- 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: House buying question - didn’t meet appraisal Update: pg 3
Posted on 9/10/22 at 10:35 am to WhiskeyThrottle
Posted on 9/10/22 at 10:35 am to WhiskeyThrottle
Should all be spelled out in your contract.
0
Posted on 9/10/22 at 10:47 am to armsdealer
I don’t know all the details on the contract so I’m going to wait to hear from my agent and ask these details. I’ll update the thread when I get the details.
Posted on 9/10/22 at 10:48 am to WhiskeyThrottle
I know this is the OT but you should definitely ask a professional in this situation 
Posted on 9/10/22 at 11:10 am to bbeck
quote:
I know this is the OT but you should definitely ask a professional in this situation
Ha. Definitely will do my own homework but won’t know anything about this stuff so it’ll be Monday before we know anything.
Posted on 9/10/22 at 11:13 am to WhiskeyThrottle
This is why you should always buy real estate cash sale.
Posted on 9/10/22 at 11:25 am to WhiskeyThrottle
What state are you selling in, what state are you buying in?
Posted on 9/10/22 at 11:34 am to WhiskeyThrottle
1. Depends on your contract.
If it is expressly a contingent sale, you shouldn’t be forced to follow through.
I’ve had friends before who had house purchases and sales fall through because it was a chain of contingent sales and one dumbass quit his job right before the sale and invalidated his lending agreement. That sale falling through in turn killed my friend’s purchase of the house he was trying to get.
If it is expressly a contingent sale, you shouldn’t be forced to follow through.
I’ve had friends before who had house purchases and sales fall through because it was a chain of contingent sales and one dumbass quit his job right before the sale and invalidated his lending agreement. That sale falling through in turn killed my friend’s purchase of the house he was trying to get.
Posted on 9/10/22 at 11:40 am to WhiskeyThrottle
What did your agent say?
Posted on 9/10/22 at 11:49 am to WhiskeyThrottle
quote:
are we obligated to sell our house still if we don’t buy the next house? We haven’t closed.
Were the sales contingent on one another?
Talk to your agent. Did you hire an agent?
This post was edited on 9/10/22 at 11:52 am
Posted on 9/10/22 at 11:54 am to rmcelh1
quote:
What state are you selling in, what state are you buying in?
Both in Texas.
I haven’t crossed the bridge with my agent yet on what backing out would look like. Yes we have an agent.
Right now the sellers are protesting the appraisal or whatever it’s called. We will see where this goes Monday or Tuesday then talk about backing out if that time comes.
Posted on 9/10/22 at 12:00 pm to WhiskeyThrottle
Talk to your agent. My opinions as a realtor though
1 - You’re under contract. Unless you have a contingency to cover this, they may be able to force the sale. Talk to the other side and see if extending the close date on yours is possible, so you don’t have to start over selling yours if you need to look at another to buy.
2 - depends on the way the contract is written. If you have it contingent on appraisal you have the ability to cancel and recover your earnest money. Those usually include a sell at appraisal value clause option. You could give the seller an option to pay for another appraisal if your lender agrees possibly.
3 - Appraisals are opinions. Additional acreage depending on the situation really doesn’t add that much generally to home value.
If you’ve got a comp sale at 233, you can negotiate a reduction in the sale price from the 259 offer. Seller is going to need to understand he may need to do so because of the appraisal on any future contract. Be aware you may be paying cash for the difference between the price and the appraisal based on what your lender says.
1 - You’re under contract. Unless you have a contingency to cover this, they may be able to force the sale. Talk to the other side and see if extending the close date on yours is possible, so you don’t have to start over selling yours if you need to look at another to buy.
2 - depends on the way the contract is written. If you have it contingent on appraisal you have the ability to cancel and recover your earnest money. Those usually include a sell at appraisal value clause option. You could give the seller an option to pay for another appraisal if your lender agrees possibly.
3 - Appraisals are opinions. Additional acreage depending on the situation really doesn’t add that much generally to home value.
If you’ve got a comp sale at 233, you can negotiate a reduction in the sale price from the 259 offer. Seller is going to need to understand he may need to do so because of the appraisal on any future contract. Be aware you may be paying cash for the difference between the price and the appraisal based on what your lender says.
Posted on 9/10/22 at 12:13 pm to WhiskeyThrottle
If you didn’t make selling your current home contingent on the executed closing of the home you wish to purchase, your agent was very short sighted. That house could burn to the ground tomorrow.
Should the seller tell you and your appraiser to kick rocks and you can’t cover the amount above appraised value, you are considering defaulting on a legally binding executed contract.
You need a lawyer in this scenario, not a realtor.
Should the seller tell you and your appraiser to kick rocks and you can’t cover the amount above appraised value, you are considering defaulting on a legally binding executed contract.
You need a lawyer in this scenario, not a realtor.
Posted on 9/10/22 at 12:15 pm to WhiskeyThrottle
quote:
We didn’t discuss appraisal scenarios so no clue what my agent did there.
If he waived your appraisal without asking you then he royally fricked up.
Posted on 9/10/22 at 12:16 pm to ItNeverRains
ItNeverRains is correct but also the seller may be reasonable. Have your agent explain the situation to theirs and try to figure something out.
But you never discussed appraisal, I would assume you did not waive anything and you should be ok to back out and get earnest $ back
But you never discussed appraisal, I would assume you did not waive anything and you should be ok to back out and get earnest $ back
Posted on 9/10/22 at 12:29 pm to ItNeverRains
quote:Lawyer will cost more than losing the earnest money. If you waived the appraisal without realizing it, fire your realtor.
Should the seller tell you and your appraiser to kick rocks and you can’t cover the amount above appraised value, you are considering defaulting on a legally binding executed contract. You need a lawyer in this scenario, not a realtor.
I’d be looking at storage building cost…just in case.
Also, if you lose your earnest money, I’m guessing he’s your agent on the purchase. I’d be asking for 7k of that commission
This post was edited on 9/10/22 at 12:38 pm
Posted on 9/10/22 at 12:42 pm to llfshoals
We have another house available for us to live in so I’m not particularly worried about not having somewhere to go.
We never discussed waiving the appraisal. I’m sorta trying to read between the lines. Our agent hasn’t said anything about waiving it so I’m assuming it’s still contingent on the appraisal.
Not a bad idea asking for the earnest money out of the agents selling commission check.
We never discussed waiving the appraisal. I’m sorta trying to read between the lines. Our agent hasn’t said anything about waiving it so I’m assuming it’s still contingent on the appraisal.
Not a bad idea asking for the earnest money out of the agents selling commission check.
Posted on 9/10/22 at 12:48 pm to WhiskeyThrottle
You should have an appraisal contingency. Rarely see them in Louisiana without one.
Basically this reopens negotiable and gives you the option to walk away with your earnest money.
As far as current home, if your sale was contingent you’ll be fine. If not you may have to sell if buyers push it.
Basically this reopens negotiable and gives you the option to walk away with your earnest money.
As far as current home, if your sale was contingent you’ll be fine. If not you may have to sell if buyers push it.
Posted on 9/10/22 at 12:52 pm to WhiskeyThrottle
quote:Look at your contract. There should a clause specific to appraisal contingency. Ours has an option you’d need to check to specifically waive it.
We never discussed waiving the appraisal. I’m sorta trying to read between the lines. Our agent hasn’t said anything about waiving it so I’m assuming it’s still contingent on the appraisal.
Posted on 9/10/22 at 12:54 pm to WhiskeyThrottle
Subtle I can afford an 85k house brag.
Posted on 9/10/22 at 1:39 pm to WhiskeyThrottle
Bang the Moms of everyone involved (your own included if you’re from Arky or Bama) to let them all know who’s the boss.
Page 2 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News