- 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 11/1/23 at 8:56 am to blueboxer1119
Posted on 11/1/23 at 8:56 am to blueboxer1119
quote:
Id remind your seller that the appraisal sticks to the property for 6 months....
Only with that government loan type. They can get a conventional and there’d be a new one done. It doesn’t stick across the board.
1
Posted on 11/1/23 at 9:17 am to Billy Blanks
Yeah thats what i said broseph.
Go reread.
Go reread.
Posted on 11/1/23 at 9:32 am to blueboxer1119
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...
But if another buyer is willing to put down 20K that would probably make up for the difference in appraised value vs selling price.
Posted on 11/2/23 at 2:00 pm to XenScott
This board should never crap on realtors ever again. The amount of misinformation and misunderstanding of the process is astounding. The agent sounds scared that you aren’t going to qualify for the mortgage and is wasting her time for 30-60 days. She has two buyers who seem to be more likely to be approved and doesn’t want to wait around for you to be rejected.
That being said if you have a contract and you qualify for the purchase agreement amount (assuming purchase price is lower or equal to the appraisal) , you get the house. Nothing the realtor or owner can do without being sued and losing.
Make sure your loan is processing along within the time limits and you’ll be good.
If it doesn’t appraise walk away, you don’t want it anyway.
That being said if you have a contract and you qualify for the purchase agreement amount (assuming purchase price is lower or equal to the appraisal) , you get the house. Nothing the realtor or owner can do without being sued and losing.
Make sure your loan is processing along within the time limits and you’ll be good.
If it doesn’t appraise walk away, you don’t want it anyway.
Posted on 11/2/23 at 6:26 pm to NeonSunburst
STO...these days...the crucial element is the mortgage company...not the contract...if you can't get approved..get your EM back and move. The Seller has no part in the EM...your agent needs to deal with this. A fiduciary responsibility.
Posted on 11/3/23 at 10:42 am to NeonSunburst
quote:I’ll be very surprised if that’s true. In the appraisal form there’s an area for adjustments versus comps. While they probably can’t find another 1br house, they can probably find a 2br and make the adjustment.
She said that the appraiser says he has no other 1 bedroom 1 bath homes to compare the comps and can't come up with a price.
Also, the appraiser shouldn’t discussing the appraisal with the agent. That’s a discussion with you and your mortgage company and the mortgage company with the appraiser. Other than providing access to the appraiser they shouldn’t be in contact with the agent at all unless the rules are different there.
Now as to the seller backing out, there should be a clause in the contract dealing with appraisal value. If it’s below the contract price you can ask the seller to amend the contract to the appraisal value. Or you can pay the difference. If you ask them to amend the contract, you open up their option to say no and cancel.
If it’s your agent saying she has other clients trying to pressure you on this deal, fire them immediately with cause.
This is a realtor with a broker’s license telling you that. If I had an agent in my brokerage I found out did that they’d need a new place to hold their license as soon as I could type up the email.
Posted on 11/3/23 at 10:52 am to NeonSunburst
quote:Just saw this.
She told me when this house came up that she would not accept another agent on this listing. I didn't know any better. I trusted her. But things seem sketch to me and to the mortgage lender reps
Going to say it plain. The realtor lied to you. If you have this in writing in any way, go to the real estate commission and turn them in. They have no business holding a license.
They cannot require dual agency on a listing. Any buyer or seller is entitled to adequate representation, and to freely make their own choice as to who that is.
Posted on 2/4/24 at 6:37 am to Turbeauxdog
The bank does not choose the appraiser in my area.
There is a list of approved appraisers, but the actual appraiser is assigned randomly from the list. Loan officer can't choose. Been this way for quite a while; this was changed 10-15 years ago.
There is a list of approved appraisers, but the actual appraiser is assigned randomly from the list. Loan officer can't choose. Been this way for quite a while; this was changed 10-15 years ago.
Posted on 2/4/24 at 7:38 am to NeonSunburst
quote:
We have masters and doctorate students in the summer months, and some post docs for 2 years. I will always have a renter. And it's actually very nice. A single couple would love it.
Are you admitting on here that you are doing 3% down on a NOO?
If so you might want to delete this thread
Page 4 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News