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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I am crushed. so crushed.
Posted by Kara
If the house appraised for less, I have a feeling the seller will feel motivated to lower the price that $13,000 -- or run the risk of having the same problems with the next buyer.
Good luck!! 
I don't find this to always be true.
The seller can simply say no thanks and sell the house to somebody else.
Even if somebody else buys it for the same price, it is possible that they will be fininancing with a different bank and using a different appraiser.
A different appraiser may think it's worth more.
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Posted 8/22/08 11:53 AM  |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: I am crushed. so crushed.
Posted by ave1024
I don't find this to always be true.
The seller can simply say no thanks and sell the house to somebody else.
Even if somebody else buys it for the same price, it is possible that they will be fininancing with a different bank and using a different appraiser.
A different appraiser may think it's worth more.
which is why I would be FINE if the seller wanted to hire her own appraiser.
if someone can convince my bank it's worth the purchase price, we will pay it.
I asked the rep point blank...what are the odds the appraiser is off? or that another bank would appraise higher?
but someone needs to do SOMETHING before my lock runs out.
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| Posted 8/22/08 11:57 AM |
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curliegirl
He's here!!!!
Member since 3/06 10128 total posts
Name:
Gina
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Re: I am crushed. so crushed.
Why don't you drop the "paper" price of the house by 13k so as to approve your mortgage and either have the seller hold the note privately for 13k, give her 13k cash on the side or see if she'll split it with you?
These might be you only options if you wanna buy this house.....
I know it's a hard market to be buying a house over FMV right now, but it happens everyday, and being that this is a very old house with likely irreplaceale character and charm, it may, in time, end up being invaluable anyway.......
If it was a regular old house then I would feel differently......
Message edited 8/22/2008 12:08:11 PM.
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| Posted 8/22/08 12:03 PM |
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JRG71
*****************
Member since 5/05 5025 total posts
Name:
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Re: I am crushed. so crushed.
I agree - I wouldn't pay 13K over the appraisal - no matter what the number looked liked stretched out over years. Or even if I had the 13k in the bank. It still comes down to the house not being worth what you'd be paying.
I hope the seller sucks it up and goes with the appraisal price.
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| Posted 8/22/08 12:03 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I am crushed. so crushed.
Posted by Ophelia
Posted by ave1024
I don't find this to always be true.
The seller can simply say no thanks and sell the house to somebody else.
Even if somebody else buys it for the same price, it is possible that they will be fininancing with a different bank and using a different appraiser.
A different appraiser may think it's worth more.
which is why I would be FINE if the seller wanted to hire her own appraiser.
if someone can convince my bank it's worth the purchase price, we will pay it.
I asked the rep point blank...what are the odds the appraiser is off? or that another bank would appraise higher?
but someone needs to do SOMETHING before my lock runs out.
I once had a bank do an appraisal for a property that came in low.
I b****ed out the mortgage broker, AND the apparaiser.
They went out and did a second appraisal and all of a sudden it got changed to the asking price.
Sometimes it's just in your delivery. 
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| Posted 8/22/08 12:06 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: I am crushed. so crushed.
 that this works out for you!!!
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| Posted 8/22/08 12:22 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: I am crushed. so crushed.
Posted by ave1024
Posted by Kara
If the house appraised for less, I have a feeling the seller will feel motivated to lower the price that $13,000 -- or run the risk of having the same problems with the next buyer.
Good luck!!
I don't find this to always be true.
The seller can simply say no thanks and sell the house to somebody else.
Even if somebody else buys it for the same price, it is possible that they will be fininancing with a different bank and using a different appraiser.
A different appraiser may think it's worth more.
Of course they can. I'm aware that they have options. However, the market is unpredictable at best right now, and I think most sellers would take $13,000 off the price of the house rather than roll the dice putting the house back on the market... especially since I believe the OP posted on another thread that the sellers would looking to close quickly.
The sellers could also have a competing appraiser if they wanted to (what I'd probably do if I were the seller). If they really want a quick sale in this market, though, $13k isn't a huge amount to lose.
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| Posted 8/22/08 12:36 PM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: I am crushed. so crushed. Partial UPDATE
I hope this works out for you!
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| Posted 8/22/08 2:15 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: I am crushed. so crushed. Partial UPDATE
UPDATE:
I just spoke with my agent. she called the appraiser who KINDLY spent 2 hours on the phone with her going over every comp, every statistic and guidline he used.
even she had to agree (and she's also the sellers agent!) that it was fair.
the seller is still trying to get more money for it...she asked if we would meet her somewhere..which we MIGHT have considered but the bank basically said no.
I have no idea what she's going to say at this point....besides a big NO THANK YOU.
so we'll be out the money on the inspection, and WORSE, we'll lose a lock on an interest rate that probably won't be seen again for a while.
I think if this doesn't work out I'm gonna suggest a break from house hunting.
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| Posted 8/22/08 2:16 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I am crushed. so crushed. Partial UPDATE
I really don't understand why Chase won't underwrite this mortgage if you decide to put an extra 13k down.
That is really stupid of them IMO.
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| Posted 8/22/08 3:06 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: I am crushed. so crushed. Partial UPDATE
Posted by ave1024
I really don't understand why Chase won't underwrite this mortgage if you decide to put an extra 13k down.
That is really stupid of them IMO.
it makes sense to me. especially in this market.
what I am having trouble wrapping my head around is a person asking people to pay MORE than the value of a home.
I don't see myself doing that EVER....basically asking someone to fund my overpriced dreams???? insanity.
she also asked the broker to FURTHER reduce her commission...which she has ALREADY reduced once. AND berated and insulted her to boot. like it's anyone's "fault' the house didn't appraise.
and if the shoe was on the other foot...she wouldn't do ANY of these things.
it's such a turnoff.
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| Posted 8/22/08 3:10 PM |
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mom2mgn
Love my family
Member since 2/08 2267 total posts
Name:
Christine
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Re: I am crushed. so crushed. Partial UPDATE
I'm so sorry you are going through this.  I was actually going to suggest you go to the broker and ask her to reduce her commission but, sounds like that is out. When we bought our condo, we had a similar situation and the agents took a decrease in commission to get it sold.
That this works out for you and your DH.
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| Posted 8/22/08 3:20 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: I am crushed. so crushed. Partial UPDATE
I think it's ok for the broker to offer to reduce her comission
I know my DH has done it to get the deal done
BUT I find it quite rude to ask someone to make less money then they were suppose to and I would personally never be able to ask someone working for me to take a pay cut (esp when there seems to be MORE work involved not less)
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| Posted 8/22/08 3:23 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: I am crushed. so crushed. Partial UPDATE
Posted by Beth1210
I think it's ok for the broker to offer to reduce her comission
I know my DH has done it to get the deal done
BUT I find it quite rude to ask someone to make less money then they were suppose to and I would personally never be able to ask someone working for me to take a pay cut (esp when there seems to be MORE work involved not less)
that's the thing...she's ALREADY reduced her commission (IE HER PAYCHECK) once for this lady.
how could you ask anyone to do that again?! just so you can get closer to what you "want" for the house.
it's value has still gone up $60 k since she bought it...she's not LOSING!
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| Posted 8/22/08 3:26 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I am crushed. so crushed. Partial UPDATE
Posted by Ophelia
what I am having trouble wrapping my head around is a person asking people to pay MORE than the value of a home.
That is only one appraiser's opinion though. Like I was saying earlier, it's very possible that if that seller finds another buyer that bring in a different bank, their appriaser may think the house is worth more.
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| Posted 8/22/08 4:13 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: I am crushed. so crushed. Partial UPDATE
Posted by ave1024
Posted by Ophelia
what I am having trouble wrapping my head around is a person asking people to pay MORE than the value of a home.
That is only one appraiser's opinion though. Like I was saying earlier, it's very possible that if that seller finds another buyer that bring in a different bank, their appriaser may think the house is worth more.
dude...I get this part 
but the general consensus is that the appraisal was good and fair and accurate.
if she thinks it would appraise higher...she should hire an appraiser. I have no problem with that at all.
I mean, do we really think BoA or Citi or WaMu is really going to have that much of a discrepancy???
ETA: I was wrong. Chase will give us 90% of the appraised value as the loan. we'd just have to come up with the rest.
plus closing cost.
there goes my furniture money if we do that....and I can't have that.
Message edited 8/22/2008 4:26:39 PM.
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| Posted 8/22/08 4:21 PM |
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gtsgirl
LIF Adult
Member since 5/06 1385 total posts
Name:
Stacey
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Re: I am crushed. so crushed. Partial UPDATE
HI Ophelia,
This happened to us. The house appraised for $25000 less then then what we agreed upon. I was no about to split the difference nor come up with $25000 more. Turns out they lowered the price because their Real Estate agent said that this will happen to the next buyer and it might even be worse. They paid ofr another appriasal and it came back $5000 higher so that is what we paid. Good luck!!!
PS i agree with you about not paying more in this market..no matter how much you love the house!!
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| Posted 8/22/08 4:47 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: I am crushed. so crushed. Partial UPDATE
if that bank won't give you a mortgage for anything more than appraised value, what choice does the seller have but to lower the price??
unless someone else comes along and pays cash for it, how do they expect to sell the house? 
eta: even if she hires her own appraiser, it doesn't guarantee that the house would be worth more. it could be reality, that the seller has to accept
Message edited 8/22/2008 6:14:08 PM.
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| Posted 8/22/08 6:10 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: I am crushed. so crushed. Partial UPDATE
Ask for a second apprisal, not a driveby. The first apprasal we had came in lower because they just did a driveby. The second came in fine.
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| Posted 8/22/08 6:16 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I am crushed. so crushed. Partial UPDATE
Posted by Ophelia
ETA: I was wrong. Chase will give us 90% of the appraised value as the loan. we'd just have to come up with the rest.
Told ya there was something wrong with that scenario with Chase.
They don't care about what the house appraises for as long as you abide by their LTV requirements. 
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| Posted 8/22/08 8:16 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: I am crushed. so crushed. Partial UPDATE
i don't know, but it seems like you really really want this house. in the grand scheme of a mortgage, $13,000 is not that bad. i would go for it if it's not going to make your payment unmanageable and like you said, even if you find a cheaper house, the interest rates are going up, so you will pay a lot more than $13,000 in interest over the years.
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| Posted 8/22/08 8:39 PM |
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lbride
Lovin' my mini man!
Member since 3/07 2475 total posts
Name:
Lisa
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Re: I am crushed. so crushed. Partial UPDATE
why dont you ask the seller to lower the asking price for "show" - meaning for the bank and mortgage and then pay them the difference in cash on the side
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| Posted 8/23/08 8:42 AM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: I am crushed. so crushed. Partial UPDATE
Posted by charon54
Ask for a second apprisal, not a driveby. The first apprasal we had came in lower because they just did a driveby. The second came in fine.
the appraisal wasn't a drive by. it was extremely thorough.
as for the 13k...like I said, if I handed that over I wouldn't have FURNITURE.
this is a "second" home for us. we were very careful about figuring out the amount of money we wanted to put into this.
I am really surprised so many people would even SUGGEST just paying the money....
we have decided to go a few thousand above the appraised value in the effort of making this deal...but it's no where near the full amount (the highest we'd go above is 5k)
I am just  that people think you need to just "pay" to get your "dream" house...
I have a "dream" life...not "dream" things...b/c they are just that...things individually....
there is always another...
thanks all
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| Posted 8/23/08 11:07 AM |
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MeeshkaMich
LL=Yum
Member since 2/06 5616 total posts
Name:
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Re: I am crushed. so crushed. Partial UPDATE
Posted by MrsFlatbread
Posted by Ophelia
as much as I LOOOOVVVEEE this house, I don't think that buying a house IN THIS MARKET for over the value is very wise.
the market keeps taking hits and values are still falling, so what is now "just" 13K could just get worse.
my dream is to own a house I love...not to own it despite its value.
we put a contingency in the contract stating the contract was also conditioned upon thehouse being appraised for the purchase price by the lender...so we are covered there.
the agent told the seller yesterday, and she was incredulous of course.
the home still appraised for a nice chunk over what she paid for it 6 years ago (thank you Zillow lol) but considering she had it priced 34k ABOVE what we had agreed upon to start with (she'd lowered it 30k before we even made an offer, and accepted at 4k below that) I am not sure what she will do.
the bank has already stated they won't give us the mortgage unless the purchase price equals the appraised value...and in this crazy market I don't blame them.
we should find out something today.
thanks girls.
She will lower the price, because if it appraises lower now, if you back out, someone will put in a offer and it will likely appraise for the same amount or lower considering the turn the market is taking...the seller would be an arse for not lowering the price now than trying to "wait it out" she could lose more money in the future than the $13,000...Good luck!
I agree with PP I think the seller will come down on the price. There's still hope Jess no  instead
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| Posted 8/23/08 12:42 PM |
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Ladybug63
Ohh... baby
Member since 5/06 2527 total posts
Name:
D
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Re: I am crushed. so crushed. Partial UPDATE
I 100% agree with you! I would not purchase a home for $13,000.00 more then what it appraised at  I do not think that is a wise financial decision esp. in this market!!
All I can say is what's meant to be will be. I really hope it works out for you
I also think $5k above appraisal is very fair. The seller should take the $8k difference loss and chalk it up to a bad market to sell in. If she wants out she's going to have to. If she can stick it out another 6-8 years or do some great improvements sooner she's going to have to take the deal.
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| Posted 8/23/08 2:20 PM |
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