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Apr 17, 2015
10:20
:38
pm
BYUFBDAD
The seller's agent did have comps to support the value, they were discounted.
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BYUFBDAD
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BYUFBDAD
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Dec 11, 2010
Last login
Apr 18, 2024
Total posts
18,709 (1,232 FO)
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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
Cougrrrs Roll
4/18/15 8:26am
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