I would not buy the house if I couldn't come up with $5k.

Apr 17, 2015
9:47:15pm

Pasadena

Not saying I would necessarily bridge the gap or that I wouldn't do everything possible to keep the $5k in my pocket. But if buying the house means you have no money left in your checking account than I wouldn't do it

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Pasadena

Bio page: Pasadena
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Last login: Apr 26, 2024
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Messages

Author

Time

Question for Real Estate experts (and anyone interested)

MapCoug

4/17/15 9:02pm

sellers lower price is what should happen.

cougsrule

4/17/15 9:08pm

Agree. Use it to negotiate.

Mexicougazul

4/17/15 9:12pm

Yes. Bank won't finance at the agreed price

scott715

4/17/15 9:16pm

What worries me is that we already talked them down ~10% below their original

MapCoug

4/17/15 9:15pm

Start there and see what they say. They need to solve it. So what they dropped

scott715

4/17/15 9:42pm

right, market drives price. He's willing to pay $5k more. There's the market

BYUFBDAD

4/17/15 9:49pm

I am not willing to flat out pay 5k more

MapCoug

4/17/15 9:54pm

offer to split it with him. He comes down $2500, you bring in $2500.

BYUFBDAD

4/17/15 9:57pm

I like it! Thanks

MapCoug

4/17/15 10:03pm

RE: I like it! Thanks

BYUFBDAD

4/17/15 10:08pm

I'd start asking for the full concession. Then when the seller twists MapCoug's

garyfan

4/17/15 11:03pm

disagree, I've had appraisers miss a value by $50k. If you were the seller

BYUFBDAD

4/17/15 9:48pm

then sellers agent should have comps to support higher value. If

cougsrule

4/17/15 10:12pm

The seller's agent did have comps to support the value, they were discounted.

BYUFBDAD

4/17/15 10:20pm

The comps were not likely very good then. I've seen agents provide comps that.

monteburns

4/17/15 10:24pm

You hit on one of the issues with this house

MapCoug

4/17/15 10:20pm

Correct. Good data provided to the appraiser can win a dispute. I've won almost

monteburns

4/17/15 10:21pm

Though this is true, in his case we're only talking 5k. When it's that close

monteburns

4/17/15 10:18pm

I agree.

cougsrule

4/17/15 10:57pm

Seller concession is another option. Get another appraisal if possible.

cougsareforreal

4/17/15 9:13pm

seller can carry back, get a new appraisal, or renegotiate

NorthBayCoug

4/17/15 9:25pm

What does "Seller can carry back" mean?

MapCoug

4/17/15 9:34pm

You make monthly payments to the seller for the 5k.

BYUFBDAD

4/17/15 9:38pm

carry back a portion of the sales price

NorthBayCoug

4/17/15 9:42pm

Carry backs usually are not allowed w typical financing.

monteburns

4/17/15 9:44pm

What's the better determination of market value, an appraiser or an arm's length

Pasadena

4/17/15 9:48pm

For the purpose of the transaction, it's obviously the appraisal.

monteburns

4/17/15 10:06pm

First thing to do is talk to your loan agent about having the appraisal reviewed

BYUFBDAD

4/17/15 9:39pm

You can dispute appraisals but you better have good data backing you up, and

monteburns

4/17/15 10:13pm

True, market specific. In the bay area, the buyer loses in his scenario.

BYUFBDAD

4/17/15 10:19pm

Agreed. His scenario is we're only talking 5k though.

monteburns

4/17/15 10:26pm

I would not buy the house if I couldn't come up with $5k.

Pasadena

4/17/15 9:47pm

To be completely honest...

MapCoug

4/17/15 9:50pm

I see. Makes sense. Others here have mentioned things you could do

Pasadena

4/17/15 9:52pm

your lender needs to be involved with this decision. Even if you borrow it from

BYUFBDAD

4/17/15 9:52pm

First and foremost I'd go to the seller and renegotiate. Appraisals coming in lo

monteburns

4/17/15 10:10pm

I should probably back out of real estate discussions, I realize that I live and

BYUFBDAD

4/17/15 10:26pm

No, you have good insight.

monteburns

4/17/15 10:26pm

Walk away if they won´t drop to appraisal.

Sooner Cougar

4/18/15 12:26am

Negotiate

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