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re: Appraisal Value Issues :Update House is back in the market!
Posted on 6/9/21 at 9:04 am to NS Who Dat Nation
Posted on 6/9/21 at 9:04 am to NS Who Dat Nation
I don’t understand how appraisers can be wrong when there are multiple offers in the range.
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I hear where you're coming from but....
Houses on the market and houses under contract can not be used as comperative sales.
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I hear where you're coming from but....
Houses on the market and houses under contract can not be used as comperative sales.
2
Posted on 6/12/21 at 1:04 pm to ItzMe1972
Updated in OP.
Posted on 6/12/21 at 1:27 pm to ItzMe1972
quote:
Houses on the market and houses under contract can not be used as comperative sales.
These can absolutely have weight in the Sales Comparison Approach and should.
Posted on 6/12/21 at 3:51 pm to I Love Bama
quote:
These can absolutely have weight in the Sales Comparison Approach and should.
I totally agree.
Man if someone came along now it would such an easy sale. Inspection already done so they wouldn’t have to do that. If they have FHA loan the original would stick. So we could do a quick deal.
This post was edited on 6/12/21 at 3:51 pm
Posted on 6/12/21 at 3:52 pm to NS Who Dat Nation
This is more of an example on how crazy inconsistent and bias the appraisal process is. I refi'd my home in 2018 and had huge differences with appraisals conducted within 45 days.
Posted on 6/12/21 at 4:30 pm to LStU
quote:
This is more of an example on how crazy inconsistent and bias the appraisal process is. I refi'd my home in 2018 and had huge differences with appraisals conducted within 45 days.
Absolutely. This dude came in with preconceived notions of what he wanted our house to appraise for. He picked the exact comps to make it so. Watch if our new buyer goes with a conventional loan, I’m confident the appraisal will come back higher.
Posted on 6/12/21 at 4:36 pm to NS Who Dat Nation
Update 6/12: challenged appraisal and nothing changed. We dropped our price $11k to match appraisal but took out paying $6k closing costs. Now buyer and their realtor have gone radio silent for two days. Our guess is buyer can’t afford closing costs of any kind. Now want a super quick sale and close.
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How long did you give them to respond to your offer?
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How long did you give them to respond to your offer?
Posted on 6/12/21 at 6:37 pm to NS Who Dat Nation
quote:
I totally agree. Man if someone came along now it would such an easy sale. Inspection already done so they wouldn’t have to do that. If they have FHA loan the original would stick. So we could do a quick deal.
Hope it works out for you. I had an fha fall through after the fha inspection/appraisal for similar reasons. I got another fha buyer and it went quick for me
Posted on 6/14/21 at 2:29 pm to Dawgfanman
quote:
Hope it works out for you. I had an fha fall through after the fha inspection/appraisal for similar reasons. I got another fha buyer and it went quick for me
Thank you. Our house officially went back active and we already have a showing tomorrow. Hoping this one goes smooth.
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