Guest guest Posted April 1, 2004 Report Share Posted April 1, 2004 , I wish you luck with the purchase of your new home. My husband and I have been talking about down sizing since the kids are all gone but I just don't think I could take all the stress associated with moving. You seem to be handling it very well. What is your secret? I really would like to move to a small new place. Hang in there, I'm sure everything will work out. Doris PSC,Cirrohsis, Arthritis Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 1, 2004 Report Share Posted April 1, 2004 , I wish you luck with the purchase of your new home. My husband and I have been talking about down sizing since the kids are all gone but I just don't think I could take all the stress associated with moving. You seem to be handling it very well. What is your secret? I really would like to move to a small new place. Hang in there, I'm sure everything will work out. Doris PSC,Cirrohsis, Arthritis Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 1, 2004 Report Share Posted April 1, 2004 Philip, I worked as a commercial appraiser for a few years and my advice to you is to ask you current bank for another appraisal if you feel the first appraisal was incorrect. Most banks have no problem letting you choose the appraiser. The only stipulation is that they are licensed. Try contacting a local appraiser that is active in your area and let him know your situation. You may be able to negotiate for him to review the initial appraisal for a modest fee. If he is active in the area he can tell you whether the value is low, high, or just right. Remember, appraisal is no were near an exact science I have seen appraisals differ by millions of dollars on commercial properties. Best of luck. Mark From: pburke6 Sent: Thursday, April 01, 2004 10:08 AM To: Subject: OT - house woes Disappointing and frustrating news about our house -- it appraised for $14,000 less than the purchase price! Since the owners bought it for close to the purchase price just a few years ago, they can't come down. Also, we think the appraisal is way off. Someone from out of the area did it (we were using a bank based in another state) and they don't seem to be taking into account the broader market in the town. And the bank isn't giving us any choices. So.... we're talking to a local bank. They think the appraisal's inaccurate, too, so we ordered another appraisal. It might still come in low, but if it is closer, we'll have some bargaining power. Wish us luck! Philip Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 1, 2004 Report Share Posted April 1, 2004 > to ask your current bank for another appraisal if you feel the first > appraisal was incorrect. That was my first thought, too. This bank will order a new appraisal for us, but will not let us offer suggestions for appraisers and they'll charge us an additional $250 up front. They also just didn't seem interested in working with us. Our other bank is having an appraiser we've approved take a look for just $85 to give us an idea of what's possible. Philip Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 1, 2004 Report Share Posted April 1, 2004 > to ask your current bank for another appraisal if you feel the first > appraisal was incorrect. That was my first thought, too. This bank will order a new appraisal for us, but will not let us offer suggestions for appraisers and they'll charge us an additional $250 up front. They also just didn't seem interested in working with us. Our other bank is having an appraiser we've approved take a look for just $85 to give us an idea of what's possible. Philip First of all before your realtor wrote your offer he/ she should have done a recent history ck of the subject property to see if what the sellers are saying is true.(price they paid). If they paid cash there may not have been an appraisal and they bought high. What someone pays for a house does not reflect the current market value. Were there any big improvements? Ex : big ticket items, furnace, roof, kitchen... Second, he/she should have checked recent comparables to see if you were on target with the purchase price, if this was done then your realtor should have those comparables to help your cause. Your contract should have a paragraph saying if the subject property does not appraise for the contract price you can walk with earnest money returned. If that is so you might want to play that trump card and get the reduction in price. Also, the seller might want to pay for another appraisal ok'd by your bank. Buying a house is one of the single biggest investments people make and they sometimes use their hearts and not their heads. Make good judgements, and hold fast to making the deal work for you and your needs. Post back if I can be of any help. I have been selling residental real estate for 16 years and I seldom see the appraisal off by much but I do not do business with any mortgage broker or bank that is out of town. You have to think just maybe they make money by getting the fees and the appraisal up front and call it quits. Also, if you have paid for the appraisal it is yours to go over with your realtor and new mortgage company or bank. Dee in Peoria, wife of Bob 61, uc, ileo, psc -- dee in peoria, wife of Bob 61, uc, ileo, psc Quote Link to comment Share on other sites More sharing options...
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