

Good luck.. my closing is scheduled for Friday the 13th.. so far..but may get pushed out However.. Im trying to look at it as a good number..I do like the number 13.. So positive thoughts to you!

Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

StartingOver10 — Wed, 11 Jul 2012 12:41:39 GMT

@hippychic823 wrote:
Tried negotiating price on all 3 houses. Sellers wouldn't budge....they weren't willing to come down 30K in price. Trust me, I wasn't just like "oh ok" and walked. I realllllyyyyy have been trying sooo hard but I'm in a very small area and a lot of the sellers here are just convinced that their homes are worth more than they really are. And I haven't tried buying bank-owned or foreclosures because I've heard too many horror stories about them (they take forever, all the "red tape", etc) It has been very frustrating. But, yes....I did try to negotiate a lower price. Meanwhile, the 3 houses I had to walk away from are still on the market...and since I'm going FHA my low appraisals will "stick" to the houses for 6 months (or so I was told. Not sure if that's true or not) so you would think the owners of those homes would lower the prices but hasn't happened. One seller actually denied my counter-offer after appraisal and said he was "holding out for a cash buyer who could pay what his house is REALLY worth" lmao. He's still waiting.......

Yes, I've run into that before with unrealistic sellers. I call it "Living in 2005" because they don't want to recognize that their homes' value rides with the market.

The info you have about the FHA appraisal is exactly right. If the seller is really looking for a price $30k above market than he may as well take his house off the market because he is not looking to actually sell his house.

As to the guy waiting for a cash buyer to pay more than market, that's just silly. The cash buyers I work with all want a deal because they have cash! They are not looking to pay a premium price....lol

There are sellers that put their home on the market with no intention of selling at market value. I never understood the rationale for that - it doesn't make sense from the listing agent's standpoint to put it on the market and of course we know why the seller does it, but since it doesn't work historically, why go through the hassle and expense?

I do have a solution for you though: have your agent run sold comps prior to your offer. That way your offer will be supported by the comps in the neighborhood and you are more likely to get it within the appraisal range. It will help you in the long run and save you a bunch of $$$ spent toward appraisals on properties you don't buy.

Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

JusdoNit — Thu, 12 Jul 2012 06:40:24 GMT

Are you including in your offers that seller pays for appraisal if it appraises for less than the listed price? Especially if you have a good idea of what it may actually appraise forOr, are you taking the hit for all of these appraisals yourself? .

Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

hippychic823 — Thu, 12 Jul 2012 12:29:07 GMT

Well, the agent I'm working with on this house did go on and run the comps for me so she's actually pretty confident it will appraise at or a little above purchase price. My last realtor (the one I was working with on the other 3 houses) did not ever do that for me. I have had to pay for all the appraisals out of my own money...I hadn't thought to ask if seller could pay my appraisal for me...dang!!! I just figured since I was going FHA that I couldn't get them to that. Plus, I really want them to contribute to my closing costs and they have to repair the central A/C unit so I didn't even think to ask them about the appraisal. I'm getting a realllllllly good deal on it (better than any of the deals on the last 3 houses. But this house is also in a different town) I'm just grateful that these sellers are realistic and not "Living in 2005" they are very motivated to sell and they are just as anxious that I get my loan as I am, as the house was left to them from a deceased parent and has been sitting empty for a little over 6 months, so they are ready to sell it and be done with it....I will keep yall posted and thanks for all the advice

Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

JusdoNit — Fri, 13 Jul 2012 02:52:05 GMT

Sorry to hear that, but so glad that you have a new realtor that ran comps for you. And yes, if your realtor ran comps and they are adamant on the above comp price then you can and should ask them to pay for the appraisal if you are almost certain it is going to come in way under.

So glad this one is looking a lot better for you.

Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

BungalowMo — Thu, 12 Jul 2012 22:39:03 GMT

One thing I have come to realize....what is meant for you won't go past you.

For some reason, those other houses weren't meant to be. My choice 8 months before I bought my house was a mess. Sellers being very obstinate. Wouldn't budge one inch. Then MY loan officer made me very uneasy shoving papers in my face to sign and felt put out when I kept asking what it was I was signing.

I got up from the table...took all those papers, told them "I'm done" and walked out. Thank GOD! I would have been stuck with a $300k mortgage on a townhouse that Zillow has at 137k now!

13 has always been my lucky # & when Friday the 13 comes by...I embrace it!! Sending all my lucky 13 vibes your way for the appraisal...and to the poster who is closing that day too!

Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

hippychic823 — Fri, 13 Jul 2012 02:38:28 GMT

Here's to hoping those lucky 13 vibes reach me and, again, thanks to everyone for the advice and encouragement!!!

Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

hippychic823 — Sun, 15 Jul 2012 05:30:42 GMT

Well, appraisal is done and I should know something Tuesday hopefully (according to my Realtor). If all goes well then on to UW which should go by fairly quickly...according to my mortgage broker my file is the biggest one in her office lol, since I've been at this process for almost a year...I just keep sending her updated paystubs, bank statements, etc....She's confident that UW should go fairly quickly... *fingers crossed*

Re: Ahhh, dreaded appraisal scheduled for Fri 13th!! Prayers please!!!!!

JusdoNit — Mon, 16 Jul 2012 00:15:50 GMT

Power of positive thinking.