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re: House buying question - didn’t meet appraisal Update: pg 3
Posted on 9/12/22 at 11:59 am to texn
Posted on 9/12/22 at 11:59 am to texn
quote:
I don't think so. How can one person's opinion as to what the house is worth "stick with the property"? Appraisals don't have anything to do with the seller or the sales price, it only has to do with Buyer's lender. Seller and Buyer had a meeting of the minds that the property was worth the purchase price in the contract that they signed. Buyer's lender won't lend unless appraisal comes in a certain amount.
I'm not 100% sure I'm right either. I've read a lot of articles, and it seemed like the appraisal stuck with the property for some amount of time. That's why the sellers in this case should challenge the appraisal. Of course, now that I'm home, I can't find which articles I was reading. My agent keeps insisting that this appraisal is someone's opinion also. But the appraiser is trained to do this sort of thing, whereas I obviously am not. So I defer to the professional. Whether it sticks with the property or not, the seller needs to prove value or we won't be moving forward. I don't see $85k being bridged though.
2
Posted on 9/12/22 at 1:03 pm to WhiskeyThrottle
quote:
it seemed like the appraisal stuck with the property for some amount of time.
As I recall, this is correct. We had a similar situation with our last home in 2016, though not nearly as short as yours (more like a whopping $2,000). But the appraisal would remain on record for the property for a while and the seller would have had to deal with it one way or another with us or the next prospective buyers. They opted to come down and we closed.
As for your agent in this, they're BAD. I've dealt with many over the years on about five different homes and in my experience, it's a rare agent who actually knows what they're doing and EARNS their money. I have had to stay on top of them more than once through a sales and/or buying process and that, frankly, is not what I'm paying them for. Your agent should have written in the current property sale contingency and should have reviewed the comps before speaking out of turn and leading you to believe that the appraisal was based on incomparable properties. They did at least save you on the earnest money, so there's that. But this doesn't sound like an agent I'd keep in my contacts for future needs once this is all done.
Posted on 9/12/22 at 1:07 pm to WhiskeyThrottle
quote:
appraisal stuck with the property
This is only true for FHA and VA financing
Posted on 9/12/22 at 3:42 pm to WhiskeyThrottle
quote:
From what I understand, the appraisal sticks with the property from this time forward
There is no uniform, standardized equation for determining a home value by way of an appraiser. As such, every appraiser will likely be different, some will probably be a good ways off from each other. I don't think there's some law that exists that would back up your assertion.
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