[b91874]

call me crazy. our house had a contract on it for 180k. the buyers appraisal came back at 130k. they want out of the contract, understand that. however, am i just supposed to take their agent's word that the appraisal came back so low?? don't i have any right to see the appraisal amount? their agent won't hand it over, i don't want a copy of it! i just want to see in writing that that is actually the amount it was appraised for. can't i go to their office and just look before signing the cancellation agreement? has anyone ever had to deal with "taking someones word" like this?? it seems that it takes mountains of paperwork to sign on for a contract but just word of mouth to cancel?

[Wendyb0077]

If the appraisal came in low there are a couple of options. Bring the sales price down to the appraised amount and continue the sale. (of course they would have to show you the appraisal first). Get a second appraisal done by another appriaser and see if the value can be raised. The buyer can come up with the difference between the sales price and the appraised value. If none of these remedies work then the lender will have to issue the buyer a letter of loan denial naming the low appraisal as the reason. The appraisers are lowballing these appraisals due to the declining market. Their neck is on the line due to what happened during the real estate boom... If the sale was contingent on financing then the buyer will get their deposit back.

[b91874]

thank you for your reply. i understand that they will get their deposit back that's no problem. i'm wondering if i have a right to see the appraisal. i didn't order it so i don't have the right to a copy i just want to see that amount on paper. i don't feel comfortable just taking someone's word that that's what the amount was. any ideas? thanks again for the info.

[Wendyb0077]

Let your agent know that you want to either see the appraisal or you want to see something from the bank indicating that the appraised value was lower then the sales price. You should be given a copy of the denial letter from the lender. Like I said it should say the buyer is denied due to a low appraisal. Then you will know they are telling you the truth. Did your agent do a CMA on the home when listed?? Since homes are staying on the market soooo long. The CMA needs to be updated monthly. It is just amazing the difference just a month can make in your value...sorry for your disappointment

[DanBev]

We have our house for sale,went on market today.I paid for an appraisal so as not to have any surprises and priced home $15000 under appraisal.

[Joe_Ryder]

A contract is a contract. If they offered you $180K and you accepted, it's a done deal unless something was misrepresented. A selling price is simply a price and is not a representation of value and therefore can't be considered a misrepresentation.

Unless Florida law is completely screwy, your contract is enforceable. They should have done an appraisal before signing a contract.

I'd consult a lawyer and not rely too much on what your Realtor tells you. A Realtor is NOT a lawyer and never forget that the Realtor is representing BOTH the buyer and seller. MOD deleted

Good luck.

[Lilybeans]

Originally Posted by Joe_Ryder

A contract is a contract. If they offered you $180K and you accepted, it's a done deal unless something was misrepresented. A selling price is simply a price and is not a representation of value and therefore can't be considered a misrepresentation.

Unless Florida law is completely screwy, your contract is enforceable. They should have done an appraisal before signing a contract.

I'd consult a lawyer and not rely too much on what your Realtor tells you. A Realtor is NOT a lawyer and never forget that the Realtor is representing BOTH the buyer and seller MOD deleted

Good luck.

True. A appraisal has nothing to do with the sale, unless the sale is contingent on him getting financing. Even then, he has to show good faith looking for all sources of financing.

Go talk to a lawyer before you do anything else.

[TampaKaren]

Originally Posted by b91874

call me crazy. our house had a contract on it for 180k. the buyers appraisal came back at 130k. they want out of the contract, understand that. however, am i just supposed to take their agent's word that the appraisal came back so low?? don't i have any right to see the appraisal amount? their agent won't hand it over, i don't want a copy of it! i just want to see in writing that that is actually the amount it was appraised for. can't i go to their office and just look before signing the cancellation agreement? has anyone ever had to deal with "taking someones word" like this?? it seems that it takes mountains of paperwork to sign on for a contract but just word of mouth to cancel?

I would also suggest you ask to speak with the appraiser and find out which comps he/she used. I don't think an appraiser would risk losing their license over one appraisal. I have worked with appraisers who were unfamiliar with an area and pulled comps too far outside a neighborhood which skewed the results. It's also difficult getting real values with all the foreclosures and short sales. I don't know that you have a right to see the appraisal. It was done at the lenders request and the borrower probably paid for it. Look at the wording in your contract as well.

Sorry this happened to you.

[JohnVosilla]

Originally Posted by b91874

thank you for your reply. i understand that they will get their deposit back that's no problem. i'm wondering if i have a right to see the appraisal. i didn't order it so i don't have the right to a copy i just want to see that amount on paper. i don't feel comfortable just taking someone's word that that's what the amount was. any ideas? thanks again for the info.

Well are there any other contingencies besides financing that would allow them to easily get out of the contract? If it is just inability to get financing based on appraised value then you are probably entitlted to a copy.. May I ask what area this happened in as it still seems unusual to have such a huge discrepancy with a ready, willing and able buyer who was in the market for a home.

[Wendyb0077]

Trying to sell a home in this market is a crap shoot!! Looks like you are realistic. Hope you sell it...

Originally Posted by DanBev

We have our house for sale,went on market today.I paid for an appraisal so as not to have any surprises and priced home $15000 under appraisal.