|
|
 Owner of a ratting catting machine
Posts: 2258
  
| If you're a home owner, and you have decided to list your place for sale;
You have qualified buyers get your place under contract, the earnest money check clears, the underwriting is done, the banker is hot and loaded for bear, you have your place sold as soon as appraisal comes in. Problem: your place appraises for $25,000 under the contract price. Buyers offer $12,500 OVER appraisal price. You tell them to take a hike, won't consider a deal, and hang up the phone.
I just want you to know, you are a greedy so and so, and you have successfully wasted appraisal money, 2 months of the buyers time, 3 other places the buyer could have been buying instead and be moving into, and I hope you keep your place until it rots. Like for real, I hope it rots. |
|
| |
|
  Fact Checker
Posts: 16572
  
Location: Displaced Iowegian | Not knowing the "exact" situation, I will insert a comment that perhaps they are not "greedy"....but just trying to recoup some of the money that they have IN the real estate. Just perhaps they bought it during the housing boom and paid more because it appraised more at THAT time......now that real estate has come down, it appraises for less..... |
|
| |
|
 Jr. Detective
Location: Beggs, OK | Appraisals are incredibly subjective. The next appraiser may value the property $25k over the contract price. The seller may feel like they had already made a deal to get to the contract price to begin with and are frustrated with the appraisal. Any number of things could have happened. You never know what they might actually owe on the property either...Real Estate transactions are very personal and bring out the worst in some people. |
|
| |
|
Owner of a ratting catting machine
Posts: 2258
| This place doesn't have that kind of investment in it. It was purchased for much, much less and no improvements made. Just an old man being stingy. I really need a home and the real estate thing has been brutal for way over a year. I really had my hopes up this time, people do this for a living?
Does anybody want to se their place for what it's actually worth? Or even $12,500 over that? Doesn't look that way. |
|
| |
|
Owner of a ratting catting machine
Posts: 2258
| I get it, I really do! Here's me ill wishing somebody's poor shack to rot! However, I do know the situation, and in this case, shutting down a buyer with money in hand just seems...
I don't I'll wish the old man, I'm not like that at all, I'm just feeling really really stomped on. |
|
| |
|
 Own It and Move On
Location: The edge of no where | I'm sorry....real estate deals aren't any fun. It's a frustrating process.
Appraisals can be all over the board, at the end of the day, a place is worth whatever someone is willing to pay for it. If he's not in a bind to sell, I can definitely see refusing to take less than the agreed upon price.
|
|
| |
|
Location: Here, there, & everywhere | I have been on both sides and both suck. Appraisals can be a joke because the bottom line is a home is worth whatever someone is willing to sign the contract for and pony up the $$ whether it is financing or cash. We couldn't get a house to appraise well, similar difference and we walked away too. I wasn't mad, I had agreed on the original contract price. We just couldn't swing the extra cash and really didn't want to. The seller found their buyer at the original price about 2 months later. We also choose to wait when we sold our home in the same scenario. We took it off the market and sold it almost 2 years later for the original price. Maybe they financially CAN'T sell it due to a mortgage. Maybe they just want to wait it out for a better appraisal and recoup some money, that's a lot of money. Home buying (& selling) is so stressful and emotionally draining. Something is out there that's better for you and you'll be glad you didn't buy this one!  |
|
| |
|
Owner of a ratting catting machine
Posts: 2258
| MS2011 - 2015-08-06 10:13 AM
I'm sorry....real estate deals aren't any fun. It's a frustrating process.
Appraisals can be all over the board, at the end of the day, a place is worth whatever someone is willing to pay for it. If he's not in a bind to sell, I can definitely see refusing to take less than the agreed upon price.
Thanks! It's just been crazy for us trying to buy a place! We've had no less than four contracts fall through, either due to the seller changing their mind completely, or failed appraisals, or...something. Just nuts and so frustrating!
Edited by classicpotatochip 2015-08-06 10:28 AM
|
|
| |
|
Jr. Detective
Location: Beggs, OK | classicpotatochip - 2015-08-06 9:52 AM This place doesn't have that kind of investment in it. It was purchased for much, much less and no improvements made. Just an old man being stingy. I really need a home and the real estate thing has been brutal for way over a year. I really had my hopes up this time, people do this for a living? Does anybody want to se their place for what it's actually worth? Or even $12,500 over that? Doesn't look that way.
Being a Realtor's wife is frustrating like that every day.... I hear about every kind of stupid a person can be. We have had million dollar deals fall over $5,000....We have million dollar buyers offer cash for full value and in some cases more than full value and have sellers back out at the last minute....Buyers who complain because the house is dirty when they move in, Sellers who want to take the gates with them, Buyers who think that the sellers should have left the water hoses, etc...
Scam artists like you can't even imagine show up wanting to look at the highest priced properties. My husband now requires verification of funds to even show the big places. Some people only list a property with a Realtor to find out how many people want what they have....Greg won't even take a listing for a property that is incredibly overpriced. Realtors pay for their own advertising and don't get paid unless your place sells. It sure would be nice to be able to charge by the hour like other industries! The wasted time on weekends is the hardest to take. He drove an hour and a half one way to show a property on Saturday to people who weren't bright enough to understand that "fully wooded" meant that there wouldn't be any grazing land for livestock.... |
|
| |
|
Location: Here, there, & everywhere | classicpotatochip - 2015-08-06 10:20 AM
MS2011 - 2015-08-06 10:13 AM
I'm sorry....real estate deals aren't any fun. It's a frustrating process.
Appraisals can be all over the board, at the end of the day, a place is worth whatever someone is willing to pay for it. If he's not in a bind to sell, I can definitely see refusing to take less than the agreed upon price.
Thanks! It's just been crazy for us trying to buy a place! We've had no less than four contracts fall through, either due to the buyer changing their mind completely, or failed appraisals, or...something. Just nuts and so frustrating!
I can see why you're frustrated. Four?! Buying & selling is so different now than even a few years ago. |
|
| |
|
Owner of a ratting catting machine
Posts: 2258
| Stretch99 - 2015-08-06 10:23 AM
classicpotatochip - 2015-08-06 10:20 AM
MS2011 - 2015-08-06 10:13 AM
I'm sorry....real estate deals aren't any fun. It's a frustrating process.
Appraisals can be all over the board, at the end of the day, a place is worth whatever someone is willing to pay for it. If he's not in a bind to sell, I can definitely see refusing to take less than the agreed upon price.
Thanks! It's just been crazy for us trying to buy a place! We've had no less than four contracts fall through, either due to the buyer changing their mind completely, or failed appraisals, or...something. Just nuts and so frustrating!
I can see why you're frustrated. Four?! Buying & selling is so different now than even a few years ago.
I meant to say seller in the above post!
Yep. Four. My hopes of having somewhere to spend Christmas other than a hotel room with two kids have been dashed four times. Exhausting!
I just need enough room for horses, with a reasonably updated house, within a 3 hour radius of our chosen location.
I'm hoping that the next one is perfect and we can just sign and move in! I really need a place!! :)
I'm really hoping I don't sound callous or rude, I just needed to write it all down!
|
|
| |
|
 Sorry I don't have any advice
Posts: 1975
Location: Sunnyland Florida |
Welcome to my daily world - the life of a real estate agent, LOL. I understand how you feel and hate it when this happens, but it does occur - often.
It's tough for all involved in the deal when a propety doesn't appraise. Sellers have all kinds of reasons for not lowering their contracted price to appraised value, and that is their prerogative. I hate it when the buyers lose money on inspections, appraisals, etc., that's the ugly side of the business. You were generous in offering over appraised value.
Appraisers are being particularly tough right now and will be for quite a while - 2005-2006 won't repeat itself anytime soon!
Hope the next deal works out for you without a hitch!
|
|
| |
|
 Expert
Posts: 1718
Location: Southeast Louisiana | Where are you located, or where are you looking? |
|
| |
Real estate rant.