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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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We rec'd the appraisal...
Just an update to the appraisal situation...
Appraisal was done. It is nine thousand less than the price we went to contract on. So, we are nine thousand apart. It is not as bad as we thought - at first, we were nervous it would be like 20 thousand less...
We are waiting to see what the sellers will say: are they willing to come down nine thousand to be where the home is worth? Or are they going to ask us to split the difference? I wish I could but we don't have that cash after closing costs came in higher than we thought plus the down payment we are putting down.
Their other option would be to kill the deal and put it back on the market -- but over nine thousand? Especially with the risk that this is likely to happen again with the next buyer and appraisal? Hmm.
We shall see  What do you guys think?? We are trying to stay positive and hope that it will work out.
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Posted 4/23/13 12:45 PM  |
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Prudential Douglas Elliman Real Estate
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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: We rec'd the appraisal...
I wouldn't kill the deal over $9K
but they could challenge the apprasial
or they could ask you to split the difference or pay part of it
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| Posted 4/23/13 1:36 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: We rec'd the appraisal...
Posted by Beth
I wouldn't kill the deal over $9K
but they could challenge the apprasial
or they could ask you to split the difference or pay part of it
Yeah, that's what we are thinking... hmm, we'll see what plays out 
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| Posted 4/23/13 2:23 PM |
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Paramount
Sweet!
Member since 7/12 4287 total posts
Name:
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Re: We rec'd the appraisal...
I say speak to your realator and see how they think you should handle it.
Certainly see if they can come down the 9k....
Good luck.
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| Posted 4/23/13 3:17 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: We rec'd the appraisal...
Posted by Paramount
I say speak to your realator and see how they think you should handle it.
Certainly see if they can come down the 9k....
Good luck.
this is the major disadvantage to not having your own agent and buying from the sellers agent!
I really need to ask the powers that be to let me post why you should 100% have your own buyers agent as the top post on this board!
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| Posted 4/23/13 5:39 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: We rec'd the appraisal...
Posted by Beth
Posted by Paramount
I say speak to your realator and see how they think you should handle it.
Certainly see if they can come down the 9k....
Good luck.
this is the major disadvantage to not having your own agent and buying from the sellers agent!
I really need to ask the powers that be to let me post why you should 100% have your own buyers agent as the top post on this board!
I agree. Not knowing much about real estate, this situation happen to us as a seller. The agent was dual since the buyer just called the listing agent to come see. When the appraisal came back negative, he didn't even care about us as it was pretty much take it or leave it deal. I didn't know there could be a negotiation or anything. He got full commission for both sides and went off his way. We signed him up as a buyers agent but found a loop hole to get out of that agreement as we felt like he did us wrong.
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| Posted 4/23/13 7:05 PM |
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photoshopbabe
wow....
Member since 5/07 2197 total posts
Name:
linda
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Re: We rec'd the appraisal...
ugg-we had the SAME problem.
so ANNOYING.
the appraisal came in lower-but the sellers put in 1k and so did my realtor (beth) and the other one. also my mortg guy did as well.
it was upsetting and we had to put more money up at closing-but they weren't going to budge.
everything could go wrong-went wrong so if u have any ?s ask away! lol
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| Posted 4/23/13 7:24 PM |
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Dee0522
And then there were four...
Member since 6/09 2088 total posts
Name:
Denise
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Re: We rec'd the appraisal...
I feel your pain... we had a deal fall through for our condo a few months ago because the appraisal came in $25K lower than the price we agreed on. It was really devastating. We couldn't come down AT ALL because we were already underwater on our mortgage. The buyers ended up backing out (can't say we blamed them) and we were pretty bummed that the value of our condo had fallen so low. That being said, if it had come back at $9K under I think we definitely would've tried to work something out with the buyers to meet in the middle.
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| Posted 4/24/13 3:01 PM |
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Re: We rec'd the appraisal...
Posted by BabyBoy
Posted by Beth
Posted by Paramount
I say speak to your realator and see how they think you should handle it.
Certainly see if they can come down the 9k....
Good luck.
this is the major disadvantage to not having your own agent and buying from the sellers agent!
I really need to ask the powers that be to let me post why you should 100% have your own buyers agent as the top post on this board!
I agree. Not knowing much about real estate, this situation happen to us as a seller. The agent was dual since the buyer just called the listing agent to come see. When the appraisal came back negative, he didn't even care about us as it was pretty much take it or leave it deal. I didn't know there could be a negotiation or anything. He got full commission for both sides and went off his way. We signed him up as a buyers agent but found a loop hole to get out of that agreement as we felt like he did us wrong.
Just to be clear, when a buyer calls up the listing agent and asks to see a property and then buys it, the listing agent is still the seller's agent ONLY. He is not a "dual agent," which would suggest that he is representing the buyer as well as the seller. As a practical matter, an individual agent can really only represent one side.
Sometimes, a broker can represent more than one side, but then the broker will assign individual agents to represent each side. So if I have a buyer client, who has hired me to be a buyer's agent, and I sell that client a listing that another agent who works for my broker has on the market, then my broker (the owner of Century 21 Dallow) is the dual agent, but I am the agent representing the buyer and my colleague is the listing agent representing the seller. The seller and the buyer both have contracts with my broker (Century 21 Dallow) but they have individual agents representing their needs.
Unless you as a buyer elect to work with an agent as a buyer's agent -- and this would be disclosed on the agency disclosure form that every agent has to have you sign, by law, when you first meet with them or see a house with them --then the agent (whoever they are, they don't need to be the listing agent) is working for the seller.
But if you as a buyer buy a house through the listing agent, you have NO REPRESENTATION thoughout negotiations and the entire buying process. And that shouldn't be, because you, as the buyer, are the one bringing the money to the table.
But it's very important to understand from the very start whether the agent you are working with is merely helping you by facilitating a deal, or is actually representing your interests as your agent and advocate. Your interactions with an agent should be different depending on what relationship you have with that agent.
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| Posted 4/24/13 3:09 PM |
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