So, they loved the house...

You might remember my thread from yesterday that we randomly got a letter from a neighbor wanting to know if we were interested in selling our place. They came to visit today and LOVED it. To the point that they were planning what wall the bed would go on and if the couch would be better vertically or horizontally. They loved all of our improvements and upgrades.

DH is going to call & give them a number tonight, but we aren't agreeing. He says we can't go THAT much over our appraisal value. I say I don't really WANT to move, and if they WANT our house, they have to pay for wanting it now and the fact that we JUST refinanced/renovated, etc. and haven't enjoyed it. Am I wrong in saying I'd want 15-20% more than appraisal value? I want to make $ so that I don't have to go buy something else for the same price I'm selling for and then gut and spend more $. KWIM? Getting appraisal value wouldn't be enough to say that I'd move tomorrow considering the $ we put into it.


Aaaaaaaaaaaaaaaaaaaaah this is stressful!

WWYD?

Re: So, they loved the house...

I would definatley ask for 20% more than appraisal! It can't hurt to ask, that is what negotioation is for Good luck!! I hope everything works out for you !!!

Re: So, they loved the house...

correct me if i'm wrong but if the appraisal value is lower than the agreed to sales price, the seller has to either drop the price to the appraised value or the buyer has to cough up the difference in cash to the bank.

Re: So, they loved the house...

I believe that is the case about coming up with the extra cash.

(I don't believe that would be an issue in this instance based on the conversation we had over the hour they were here)

Re: So, they loved the house...

I would go high. You have the upper hand and have nothing to lose.

Re: So, they loved the house...

Do you know if they are putting a decent amount of money down on the house? If so, you could get away with going higher than the appraised value, because their higher down payment could cover the difference in the appraised value vs. sale price. If they are not putting a lot down, the bank will not write a mortgage for higher than the appraised value. When we were trying to sell our house last year, the deal fell through for this exact reason.

Good luck.

Re: So, they loved the house...

Posted by laurabora

Do you know if they are putting a decent amount of money down on the house? If so, you could get away with going higher than the appraised value, because their higher down payment could cover the difference in the appraised value vs. sale price. If they are not putting a lot down, the bank will not write a mortgage for higher than the appraised value. When we were trying to sell our house last year, the deal fell through for this exact reason.

Good luck.