So stressed out! Appraisal FAIL and realtor is disputing!

[JusdoNit]

Please heed the advice from Starting...she/he helped me through a very similar situation.  Although it was through pm's and not on the board.  I took heed and got my home closed with the lesser appraised value.  Again, you really are in a good position.

Plus, if you read th thread from Dallas if you are not asking for any closing...You are still paying a bit more.  That was part of my deal that they paid no closing to help absorb some of their price loss.  Also, if you are willing to pay them the full appraised value; that is considered top dollar in this market.

BTW has your dual agent offered to cut some of their commission  to help the deal close.  You've all come a long ways and would have to start over.  Another plus, FHA and most others will not give you the loan for more than the appraised value.

Hang in there

[webhopper]

I agree with all of the other posters. She is not acting as a good dual agent. I used a real estate lady that also represented the buyer back in 2008 and she had NO problems going back and asking the seller to add additional repair money into the pot. He had initially shrewed to 1500 in repairs and they were going to cost 3k. So she just told me; no problem we get more money out of him for these repairs and I offered to do some of the repairs that I could do myself for very little cost. I felt that she was very fair and was looking out for my interests. So I used her again for my purchase in 2012

[webhopper]

If she wont request them to drop the price then I would walk away and I would go one step further and file a complaint with the national association of realtors.

[Ron6262]

    This is very interesting!!  The low appraisal issue seems to be happening more and more.  I think you are in the driver seat as said, but I also think you need to hold you ground and be prepared to walk.  We all fall in love w the houses we want, but I would not go over the appraisal no matter what.  I dont think the realtor will have any luck fighting the appraisal, and that may work in your favor.  If the seller needs out in 30 days and she burns half of those fighting what is probably a losing battle, they will almost be forced to take your offer unless a cash offer is waiting in the wings.

      Keep us posted!!

[Anonymous]

ITA plus I have heard that using a dual agent is never a good idea!

[Jazzzy]

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@Anonymous wrote:

ITA plus I have heard that using a dual agent is never a good idea!

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Using a dual agent can be a good idea....but only if you know what you're doing. I like to work with someone who has a double commission on the line. They work REALLY hard...and no one has more incentive to see the deal go together. Plus, they've got a lot of commission money coming in order to grease the wheels of the deal if they need to. But...as I said before...you've got to know what you're doing. (When I am interested in a property, I always call and ask to speak to the agent who has the property listed.)

[Anonymous]

HI Its me the person who created this thread but I was posting on my husbands name before. I am freaking out! Dispute came back and as expected it was not a success! SO our LO Contacted us first yesterday and we are the ones to contact the dual agent BUT we decided it was the smartest decision to WAIT to tell her until Monday because that brings the 30 day deadline even closer for the sellers to sell the home (because of the agreement they had made with house they are buying that they will have their house sold in 30 days. Well the 28th is 30 days) SO I have been a NERVOUS WRECK all weekend! Can't sleep can barely even eat this is consuming me. We REALLY want this house and are questioning if the appraiser WAS in fact wrong! He did seem inexperienced and new and was from the other side of town and used the LOWEST comps possible! We are completely TORN on wether we should offer them 5k over the appraised value so $215,000 for the house OR if we should walk! The orginal excepted offer was $222,227.000 but the asking price was $220,000. We have no clue how the realtor is going to appraoch us with this info was we tell her. We know she will ask us to go conv. we will then refuse AGAIN and what is she thinking anyway!?!?!?!? I mean the house could appraise low again! She will then ask us for cash. I have never needed advice so bad! Help We really regret not having our own realtor at this point. We have no clue if the other offer who was a conventiaL offer btw is waiting in the wings even though its been almost 4 weeks. She did make some very valid points in the dispute letter however the houses that were comparable to our house were not in a 2 block radius. The appraiser used the closest comps possible and the closest one is this one, a short sale.

Beautiful 4 bedroom 2.5 -bath custom brick home on corner lot in prestegious Keegan Estates. Master suite on entry level w/ private bath. Great room w/ vaulted ceiling & gas fireplace. Ceramic kitchen with custom oak cabinets & center island. Fenced yard professionally landscaped. 3 car garage w/ side entrance. Move in condition. This property has multiple images:

No Virtual Tour

LocationMLS#TypeSub-DivSchool DistrictSale Price$/SqFtSale AgeSqFtBedroomsBathsGarageBuilt OnExteriorDOMAcreageFrontageSewerWaterLot SizeLakeHOA FeesLeaseSite CondoManuf.StyleAuctionCross Street

	Single
	Anchor Bay
	$77.29
11 years (2001)	2,523
4	2 Full, 1 Half
3 Spaces	Basement
Brick	274
0.24 Acres	80
Public	Public
80x130	—
—	No
No	No
2 Story	—

AND here is another one with less sq ft OURS has 2252 sq ft

This property has multiple images: No Virtual Tour	LocationMLS#TypeSub-DivSchool DistrictSale Price$/SqFtSale AgeSqFtBedroomsBathsGarageBuilt OnExteriorDOMAcreageFrontageSewerWaterLot SizeLakeHOA FeesLeaseSite CondoManuf.StyleAuctionCross Street     Single   Anchor Bay   $109.41 8 years (2004) 1,700 3 2 Full, 1 Half 2.5 Spaces Basement Brick 15 0.33 Acres — Public Public 75x192 — $150.00 Annual No No No 1 Story Ranch 1st Flr —
Questions or comments about this property?
Property Notes Remarks: Must see custom built home! Full custom brick exterior with over sized 2.5 car garage and driveway. Huge lot with prof. landscape, spacious patio in back and quiet dean end street! Neutral colors throughout with beautiful maple cabinets, full ceramic throughout kitchen and bathrooms, vaulted ceilings in great room with custom marble fireplace. 09+ furnace with air cleaner, C/A, daylight basement. Microwave, stove and washer/dryer stay.

Please Help She acts like she is in for our interest also and is super sweet but we know that she is all about the sellers!

[Edited to remove active hyperlinks that led to specific address information about these properties.  Since one of these could someday be your home, it's best to keep your possible future address safe.]

[Booner72]

I feel your pain.  Last year we also went into a house with a dual agent (on a short sale).  It was the BIGGEST mistake and waste of 4 months of my life.

The agent had listed the house for 111,000. and had us go in at 105,000.  After waiting and waiting, the bank came back at 145,000.  Needless to say, we walked away.  Got a new agent.  Within a few days we found the most amazing house in the world, so beautiful, great neighborhood, custom built, I can go on and on.  It's been a year and a few days and I still pinch myself.  This house came in 7K OVER what we paid at appraisal time.  LO says that just doesn't happen these days.

The moral of the story is, if this house doesn't work out, it's because it wasn't meant to be.  My LO always said " You don't find the house, the house finds you."

This house is NOT WORTH what they are asking you to pay.  That's a simple fact.  You don't want to buy a house and be under water instantly.  It felt so great to know that we already had equity in our house the day we got the keys!  Granted, only 7K, but still.  It will be like a dark cloud, you will always second guess yourself and wonder if you should have walked.  In this market, every dollar counts in building equity, and you shouldn't overpay, either.  Not one dollar over that appraisal.

In my most honest and sincere opinion, they drop the price or you walk away.  No reason to play time games, just tell them.    If they don't agree, get yourself your own realtor, and start again.  You gained a ton of house buying experience and now you know what to look for.  Invaluable.  Ask your friends and family for  referral to an agent so you know you can trust this one.

Good Luck!!

[germaine47]

If you are questioning your beleifs that paying more than what the house appraised for, then I beleive that you have your answer.  It sounds that your realtor is strong arming you into something that could possibly not benefit you in the long run.  My first house was perfect but I would have to put a lot of additonal money into it to make it exactly the way I wanted it.  It appraised in at 88,000 and with the repairs it needed to have apraised in at 105,000 but the  Sellers wouldnt budge.  Of course I was disappointed but I didnt know that a month later I would find  a house that required no repairs and Appraised at 300.00 over the contract price.  I promise you either way it will work out.