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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Not happy with our seller knowing our appraisal value
I was under the impression that the seller never knows the appraisal value unless it was under the selling price. I just found out the seller had to sign a waiver stating that they are selling us the house at a significant loss and stated the appraisal value.
I AM HORRIFIED that they know this. Now they are suspicious of us of flipping the house which we are not doing!
We also found out we are paying for the C of O which we were never told. So $850 we owe the seller, not that is a biggie but we would of wished the lawyer told us this.
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Posted 9/25/09 9:22 PM  |
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Prudential Douglas Elliman Real Estate
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jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
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Re: Not happy with our seller knowing our appraisal value
Posted by Nifheim
We also found out we are paying for the C of O which we were never told. So $850 we owe the seller, not that is a biggie but we would of wished the lawyer told us this.
why would you be paying for the C/O ..thats not your responsiblity ??!
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| Posted 9/26/09 1:03 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: Not happy with our seller knowing our appraisal value
Posted by Nifheim
I was under the impression that the seller never knows the appraisal value unless it was under the selling price. I just found out the seller had to sign a waiver stating that they are selling us the house at a significant loss and stated the appraisal value.
I AM HORRIFIED that they know this. Now they are suspicious of us of flipping the house which we are not doing!
We also found out we are paying for the C of O which we were never told. So $850 we owe the seller, not that is a biggie but we would of wished the lawyer told us this.
What waiver did he sign? What is the big deal if he knows what the house appraised for? You two agreed on a price. The appraisal really doesn't make any difference in the transaction. It's only there for the bank.
Also who told you that you had to pay for the CO? If you paying for the CO isn't in your contract, you shouldn't be paying for it. If it is in the contract, your lawyer should have most definitely mentioned this to you.
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| Posted 9/26/09 1:55 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Not happy with our seller knowing our appraisal value
when i sold, i wanted to know what the appraisal was... but, my atty wasn't told any of that stuff.
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| Posted 9/26/09 7:55 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Not happy with our seller knowing our appraisal value
Long i am sorry!
i didn't want them to know that they sold the house for 80k less then the value. It made them somewhat upset and if they didn't sign the form I am not sure if we would have a sale (not sure), spoke to them last night and they are terrified we are flipping their house which we are not and I had to explain due to the grant money we have we can not sell the house for 10 years unless we pay back all the grants. That helped out a bit.
The c of o was not in the contract this was sold as is, we were told sometimes they look over these things and you can close with out (not true) so we waited and when we were told we had to get one we found out we ourselves could not apply for one (permits were on file since 1972 but they never got it inspected) so the sellers had to do it but they said they wouldn't pay for it. This is the part our lawyer should of asked us if it was okay for us to pay for it and give it to them at closing or whenever but we never got that. We will pay for it not an issue but it would of been nice to be told before it was done.
As long as we have a closing date by next week I will be satisfied, we have now spent a tad over $3,000 on a house we do not own yet and its to the point where I really wish we were made aware of all the complications associated with FHA loans, sold as is and Wells Fargo procedures. Of course we have been as patient as patient can be this has been going on since May we a grateful to have an opportunity to own a house and that we got the house at a price we can afford to put some money in it but the way it has happened really has sent us to our breaking point.
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| Posted 9/26/09 8:34 AM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Not happy with our seller knowing our appraisal value
Why would they care if you are flipping the house even if you were? It won't belong to them any more.
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| Posted 9/26/09 9:19 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: Not happy with our seller knowing our appraisal value
Posted by charon54
Why would they care if you are flipping the house even if you were? It won't belong to them any more.
my thought as well...they should have done there homework to see what the house was worth before listing it
it's not like you put a gun to their head and said sell me the house for $80K less
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| Posted 9/26/09 9:53 AM |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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Re: Not happy with our seller knowing our appraisal value
I don't understand what it matters if they saw the appraisal or not?
They chose to sell - what you do with it is none of their business
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| Posted 9/27/09 12:38 PM |
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nicrae
He's here!
Member since 12/06 9289 total posts
Name:
Mommy
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Re: Not happy with our seller knowing our appraisal value
I wasn't aware that the seller aren't supposed to know what their house appraises for.
When we bought our house they knew the house appraised for more than they sold it for. That is why we were able to do a seller's concession.
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| Posted 9/27/09 3:09 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Not happy with our seller knowing our appraisal value
Maybe I am missing part of the story, but I don't see why this is a problem?
When we sold the condo we knew what it appraised for - I think it's pretty common for the sellers to know the appraisal price.
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| Posted 9/27/09 3:16 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Not happy with our seller knowing our appraisal value
they had to sign a form that says the are aware of the appraisal amount and the major difference for our motgage if they decided not to sign they could of pulled out I would be out of a house. I would of lost out on money outside of deposit (escrow) and been screwed out of my grant money as well. Luckily they are just so fed up like us for how long this has taken they just don't care anymore. i was terrified thinking they were going to back out.
Message edited 9/27/2009 10:19:14 PM.
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| Posted 9/27/09 7:51 PM |
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