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August 21, 2009
Home Appraisal
I have contracted a townhome at 295K with 5K closing cost assistance. However it was appraised for 286500 and seller is saying she will not come down. I worked with my lender they after changing some terms, reduced the closing cost to the level where I dont need sellers assistance. With no closing cost help seller is loosing just 3k but he is still not budging. What should I do. I think I have already done my job by accepting little higher interest rate. Please please give me some pointers
Comments
Put 3k more down? Buy another house? Walk away and see if seller caves?
Posted by: Putnamdenizen at August 21, 2009 9:39 PM
I agree, walk away or come up with $3K. It is very simple, if you are willing to loose the place for $3K the seller may or may not accept the reduced price. If they dont accept, move on. If you really want the place pay the $3K.
Posted by: newsouthsloper at August 21, 2009 9:47 PM
A broker will sometimes reduce their commission a point or two to get the job done. Otherwise, pay it if you want it or walk away.
Posted by: Ringo at August 22, 2009 7:47 AM
If you really want the house, what's $3000?
Seriously, you could work nights as a waitress at Denny's and make $3000 in tips alone in just a couple months. . .
Posted by: IronBalls at August 22, 2009 10:53 AM
can you walk away from the contract if lender refuses the mortgadge? Talk to your lawyer. You also might loose 10% escrow.
Posted by: bobjohn at August 22, 2009 11:35 AM
"Please please give me some pointers..."
Be out. That spread will widen daily. You'd lose more than your deposit if you bought. 295k puts you way outside the brownstone belt but I bet it's still too close to peak comps.
***Bid half off peak comps***
Posted by: Brownstones Half Off at August 22, 2009 6:28 PM
For homeowners, a real estate appraisal is the linchpin to buying or selling their home. It allows the property transactions to occur among the buyer, seller, real estate agent and mortgage lender.
Before an Appraiser arrives, there are a few things you should know. By law, an appraiser must be state licensed to perform appraisals prepared for federally related transactions. Also by law, you are entitled to receive a copy of the completed appraisal report from your lender.
http://www.shopdownlite.com/tommy_bahama_bedding.php/
Posted by: Keegan at August 23, 2009 7:06 AM
Well ... what do you want to do?
Do you want out of this deal? Then talk to your lawyer. You can probably walk if you can't get a mortgage because of the appraisal.
Posted by: serpentor at August 24, 2009 5:17 PM
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