- 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: Appraisal on house
Posted on 11/14/17 at 2:20 pm to iron banks
Posted on 11/14/17 at 2:20 pm to iron banks
quote:
Yes I understand how the comps work. This is quite simple. The agent listed the sq footage wrong by a lot. I don't want to pay anything close to what the original sq footage had the home priced at. I will probably be walking away unless the sellers agree to sell it closer to the price per sq ft we had agreed upon with inflated sq footage at the correct sq footage.
Are you being represented by an agent?
0
Posted on 11/14/17 at 3:06 pm to iron banks
quote:We ran into this exact thing... with a dual agent. It was 200 sq ft off on a 1700 sq ft home. We were pissed. Told the agent this was his fault for "doing his own measurement" and trying to screw us. We didn't care if it came out of his commission or the sellers lowered the price. We spoke to his boss and stopped dealing with him. Backed out of the sale eventually, which fricked over the sellers too who had to sell the home to get in their new place. Got a call 3 days later that they would take our new price and the it was coming out of the agent's percentage.
he appraiser apparently has measured the house several hundred less square feet and the house will not appraise for the bid price. I don't have the actual appraisal yet this is what my realtor is telling me. I am of the mind set that I should pay what the agreed upon value was per square foot. My realtor seems think they sellers will want the appraised value. I am sure their can be some compromise but the square footage was wrong on the listing and the bid was made with that figure in mind. What do the wise money folks on this board think. What options do I have other than walking away.
All of this happened the weeks leading up to getting married. As if we weren't stressed enough, we thought we weren't going to have our own place to live.
Posted on 11/14/17 at 5:43 pm to iron banks
Why would they know the appraised value? If you are paying for the appraisal, they have no right to any of it, and if my realtor gave them that information without my permission, they would be fired immediately.
After you get an appraisal, make an offer you are comfortable with, and walk if they don’t take it. Don’t get pressured by some agent into paying appraised value if you don’t feel comfortable with that number.
After you get an appraisal, make an offer you are comfortable with, and walk if they don’t take it. Don’t get pressured by some agent into paying appraised value if you don’t feel comfortable with that number.
This post was edited on 11/14/17 at 6:11 pm
Posted on 11/14/17 at 8:35 pm to LPTReb
quote:
Why would they know the appraised value? If you are paying for the appraisal, they have no right to any of it, and if my realtor gave them that information without my permission, they would be fired immediately.
Not how it works if you make offer contingent on appraisal. If you want to amend a contract based on contingency you have to show deficiency. Using the “I’m for serious dude, it totally appraised for $50,000 less and if you don’t lower price i’m walking from this binding agreement, but I’m not showing you proof” method doesn’t really fly.
This post was edited on 11/14/17 at 8:38 pm
Posted on 11/14/17 at 8:57 pm to ItNeverRains
The appraisal contingency shouldn’t have to be used to get out of the offer if the square footage was misrepresented by the seller. At this point, they should be able to walk away from the original contract based on misrepresentation alone.
This post was edited on 11/14/17 at 8:58 pm
Posted on 11/15/17 at 6:39 am to LPTReb
The apprasial came back 25K less than the original contract. Of course the price per sq foot went for what we agreed upon at a 132/ft to 145/ft. The appraiser seemed to go out of her way to get the value as high as possible. With that said it is a nice house and worth more than the 132/sq IMO. We made an offer of 400,000 with 10K paid by sellers for closing/prepaids. The 400,000 is the appraised value BTW. Told my agent that is our best offer so take it or leave it. I have a nice house that I don't need to leave immediately so if they reject we will jus sit back and shop until another house meets our needs and wants 
This post was edited on 11/15/17 at 6:41 am
Posted on 11/15/17 at 8:18 am to TigerFanatic1
I down voted because of fat fingers. Op I would with draw your offer and send a new one. Your first one is not accurate.
Posted on 11/15/17 at 3:25 pm to iron banks
They are handcuffed by the appraisal. They’ll take the 25k off from appraiser. Anything above that, if your market is like mine, would be iffy In this situation.
Curious if you are taking out 30 year loan on this house and have you locked rate yet?
Curious if you are taking out 30 year loan on this house and have you locked rate yet?
This post was edited on 11/16/17 at 4:47 am
Posted on 11/15/17 at 8:05 pm to iron banks
You need to get this price per square foot notion out of your head. That isn’t how houses are priced or sold with the exception of a custom built or contracted built home. You keep making this silly analogy about price per square foot. That’s only one part of the equation and not the whole as you seem to think it is.
Posted on 11/16/17 at 8:22 am to VABuckeye
quote:
That isn’t how houses are priced or sold with the exception of a custom built or contracted built home. You keep making this silly analogy about price per square foot.
I disagree completely. That is absolutely how almost all houses are sold as the #1 basis and starting point. Yes there are multiple other variables, with personal feelings as probably #2.
The main reason you use price per sq ft is because you can take any street and houses can vary 25-50% in size. The more expensive the neighborhood then likely the more variance. My street has 1400 sq foot houses up to 4000 sq ft. A 4000 sq ft house sells and you can't say that's the same price range for the 1400. We have houses selling in the high 200s up to 500s. If a larger house sells for 450k then someone with a 1800 sq ft house can't assume theirs is worth the same.
Certainly garages are usually not included, how nice things like kitchens are, what type of lot such as golf course, waterfront, etc. There are other variables.
But if OP was pricing his original offer on the fact the house was 500 sq ft larger, he should absolutely not pay that with it now officially being smaller.
This post was edited on 11/16/17 at 8:25 am
Posted on 11/16/17 at 5:02 pm to baldona
If it still appraised for the value he should. Yes, liveable sqaure footage is a factor in the value of the home but so is zip code, neighborhood, school district, etc.
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News