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Started By
Message
I need some real estate help!
Posted on 10/31/23 at 6:56 pm
Posted on 10/31/23 at 6:56 pm
I put an offer on a house a month ago, seller accepted, and appraisal and underwriter are taking care of things this week.
Real estate agent messaged me tonight saying the appraisal wasn't going to be good. I said what do you mean. 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. Weird.
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.
I feel like she's trying to run some fkn scam. I'm 29 days from Closing and moving in. My mortgage company says she isn't acting ethically correct and the seller signed the contract with the way it would be purchased.
What the cluck!??
Someone help me please!
Real estate agent messaged me tonight saying the appraisal wasn't going to be good. I said what do you mean. 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. Weird.
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.
I feel like she's trying to run some fkn scam. I'm 29 days from Closing and moving in. My mortgage company says she isn't acting ethically correct and the seller signed the contract with the way it would be purchased.
What the cluck!??
Someone help me please!
19
Posted on 10/31/23 at 6:59 pm to NeonSunburst
You signed a purchase contract?
Which agent yours or the sellers is sayong this?
If the value comes in low then they need to negotiate price
Which agent yours or the sellers is sayong this?
If the value comes in low then they need to negotiate price
Posted on 10/31/23 at 7:05 pm to NeonSunburst
First off, have your bank send out an appraiser to get a second appraisal. If the home doesn't appraise for what you agreed to (meaning lower), one of two things will happen. You'll pay cash for the difference, because the bank will only loan you what the home appraises for. Or, the seller could lower the price to what the home appraised for.
With your comments, it sounds like the realtor is trying to trick you into paying more for the house than it's worth. She's doing this by "claiming" she has multiple buyers ready to step in. There's a chance she does have other buyers, but I doubt it. Call her Bluff and tell her you'll gladly pay what the home appraised for and nothing more.
With your comments, it sounds like the realtor is trying to trick you into paying more for the house than it's worth. She's doing this by "claiming" she has multiple buyers ready to step in. There's a chance she does have other buyers, but I doubt it. Call her Bluff and tell her you'll gladly pay what the home appraised for and nothing more.
Posted on 10/31/23 at 7:05 pm to NeonSunburst
Get a lawyer. Legal help from a board like this is worth what you paid for it.
Posted on 10/31/23 at 7:10 pm to NeonSunburst
Tell the agent that you are contacting your attorney in the morning and will have your attorney review her messages and information delivered to you. Scare that bitch quick.
Posted on 10/31/23 at 7:15 pm to NeonSunburst
quote:
My mortgage company says she isn't acting ethically correct and the seller signed the contract with the way it would be purchased.
Your bank isn't going to lend you the money based on the appraisal.
Nothing to do with agent
The seller doesn't care about the down payment , his money comes from the escrow either way.
Your bank picked and appraiser and that appraiser is telling the bank the property isn't worth the purchase price.
Sometimes banks don't use appraisers that know the market well; they use their approved list at negotiated rates and you can get appraiser that has never appraised your market.
Talk to the appraiser to get his experience then talk to the bank.
You may need a different lender. Your mortgage broker doesn't want that because he sold you the lender he makes the most money on.
This post was edited on 10/31/23 at 7:19 pm
Posted on 10/31/23 at 7:28 pm to NeonSunburst
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.
Posted on 10/31/23 at 7:35 pm to NeonSunburst
You can't borrow money for a down payment. I think you need to find a new realtor and I can't imagine buying a 1 br/1 bathroom house. Who are you going to sell it to in 3-5 years?
Posted on 10/31/23 at 7:36 pm to NeonSunburst
The seller isn’t backing out. The purchase agreement is contingent upon the buyer obtaining financing which it sounds like you are unable to do. This is solely an issue between you, your bank, and the appraiser.
Posted on 10/31/23 at 7:41 pm to SDVTiger
There is only one agent. She's replying both. But more.the seller imo
Posted on 10/31/23 at 7:43 pm to SDVTiger
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??
Not being smarty pants w you.
Not being smarty pants w you.
Posted on 10/31/23 at 7:45 pm to Diamondawg
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.
Posted on 10/31/23 at 7:46 pm to Mickey Goldmill
I am approved to buy this house and have the money for down payment.
Posted on 10/31/23 at 7:49 pm to NeonSunburst
quote:No offense but if you are asking these kinds of questions on a political board and are considering being a landlord, I would submit that maybe you are in over your head already.
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.
Posted on 10/31/23 at 7:50 pm to geauxpurple
Can you give an example?
Posted on 10/31/23 at 7:51 pm to NeonSunburst
quote:
I am approved to buy this house and have the money for down payment.
The problem is when the appraiser says this house is only appraising at 88k and your contract price is at 100k.
Bank won’t loan that extra 12k.
Posted on 10/31/23 at 7:54 pm to NeonSunburst
Fantastic political post.
Posted on 10/31/23 at 7:56 pm to Turbeauxdog
But, according to the realtor he hasn't even looked at the house yet.
Posted on 10/31/23 at 7:56 pm to NeonSunburst
she is an acting dual agent for both buyer & seller?
call another agent ask them to be your agent after explaining.
what to do if appraiser says no comps to appraise?
call another agent ask them to be your agent after explaining.
what to do if appraiser says no comps to appraise?
Posted on 10/31/23 at 8:00 pm to NeonSunburst
Call your lender/loan officer, find out when appraisal will be completed. Based on what your saying, it sounds like realtor is saying appraiser is having issues finding comparable 1 bedrooms, so report is not even complete? Lender/loan officer will have these answers - you paid for the report and will receive it when complete.
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