- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: I need some real estate help!
Posted on 10/31/23 at 8:48 pm to NeonSunburst
Posted on 10/31/23 at 8:48 pm to NeonSunburst
This is part of home buying. It can crash and burn any second or it can work out last minute. Keep working and don't give up yet
0
Posted on 10/31/23 at 8:50 pm to Broke
Thanks everyone for your help.
Ugh. This really really sucks :( its also maddening and angering. I might go beat her arse. Idk.
Ugh. This really really sucks :( its also maddening and angering. I might go beat her arse. Idk.
Posted on 10/31/23 at 8:51 pm to NeonSunburst
Call your state board of realtors. They should be able to give you some advice and probably open an ethics investigation.
Posted on 10/31/23 at 8:51 pm to NeonSunburst
"So, I'm probably not going to get the house???"
--
You're going to get the house! Quit the negative thinking.
Talk to your lender immediately and see what they suggest. They don't get paid unless you get the house.
If you're not happy with them then go to another lender.
Once again, if they cannot find a comp within the immediate area, they can extend their range.
This is pissing me off!
--
You're going to get the house! Quit the negative thinking.
Talk to your lender immediately and see what they suggest. They don't get paid unless you get the house.
If you're not happy with them then go to another lender.
Once again, if they cannot find a comp within the immediate area, they can extend their range.
This is pissing me off!
Posted on 10/31/23 at 8:56 pm to NeonSunburst
I am putting down 3%. But the seller and I both have signed a contract.
Can the seller back out?out?? She also told me I need to go to another bank so I can compete with a large down payment.
---
You DO NOT need to compete with a larger down payment. Like you said, you have a signed contract.
Do you have a real estate attorney?
Can the seller back out?out?? She also told me I need to go to another bank so I can compete with a large down payment.
---
You DO NOT need to compete with a larger down payment. Like you said, you have a signed contract.
Do you have a real estate attorney?
Posted on 10/31/23 at 9:00 pm to NeonSunburst
quote:
She, the realtor is also my landlord for the last 5 years.
Just when you thought things couldn't get worse.
Posted on 10/31/23 at 9:01 pm to ItzMe1972
it pisses me off as well because the comps story is BS, especially after a month.
worse thing for OP to do is call her and mother eff her.
be calm and think wisely.
call the lender and ask to advise further.
worse thing for OP to do is call her and mother eff her.
be calm and think wisely.
call the lender and ask to advise further.
Posted on 10/31/23 at 9:13 pm to ItzMe1972
No, but I think I'll be looking tomorrow
Posted on 10/31/23 at 9:17 pm to NeonSunburst
No, but I think I'll be looking tomorrow.
--
Your lender may be able to suggest a good closing attorney who specializes in real estate. They will gladly sell you an hour of their time. Or advise you for free if they do the paperwork on the closing.
--
Your lender may be able to suggest a good closing attorney who specializes in real estate. They will gladly sell you an hour of their time. Or advise you for free if they do the paperwork on the closing.
Posted on 10/31/23 at 9:30 pm to NeonSunburst
quote:
We talked about appraisals coming in low, but she said the appraiser told her that he couldn't even appraise it because there is no other 1 bedroom 1 bath house in the area. Come the frick on. Really? Is that how it's done??
Yes. Yes it is. Appraisals are based on comparable sales in the area. Of course he can't find any comps. When was the last time you saw a one BR house...not a condo? And like the other poster asked...who will you sell it to down the road?
Yes, the appraisal will be low. And the realtor is full of shite about the competing offers. You don't see one BR houses because no one wants them. There's no market for them. She's lying her arse off.
Don't pay a penny more than what it appraises for.
This was predictable. Your realtor should have known that, relatively speaking, a one BR house is worthless.
Posted on 10/31/23 at 9:34 pm to ItzMe1972
quote:
Appraiser can’t come up with a price???
That is Bullshite. So the house doesn’t have a value?
How many one BR houses are there in your neighborhood?
Posted on 10/31/23 at 9:35 pm to NeonSunburst
quote:
But, according to the realtor he hasn't even looked at the house yet.
If the appraiser doesn't know the approx value of the property based on the address , there's a problem.
Posted on 10/31/23 at 9:36 pm to ruzil
quote:
Does this still happen? I thought now the appraiser is assigned to the job.
Banks have approved appraisers they trust, yes.
Posted on 10/31/23 at 9:45 pm to ItzMe1972
quote:
Do you have a real estate attorney?
Before you hire an attorney, if she is only an affiliate broker and not the managing broker of the office, walk into the managing broker's office and have a come to Jesus conversation. Tell the managing broker that when you walk out the door, you're going straight to the real estate commission and file an ethics complaint against both of them.
Then say when you leave the commission office, your next stop is the local association of realtors. They will take action because she's squeezing her fellow realtors out and denying them the opportunity to make a sale. They'll fine the agent and the office and maybe even kick her out. If the association kicks her out, she loses access to the multiple listing service.
Posted on 10/31/23 at 10:18 pm to NeonSunburst
Consider it somewhat of a blessing in disguise. As the appraiser stated, finding a comparable one bedroom, one bathroom property is difficult. And will be hard to resell for the same reasons.
Plus, you never EVER want to pay more than appraisal price. Actually, you want to pay a little less to have more equity.
Take a step back, take a deep breath and see the situation for what it is.
Plus, you never EVER want to pay more than appraisal price. Actually, you want to pay a little less to have more equity.
Take a step back, take a deep breath and see the situation for what it is.
Posted on 10/31/23 at 10:36 pm to geauxpurple
quote:
You have a signed contract so the seller can’t just arbitrarily back out if you can fulfill your side of the bargain. Now, if you can’t get a loan because the appraisal is not satisfactory, then that is your problem.
Hopefully the OP had enough sense to put a contingency clause in the contract.
Posted on 11/1/23 at 6:30 am to NeonSunburst
The amount of bad advice in this thread is wild. There’s been some nuggets of good advice with a boatload of horrid advice.
Every seller wants their sale to appraise. Why people are storming the gates on the agent befuddles me.
It’s a low appraisal. They happen every day. The owner/agent isn’t happy about low appraisal either. Nobody is.
There’s a 99% chance there’s an “ability to obtain financing” clause in the contract that directly falls under a low appraisal.
When you have a low appraisal, you can have a meeting in the middle, you can bring the difference in $, or the seller can lower. Neither of you are forced to bring additional $ or lower. If you can’t agree on what to do…there could be a termination of the sales contract.
I’m guessing the seller likes the other two offers since they are more cash heavy and increases odds they can get one of those financed since the bank wouldn’t be on the hook for as large as the OP’s loan.
1. See what the actual appraisal is when they are done. Your lender will email this document to you, not the agent.
2. Read your contract. You’ll likely see the section regarding financing. This term must be satisfied to close. This is an appraisal issue. They happen.
3. Get your own representation next time.
Every seller wants their sale to appraise. Why people are storming the gates on the agent befuddles me.
It’s a low appraisal. They happen every day. The owner/agent isn’t happy about low appraisal either. Nobody is.
There’s a 99% chance there’s an “ability to obtain financing” clause in the contract that directly falls under a low appraisal.
When you have a low appraisal, you can have a meeting in the middle, you can bring the difference in $, or the seller can lower. Neither of you are forced to bring additional $ or lower. If you can’t agree on what to do…there could be a termination of the sales contract.
I’m guessing the seller likes the other two offers since they are more cash heavy and increases odds they can get one of those financed since the bank wouldn’t be on the hook for as large as the OP’s loan.
1. See what the actual appraisal is when they are done. Your lender will email this document to you, not the agent.
2. Read your contract. You’ll likely see the section regarding financing. This term must be satisfied to close. This is an appraisal issue. They happen.
3. Get your own representation next time.
Posted on 11/1/23 at 7:49 am to NeonSunburst
quote:
Then she tells me she has 2 other people wanting to purchase the house. One has 10,000 to put down and the other 20,000 down. I am putting down 3%. But the seller and I both have signed a contract.
Can the seller back out?out?? She also told me I need to go to another bank so I can compete with a large down payment.
You've applied for an FHA loan, right? While she didn't express it well it seems that the problem is this. If the appraisal comes in low it is your choice to go forward with the transaction if you wish. However, you have to make up the difference between the appraised value and the purchase price PLUS put your 3% down. You also have the right to back out of the purchase if the appraisal is low.
The ball is in your court.
Posted on 11/1/23 at 8:11 am to NeonSunburst
If appraisal comes in low and you can’t make up the difference in cash, the seller is not obligated to lower price
Posted on 11/1/23 at 8:34 am to XenScott
quote:
If appraisal comes in low and you can’t make up the difference in cash, the seller is not obligated to lower price
Yeah but that appraisal sticks to the property for 6 months I believe.
Unless it was a conventional loan...doesnt stick if conventional.
So if your seller got a low appraisal, they cant sell it to anyone not using a conventional loan or paying cash for an amount above the appraisal without buyer paying difference between sales price and appraisal in cash.
At this price point, most loans will prob be FHA.
Id remind your seller that the appraisal sticks to the property for 6 months....
Page 3 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News