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MrsRJP
Happy Spring!!!
Member since 12/07 2151 total posts
Name:
Rena Marie
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Re: I am crushed. so crushed. Partial UPDATE
Posted by JRG71
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.
ITA I would never pay over either. I am so sorry you are going through this. I know you really wanted this house and hopefully the seller will wake up and realize that this might happen again with another buyer that is interested.  
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Posted 8/23/08 8:53 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: I am crushed. so crushed. Partial UPDATE
keep in mind, appraisals are simply opinions (and this is coming from an appraiser). Two appraisals rarely result in the exact same value.
It may be that the available comps weren't the greatest. That doesn't necessarily mean its not worth the additional $13K. And it doesn't mean that a new sale tomorrow wouldn't support your price. The appraised value must be bracketed by the prices of the recent comps, so even if your house is better than the comps, its somewhat "held down" by them.
You thought it was worth the agreed upon price, or you wouldn't have agreed to it. Hopefully the seller will come down, but my point is, just because the house didn't appraise for the contract price, doesn't necessarily mean its not worth it.
Message edited 8/24/2008 10:32:58 PM.
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| Posted 8/24/08 10:32 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: I am crushed. so crushed. Partial UPDATE
we had a flip in florida that appraised for 12k less than our agreed selling price in 2003. We agreed to lower the price to close the deal because we had a qualified buyer and we figured staring over with another buyer would mean more carrying costs & the possibilty that it would appraise low again.
Some people hedge their bets differently, you made your best offer which I think is PLENTY generous given today's market. Now its up to her if she wants fast closing or the possiblity of months back on the market.
Sorry about your rate...just another joy of home buying
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| Posted 8/24/08 10:51 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: I am crushed. so crushed. Partial UPDATE
I hope it works out for you!
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| Posted 8/25/08 10:39 AM |
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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 -Lisa-
keep in mind, appraisals are simply opinions (and this is coming from an appraiser). Two appraisals rarely result in the exact same value.
It may be that the available comps weren't the greatest. That doesn't necessarily mean its not worth the additional $13K. And it doesn't mean that a new sale tomorrow wouldn't support your price. The appraised value must be bracketed by the prices of the recent comps, so even if your house is better than the comps, its somewhat "held down" by them.
You thought it was worth the agreed upon price, or you wouldn't have agreed to it. Hopefully the seller will come down, but my point is, just because the house didn't appraise for the contract price, doesn't necessarily mean its not worth it.
I have to agree with everything Lisa said.
Appraisers can say whatever they want and make whatever decisions they like to come up with their numbers.
Bottom line is: The house is worth what somebody will pay for it. That will always be the case.
There will be plenty of times where a house can appraise for 500k, yet a seller couldn't find a buyer for 450k. The reverse can be true as well.
Also don't forget if you do buy this house for the additional 13k, the next time somebody buy's a similar farmhouse, your sale price will be used in THEIR comps. Not a bad thing.
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| Posted 8/25/08 10:43 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 ave1024
Posted by -Lisa-
keep in mind, appraisals are simply opinions (and this is coming from an appraiser). Two appraisals rarely result in the exact same value.
It may be that the available comps weren't the greatest. That doesn't necessarily mean its not worth the additional $13K. And it doesn't mean that a new sale tomorrow wouldn't support your price. The appraised value must be bracketed by the prices of the recent comps, so even if your house is better than the comps, its somewhat "held down" by them.
You thought it was worth the agreed upon price, or you wouldn't have agreed to it. Hopefully the seller will come down, but my point is, just because the house didn't appraise for the contract price, doesn't necessarily mean its not worth it.
I have to agree with everything Lisa said.
Appraisers can say whatever they want and make whatever decisions they like to come up with their numbers.
Bottom line is: The house is worth what somebody will pay for it. That will always be the case.
There will be plenty of times where a house can appraise for 500k, yet a seller couldn't find a buyer for 450k. The reverse can be true as well.
Also don't forget if you do buy this house for the additional 13k, the next time somebody buy's a similar farmhouse, your sale price will be used in THEIR comps. Not a bad thing.
it's not that I don't agree with her.
I agree and understand.
but the other factors are also singing in my ear...the fact that it's been on the market with NO real offers for 9 months.
the fact that the other comps in the area over the last 3 years (they went back THAT far) are pretty consistent with the appraised value.
the fact that WE CANNOT put ourselves in a position financially to "give" this lady her price leaving us running on FUMES??? NO WAY.
not when the house STILL appraised for far more than what she paid. not when she is STILL making a profit.
I am not saying it's not possible for someone else to come along and be willing to pay the overage.
I am just saying WE are not.
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| Posted 8/25/08 10:58 AM |
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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Re: I am crushed. so crushed. Partial UPDATE
So whats next? Whats the status so far? I'm so sad for you but I hope it'll work out!
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| Posted 8/25/08 11:10 AM |
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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
I am just saying WE are not.
Hey nothing wrong with that. You never know she may come back groveling to you a month later. 
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| Posted 8/25/08 11:12 AM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: I am crushed. so crushed. Partial UPDATE
My guess is she'll lower the price. By now she has mentally moved out of the house.
No one wants to go through the aggravation of showings again.
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| Posted 8/25/08 11:16 AM |
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Tabitha
Member since 2/07 2029 total posts
Name:
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Re: I am crushed. so crushed. Partial UPDATE
i hope she lowers the price for you good luck. 
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| Posted 8/25/08 11:17 AM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: I am crushed. so crushed. Partial UPDATE
Posted by Ophelia
Posted by ave1024
Posted by -Lisa-
keep in mind, appraisals are simply opinions (and this is coming from an appraiser). Two appraisals rarely result in the exact same value.
It may be that the available comps weren't the greatest. That doesn't necessarily mean its not worth the additional $13K. And it doesn't mean that a new sale tomorrow wouldn't support your price. The appraised value must be bracketed by the prices of the recent comps, so even if your house is better than the comps, its somewhat "held down" by them.
You thought it was worth the agreed upon price, or you wouldn't have agreed to it. Hopefully the seller will come down, but my point is, just because the house didn't appraise for the contract price, doesn't necessarily mean its not worth it.
I have to agree with everything Lisa said.
Appraisers can say whatever they want and make whatever decisions they like to come up with their numbers.
Bottom line is: The house is worth what somebody will pay for it. That will always be the case.
There will be plenty of times where a house can appraise for 500k, yet a seller couldn't find a buyer for 450k. The reverse can be true as well.
Also don't forget if you do buy this house for the additional 13k, the next time somebody buy's a similar farmhouse, your sale price will be used in THEIR comps. Not a bad thing.
it's not that I don't agree with her.
I agree and understand.
but the other factors are also singing in my ear...the fact that it's been on the market with NO real offers for 9 months.
the fact that the other comps in the area over the last 3 years (they went back THAT far) are pretty consistent with the appraised value.
the fact that WE CANNOT put ourselves in a position financially to "give" this lady her price leaving us running on FUMES??? NO WAY.
not when the house STILL appraised for far more than what she paid. not when she is STILL making a profit.
I am not saying it's not possible for someone else to come along and be willing to pay the overage.
I am just saying WE are not.
Although I agree/understand with most of what the pp's are saying, I think you are being fiscally responsible and I commend you on that. If more people made wiser choices in the past several years our housing market would not be in such crisis. Fact of the matter is, a bank won't approve a loan for more than the appraised value and there is a reason for that. You should not have to pick up the slack bc the owner "feels" its worth more-especially given the current state of things and that she would still be making a handsome profit. Best of luck to you and DH!
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| Posted 8/25/08 11:22 AM |
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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
Posted by Katie111806
Although I agree/understand with most of what the pp's are saying, I think you are being fiscally responsible and I commend you on that. If more people made wiser choices in the past several years our housing market would not be in such crisis. Fact of the matter is, a bank won't approve a loan for more than the appraised value and there is a reason for that. You should not have to pick up the slack bc the owner "feels" its worth more-especially given the current state of things and that she would still be making a handsome profit. Best of luck to you and DH!
agreed 110%!!!!!
you are doing the smart thing-
my Dad always said you have to be willing to walk away
it's a business transaction first and foremost
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| Posted 8/25/08 11:24 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: I am crushed. so crushed. Partial UPDATE
Posted by Beth1210
Posted by Katie111806
Although I agree/understand with most of what the pp's are saying, I think you are being fiscally responsible and I commend you on that. If more people made wiser choices in the past several years our housing market would not be in such crisis. Fact of the matter is, a bank won't approve a loan for more than the appraised value and there is a reason for that. You should not have to pick up the slack bc the owner "feels" its worth more-especially given the current state of things and that she would still be making a handsome profit. Best of luck to you and DH!
agreed 110%!!!!!
you are doing the smart thing-
my Dad always said you have to be willing to walk away
it's a business transaction first and foremost
ITA.
Of course, it's your choice to pay the $13K
I would not. I would never pay more than it appraises. It makes no sense financially speaking.
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| Posted 8/25/08 12:07 PM |
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MrsPornStar
Partners in crime
Member since 10/05 14656 total posts
Name:
Mama
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Re: I am crushed. so crushed. Partial UPDATE
Any progress Jess?
I really commend both of you for being financially responsible. I know what it's like to find a house you love but know that no matter what, it's not a good finanical decision.
 
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| Posted 8/25/08 1:38 PM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: I am crushed. so crushed. Partial UPDATE
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!!
ita. hope it works out for you!!
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| Posted 8/25/08 1:55 PM |
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babyfaith
Onward and Upward!
Member since 2/08 3210 total posts
Name:
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Re: I am crushed. so crushed. Partial UPDATE
If a house is being appraised for less than what you are paying that is a big problem IMO! I don't know about you but I wouldn't want to overpay for a house. If the seller ever wants to sell, they are going to have to come down at least to the appraised price. If not, keep looking.
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| Posted 8/25/08 1:58 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 MrsPornStar
Any progress Jess?
I really commend both of you for being financially responsible. I know what it's like to find a house you love but know that no matter what, it's not a good finanical decision.
No news yet and I am about to LOSE MY ****! 
thanks ladies
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| Posted 8/25/08 2:01 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 8/25/08:
UPDATE:
We are back in business. the seller accepted our offer of $3k over the appraised value still with an extremely ambitious close of next week 
I am just waiting for the addendum to come in from her lawyer to get through the banks.
I ripped more new aholes today than "newbie" day at the county jail    , but we are back on track.
thank you all for your support, advice, and well wishes.
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| Posted 8/25/08 5:25 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: I am crushed. so crushed. Partial UPDATE UPDATE 8/25/08:
Great news!!! 
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| Posted 8/25/08 5:27 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: I am crushed. so crushed. Partial UPDATE UPDATE 8/25/08:
Posted by Ophelia
UPDATE:
I ripped more new aholes today than "newbie" day at the county jail , but we are back on track.
.
Jess, you crack me up!
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| Posted 8/25/08 5:27 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 8/25/08:
Posted by dandr10199
Posted by Ophelia
UPDATE:
I ripped more new aholes today than "newbie" day at the county jail , but we are back on track.
.
Jess, you crack me up!
Dina...I friggin LOVE you.
I got your vm and your email.
if you lay out ANY expenses (even donuts and coffee) you BETTER let me know! 
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| Posted 8/25/08 5:29 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: I am crushed. so crushed. Partial UPDATE UPDATE 8/25/08:
Good news!
Hope everything goes smooth after that!
You need to start worried about what color paint to buy and not whether you find a house or not.
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| Posted 8/25/08 5:30 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. Partial UPDATE UPDATE 8/25/08:
Just read the 8/25 update. Congratulations!! 
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| Posted 8/25/08 5:31 PM |
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MrsRJP
Happy Spring!!!
Member since 12/07 2151 total posts
Name:
Rena Marie
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Re: I am crushed. so crushed. Partial UPDATE UPDATE 8/25/08:
That is good to hear that the ball is rolling again. that everything goes smooth. Good Luck!!!
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| Posted 8/25/08 5:45 PM |
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JRG71
*****************
Member since 5/05 5025 total posts
Name:
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Re: I am crushed. so crushed. Partial UPDATE UPDATE 8/25/08:
Great news!!
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| Posted 8/25/08 7:24 PM |
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