| Posted By |
Message |
HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
|
Appraisal done! What happens next? and appraisal question
Sorry for so many questions...this process has been a little confusing because our realtor and lawyer have kind of kept us in the dark. Our broker is great but doesnt always give us all the info up front.
So, our appriasal was done a few days ago and we found out today that it came in $5,000 over the sale price. So, it looks like we're in the clear. Wchose to forgo the inspection so we wont be doing that. We already have confirmation that our title was approved. The tentative closing date in the contract is for September 22nd.
What happens now? Is it just a waiting game or is there something else that will have to be done between now and closing? How long usually after the appraisal is done does it take to close?
TIA! We're so excited and nervous!!
ETA: also, should we be worried at all about the appraisal amount? It was appraised for $5K more than the selling price, but we kind of got it for a steal (or so we thought). It's a townhouse and all the other townhouses in this development that sold recently sold for about $20,000 - $30,000 more than what we are paying. We plan to be there for AT MOST 5 years and then move on to a house. Should we be concerned that it's only appraising for 5K more than we're paying when we THOUGHT it was worth $30,000 more based on what other comps are selling for??
Message edited 9/15/2011 11:20:15 AM.
|
Posted 9/15/11 11:15 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
|
Re: Appraisal done! What happens next? and appraisal question
Question, why would you forgo the inspection? If something is seriously wrong with the house, it would allow you to either pass on it, know what you need to fix, or even have the sale price reduced.
|
| Posted 9/15/11 11:33 AM |
| |
|
MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
|
Re: Appraisal done! What happens next? and appraisal question
Posted by neener1211
Question, why would you forgo the inspection? If something is seriously wrong with the house, it would allow you to either pass on it, know what you need to fix, or even have the sale price reduced.
I agree with this.
Especially since other town homes sold recently for 20K-30K more. Why is this one listed so low? That would be a red flag for me.
|
| Posted 9/15/11 11:40 AM |
| |
|
HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
|
Re: Appraisal done! What happens next? and appraisal question
Posted by neener1211
Question, why would you forgo the inspection? If something is seriously wrong with the house, it would allow you to either pass on it, know what you need to fix, or even have the sale price reduced.
It's a townhouse so there's nothing externally that we are responsible for. My BF's uncle is a building inspector up in orange county and he walked thru with us and did a once over of everything prior to us putting in an offer, so we pretty much know what we're getting into.
The sellers asked that we forgo inspection to speed up the process and given the fact that we already had an inspector take a look at the place we felt that it wasnt a big deal.
|
| Posted 9/15/11 11:41 AM |
| |
|
HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
|
Re: Appraisal done! What happens next? and appraisal question
Posted by neener1211
Question, why would you forgo the inspection? If something is seriously wrong with the house, it would allow you to either pass on it, know what you need to fix, or even have the sale price reduced.
The reason this one is selling for less is because it's an older woman in a nursing home. Her 4 siblings are selling it for her (they are the beneficiaries) and they wanted to get it off their hands and just get the money. They werent trying to get as much as they could, they were just trying to sell it quickly since they all live OOS and couldnt let it sit on the market and take care of the place while it sat. The other townhouses sold for more, but they all sat on the market for a considerable amount of time.
Message edited 9/15/2011 11:46:03 AM.
|
| Posted 9/15/11 11:43 AM |
| |
|
HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
|
Re: Appraisal done! What happens next? and appraisal question
Posted by MsSissy
Posted by neener1211
Question, why would you forgo the inspection? If something is seriously wrong with the house, it would allow you to either pass on it, know what you need to fix, or even have the sale price reduced.
I agree with this.
Especially since other town homes sold recently for 20K-30K more. Why is this one listed so low? That would be a red flag for me.
Also, this one was not listed for less. It was listed the same as the others were when they sold. We just negotiated them down a considerable amount and were able to snag the place for 30K less than the others sold.
|
| Posted 9/15/11 11:47 AM |
| |
|
|
|
Re: Appraisal done! What happens next? and appraisal question
It's common to forego inspections on co-ops and townhomes where there is no responsibility for the major home systems or any of the exterior.
I wouldn't worry about the appraisal, as long as it appraised. Appraisals are subjective - - they depend on how familiar the appraiser is with the area, the comps they use, etc. In my experience, properties (when they appraise) usually appraise for the sale price or slightly above. Bank appraisers are being very conservative these days - so if it appraised, you are fine. The actual comps (recent sales for $20-30K more) should give you additional assurance of fair market value.
It sounds like all that is left to do is wait to close, and you will do a final walk through to inspect the property right before closing.
Good luck with everything! Congratulations on your purchase.
|
| Posted 9/15/11 12:51 PM |
| |
|
HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
|
Re: Appraisal done! What happens next? and appraisal question
Posted by Century 21 Dallow - Christine Braun
It's common to forego inspections on co-ops and townhomes where there is no responsibility for the major home systems or any of the exterior.
I wouldn't worry about the appraisal, as long as it appraised. Appraisals are subjective - - they depend on how familiar the appraiser is with the area, the comps they use, etc. In my experience, properties (when they appraise) usually appraise for the sale price or slightly above. Bank appraisers are being very conservative these days - so if it appraised, you are fine. The actual comps (recent sales for $20-30K more) should give you additional assurance of fair market value.
It sounds like all that is left to do is wait to close, and you will do a final walk through to inspect the property right before closing.
Good luck with everything! Congratulations on your purchase.
Thank you so much Christine! That gave me a lot of peace of mind. A few people had told us that forgoing inspection on a townhouse was okay but I was still a bit worried if we had made the right decision (I bought a single family home about 4 years ago and had an inspection so to me this was a whole new ballgame). It's reassuring to know that it's pretty common with townhouses.
Yay!! So it should be smoothe sailing from here  So glad to hear that.
I'll be sure to update after closing!
|
| Posted 9/15/11 2:16 PM |
| |
|
ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
|
Re: Appraisal done! What happens next? and appraisal question
If you don't want the extra $5k from your appraisal, can I have it since we are 5k short?
Congrats!!
|
| Posted 9/15/11 7:52 PM |
| |
|
