[westender]

Could the OP please elaborate on the neighborhood? Was this Bishop's Corner/ the Golf Club district/ Elmwood ?

My appraisal came in significantly higher than my low-ball offer (which the seller accepted), but that was one year ago. I'm intrigued by the dropping appraisals.

[Greenleaf]

Originally Posted by rajmelk

Skytrekker & Bob--just wanted to end on a happy footnote. We indeed went with a "take it or leave it" offer at the appraised value ($57K lower than the sales price), back to the Seller. Had no expectation they would accept, and in fact had started drafting the contract termination, since the deadline is tomorrow.

To our shock, the offer was accepted today. Feel good that we're getting something priced more realistically for today's market, with some upside down the road. Thanks for weighing in.

Congratulations! Must feel good!

[JayCT]

Great news. Best wishes on your new home. Jay

[rajmelk]

Thanks all. To answer Westender's question, this is just north of St. Joseph's College off Albany. Is this considered the Golf Club district or Bishops Corners? Interesting to contrast with your experience, just a short year ago.

[Bob The Builder]

Congratulations. I hope it all works out the best for you and yours.

I am going to sit out the market for at least a few more months. Countrywide just released it's REO list yesterday. The number of REO increased from 13k to 290k units. In CT alone it went from 75 to 1300.

[TimtheGuy]

Originally Posted by skytrekker

Bob


The lenders have tightened up on who they loan money to- and the days of no income doc is OVER.

I hope not as I am closing a SISA (stated income stated asset) loan on the 15th.

[skytrekker]

Best of luck Tim

Housing is a disaster, there will be declines in the state-hope you got good deal.

[Bob The Builder]

Raj

Sorry, but I need these data points. You said 57k less than sales price. Was that 57k less than asking or less than the price you were originally in contract for? What was original ask and what was final price?

Bob

[debbiedew]

Originally Posted by rajmelk

Folks--I apologize if this is not the right forum for this. We were under contract on a home in West Hartford (Bishops Corners area), and everything was going great until the bank appraisal came in. It was > $50,000 lower than the sales price!

We fully expect to have to pull out of this deal as a result, and while we have some backup choices lined up, we are feeling a bit gun-shy about making another offer...what if this happens again? Anyone experienced this lately in West Hartford or other parts of the Hartford metro? Any weird dynamics with over-optimistic pricing, or worse yet, depreciation over the past few months? Thanks!

E mail me the address and I will check this out. Maybe your appraiser is not very good or is having a bad day. No charge.

[debbiedew]

I am a realtor in Ct and I am amazed by your observations. I think the market has stay pretty stable. As buyers you could have your pick of some nice home and wouldn't have to worry about losing since pricing will drop maybe a little but will certainly increase faster than other areas in New England.