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hmm8191
My loves
Member since 3/06 2908 total posts
Name:
Heather
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So upset appraisal came back low
46K lower than our sale price 
Our realtor is shocked at the price 390K and can not understand why it is so low. She and the sellers agent provided them with a comp around the block that is closing this week at 400K. That house does not have a fireplace, central air or an updated kitchen, things "our" house all has. The house is in a very stable community (North Bellmore) with VERY few comps. In fact that one house was the only comp the realtors were able to provide.
We are doing an FHA mortgage (putting down 5%) and I understand that the appraisal standards are much stricter but how could they ignore the only recent comp avaialble?
Does anyone have any stories to give me hope?
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Posted 4/7/10 9:40 AM  |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: So upset appraisal came back low
So if you are buying, this is a good thing for you, no? Will the sellers negotiate to sell to you lower?
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| Posted 4/7/10 9:46 AM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
Name:
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Re: So upset appraisal came back low
from what I understand, the seller must lower the price to meet the apprasial. OR you will only get the loan for apprasial amount and YOU must make up the difference. I think. Not 100%.
Out only came in $500 more than we bought for...
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| Posted 4/7/10 9:47 AM |
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hmm8191
My loves
Member since 3/06 2908 total posts
Name:
Heather
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Re: So upset appraisal came back low
Posted by neener1211
So if you are buying, this is a good thing for you, no? Will the sellers negotiate to sell to you lower?
The sellers originally listed the house at 479K and price reduced to 459K shortly before we put in our offer. Our negoatiations were very difficult and they originally rejected our 436K offer. So them coming down to the appraisal amount seems very unlikely to me.
IF they do that would be awesome but I've fallen in love with this house, moved in, painted and done renovations already in my mind (we saw the house for the 1st time MLK weekend and have been in contract since early February) and would be devastated if we had to walk away.
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| Posted 4/7/10 9:59 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: So upset appraisal came back low
you can have another appraisal done but I know our bank wouldn't even consider the loan without more than 1 comp so I'm sure since you say there is only one other comp the appraiser doesn't have much to go on.
The seller can lower the price but the bank will not give a loan for more than the appraised value.
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| Posted 4/7/10 10:00 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: So upset appraisal came back low
I would try to split the cost with the sellers for another appraisal. I'm really shocked that there was only one comp used...that doesn't seem right at all.
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| Posted 4/7/10 10:12 AM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: So upset appraisal came back low
the same thing happened to us although for a lesser amount.
basically the SELLER can either pay for another appraisal OR they can come down the amount.
it doesn't matter how much you love the house (or the seller loves the house) it matters how much the BANK thinks it's worth.
as you can see, in my case the sellers decided it was in their best interest to lower the price.
I still don't believe in over paying beyond what the market will bear.
we've been in my house a year and half now and it has decreased a bit in value so I am even MORE glad that we held strong.
I know it will be disappointing if you lose the house, but there WILL be another.
good luck.
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| Posted 4/7/10 1:37 PM |
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avamamma
My Girl
Member since 7/06 3395 total posts
Name:
Tara
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Re: So upset appraisal came back low
We just went through the exact same thing, except ours was a $20,000 difference. The sellers only offerred to go down $5,000. The bank will not give you the mortgage for the full price, only the appraised price.
Was the seller's realtor there to meet the appraisor? He/She should have been there with a list of comps. The one that we were buying was a FSBO, so they had no realtor.
You can ask for a re-appraisal, but Wells Fargo and our Attorney said that it will not make a difference. Once it appraises low, that's pretty much it.
The seller Should drop to appraisal price, or at least meet you half way. We just sold our house, and if ours came in under, we would have just lowered the price.
The ball is in your court,negotiate, big time. If they refuse to drop the price, you can get out of contract and get your deposit back.
See a lot of houses this weekend, that is what we did, if you find something better, go for it. That's what we did, it had a great ending for us.
Good Luck!
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| Posted 4/7/10 4:56 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: So upset appraisal came back low
the people who bought IL's house had this happen with the house they were leaving. they put it up, went to contract, and the appraisal came back at 40 grand less. the sellers at that point were already in contract to buy my IL's house and had no choice but to lower their price -- they lowered it and then everything proceeded.
it was either that or walk away putting the house back up on the market in the hopes that someone who doesn't need a mortgage will buy it lol. not likely! b/c anyone who does need a mortgage is going to have the same problem.
Message edited 4/7/2010 5:43:24 PM.
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| Posted 4/7/10 5:39 PM |
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