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Old 04-09-2013, 10:23 PM
 
390 posts, read 572,407 times
Reputation: 339

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Quote:
Originally Posted by ritholtz View Post
My realtor told us, appraisers can go to jail for any misrepresentation according to the new rules. There is suppose to be shortage of appraisers as some of them gave up their licenses. We panicked and offered full price which is 5% more than market value given in county tax records. We are waiting for the appraisal report. We might end up in similar boat.
Tax appraisal values have no correlation to market value.
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Old 04-09-2013, 10:35 PM
 
Location: Dallas, TX
1,161 posts, read 743,586 times
Reputation: 248
Quote:
Originally Posted by nsumner View Post
After reviewing the files, I found out that the same appraiser appraised the house 2 years ago when he seller refinanced and the measurements were still different and he appraised it back then for more than he did today. So what happened in 2 years? did the house shrink by 101sf? it's not that much space but it's still a 10K difference when the sales price is $100psf. Are you telling me that the value of the home was higher 2 years ago than today? NO WAY!!!

Filed an appeal, came back that the appraiser didn't do anything wrong and justified that difference in SF that "it's not significant enough to warrant a change in the current value.

I think one of the posters on here Hockeydadof2 is an appraiser. I would love to hear his opinion on this.

Naima
Appraiser used $45 per sq ft in comparison analysis for the difference in sq. footage. These homes are actually sold between $120 to $130 per sq.ft. How accurate is this approach?
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Old 04-09-2013, 10:42 PM
 
Location: Dallas, TX
1,161 posts, read 743,586 times
Reputation: 248
Quote:
Originally Posted by seat21d View Post
Tax appraisal values have no correlation to market value.
Thanks for information. We got the appraisal for our offer price. We are expecting it to apprise for less in order to bargain with the seller as our offer price is very aggressive. Looks like it is a fair price. Lender is working on loan approval. Now fingers crossed for looming hail storm.
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Old 04-10-2013, 05:44 AM
 
Location: Dallas/Fort Worth, Texas
4,128 posts, read 13,192,239 times
Reputation: 2527
Quote:
Originally Posted by ritholtz View Post
Thanks for information. We got the appraisal for our offer price. We are expecting it to apprise for less in order to bargain with the seller as our offer price is very aggressive. Looks like it is a fair price. Lender is working on loan approval. Now fingers crossed for looming hail storm.
You seriously offered an amount that you were not willing to pay? I wouldn't count on the seller to "bargain" with you if they knew that your offer was fraudulent. Are you willing to purchase the home if the sellers refuse to bargain (sic)?

Naima
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Old 04-10-2013, 08:10 AM
 
440 posts, read 962,708 times
Reputation: 297
Quote:
Originally Posted by ritholtz View Post
Thanks for information. We got the appraisal for our offer price. We are expecting it to apprise for less in order to bargain with the seller as our offer price is very aggressive. Looks like it is a fair price. Lender is working on loan approval. Now fingers crossed for looming hail storm.
Did you really liked the house or gave an offer due to the market pressure? What about house inspection. Since you didn't mentioned about it, I am assuming everything went fine. Don't expect the seller will reduce. If you really liked the house, and have waited so long to pull the shot, get the house and enjoy it. Don't worry about small things.
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Old 04-10-2013, 10:10 AM
 
Location: Dallas, TX
1,161 posts, read 743,586 times
Reputation: 248
Hi Naima and Adi,
Thanks for the suggestions. There is a 10k difference between offer price and price our realtor recommended based on her comps. We liked the home, location with respect to distance to office and neighborhood schools. We offered the full price considering market conditions. We prepared for any appraisal issues and we are actually hoping for a chance to negotiate with seller. Everything went fine with inspections and appraisal.
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Old 04-10-2013, 10:45 AM
 
89 posts, read 112,220 times
Reputation: 46
Someone tried this on a realtor friend's client in West Plano, seller just flatly declined to negotiate as he had other offers lined up and didn't like getting manipulated. Buyer lost inspection & appraisal fee. Other buyer is offering to cover diffrence between offer and appraisal himself.
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Old 04-10-2013, 11:35 AM
 
Location: DFW - Coppell / Las Colinas
30,017 posts, read 34,685,876 times
Reputation: 36053
Quote:
Originally Posted by Rice&Curry View Post
Other buyer is offering to cover diffrence between offer and appraisal himself.
If a homes goes at a higher price or above possible appraisal.... we want to see a hefty down payment from the buyer. That means they either have the extra cash to cover or can reduce the percentage financed and still get a loan.

A buyer bidding up a house with a minimum down payment is not a solid offer in most cases.
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Old 04-10-2013, 12:18 PM
 
Location: Dallas, TX
1,161 posts, read 743,586 times
Reputation: 248
Quote:
Originally Posted by Rice&Curry View Post
Someone tried this on a realtor friend's client in West Plano, seller just flatly declined to negotiate as he had other offers lined up and didn't like getting manipulated. Buyer lost inspection & appraisal fee. Other buyer is offering to cover diffrence between offer and appraisal himself.
Negotiating is part of the process when it is not appraised to the full price. If buyer is offering full price without enough resources, i guess that is bad. For prepared buyer, it is one more opportunity to negotiate.

Last edited by ritholtz; 04-10-2013 at 12:29 PM..
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Old 04-14-2013, 01:25 PM
 
385 posts, read 357,270 times
Reputation: 1019
Quote:
Originally Posted by ritholtz View Post
Appraiser used $45 per sq ft in comparison analysis for the difference in sq. footage. These homes are actually sold between $120 to $130 per sq.ft. How accurate is this approach?
Price per sq. ft. is a wide spread misconception. The price a home sells for includes location, lot, basic utility, upgrades, improvements (pool, barn, etc), view, and a variety of other things. Dividing a sales price by square footage eliminates all these factors. The $45/SF is the portion of $120 - $130 that buyers are actually paying for the difference in size. The remaining is what the market pays for all the other aspects of the property.
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