[msgolf01]

Yeah, it makes no sense what so ever to agree to that, but I guess if the house is perfect for us we could try meeting them half way.

I hate having the deal hinge on one appraiser's opinion, when that appraiser costs us $400 and he is only protecting the banks assets.

I guess that's the price you pay for not having the cash yourself.

[MadManofBethesda]

Originally Posted by msgolf01

I hate having the deal hinge on one appraiser's opinion, when that appraiser costs us $400 and he is only protecting the banks assets.

The seller reimbursed us for the appraisal at closing, which I found strange, but was told was standard practice out here.

[olecapt]

Originally Posted by MadManofBethesda

The seller reimbursed us for the appraisal at closing, which I found strange, but was told was standard practice out here.

Gimmick...leaves the buyer with the cost of the appraisal if the transaction fails. The custom was that the seller pays...then someone thought up the idea of paying at the end of escrow. Not universal but common.

[007 license to sell]

Originally Posted by msgolf01

I'm curious what your "needs" are in a house, because we are having a very difficult time buying a house in the Henderson area, and my wife and I both have credit scores 780+. Good houses in good areas go very fast. Therefore, in order to get one you have to bid high and bid fast. Bidding over the list price isn't the problem. Problem is, bank still needs to appraise the house for selling price.

We have already had two offers get countered with the only contingency being that if the appraisal comes in below sales price, that we make up the difference in cash.

Are there really buyers who are willing to do that????

Unfortunately yes there are buyers that will pay more, usually you can get the bank to split the difference. Due to the bidding that is going on and buyers offer more then the selling price, the appraisal will usually come in for less then the agreed upon selling price because the home really wasn't worth that amount. IF you purchase a home for more than it's appraised value you better be living in it for years while this market and economy work through this mess.

Good luck in your house hunting

[MadManofBethesda]

Originally Posted by olecapt

Gimmick...leaves the buyer with the cost of the appraisal if the transaction fails. The custom was that the seller pays...then someone thought up the idea of paying at the end of escrow. Not universal but common.

When you say common are you just referring to LV or throughout the country? Because I was unfamiliar with the custom of the seller paying for the appraisal in any circumstance, whether the transaction closed or not.

FWIW, the seller paying for the appraisal doesn't make any more sense to me than it would if the seller paid for the inspection (not that I'm complaining).

You may consider it a gimmick, but to me it was an unexpected $400 bonus.

[007 license to sell]

Originally Posted by msgolf01

Yeah, it makes no sense what so ever to agree to that, but I guess if the house is perfect for us we could try meeting them half way.

I hate having the deal hinge on one appraiser's opinion, when that appraiser costs us $400 and he is only protecting the banks assets.

I guess that's the price you pay for not having the cash yourself.

Regarding your comment about the appraiser protecting the banks asset that can't happen any more. Due to new fed regulation a bank has to use a 3 rd party entity that has no affiliation with the bank to order the appraisal that is one of many reasons the responses take so long.

Also under the new HAFA program if a lender couldn't work out a loan modification with the buyer then the home can either go into a short sale or deed in lieu of foreclosure. If the home owner chooses the short sale a loss mitigator will be assigned to the process and they are the ones to set the price on the home now not the home owner or the realtor for the home owner like in the past.

However what is happening now you may start to see some homes way over priced to begin with and this is because the bank will ask for what is owed knowing full well they won't get it . They will do this to stall on the house ever selling because if there was mortgage insurance on the home the bank will not get it unless the home goes into foreclosure.

There is allot happening with defaulted mortgages right now there has already been 3 changes since the implementation of the Hamp program that was designed to help home owners modify their homes. As a buyer this effects you as well, in regards to available inventory, pricing of homes and how the banks will respond to your offers.

Also even though the tax incentive is gone that really didn't work for most of the cash buyers since most of them are investors or vacation homes buyers, that couldn't get the tax credit after all. If you find a Fannie Mae or Freddie Mac property they have inposed a wait time before investors can purchase a property to allow buyers that are looking for a primary residence to have a chance first to purchase.

Good luck in your house hunting.

[olecapt]

Originally Posted by MadManofBethesda

When you say common are you just referring to LV or throughout the country? Because I was unfamiliar with the custom of the seller paying for the appraisal in any circumstance, whether the transaction closed or not.

FWIW, the seller paying for the appraisal doesn't make any more sense to me than it would if the seller paid for the inspection (not that I'm complaining).

You may consider it a gimmick, but to me it was an unexpected $400 bonus.

Localism as far as I know. I never saw it anywhere else.

Different than the inspection which is buyer biased. This is lender biased and one can argue that it is validating the price set by the seller.

Personally it is arbitrary...as are much of these costs...

[007 license to sell]

Originally Posted by AllieCat1

Just wondering what the average market time is for homes in the metro area. I look at listings often and notice that the ones that suit my needs are snapped up in less than 2 weeks. That includes rentals as well as homes for sale. I'm in Chicago and people here are on the market for years. My home has been on 2 1/2 weeks and I have had only 3 showings with 0 interest although the feedback is that our home shows the best of all in the immediate area. Frustrating because what if it does sell and we can't find anything for sale in LV or Henderson? I would rent as a last resort and I know that it is probably the reasonable thing to do since we are from out of state and should "Try things out before buying" but I have 3 animals. Two 28 lb dogs and one cat and I just hate the thought of renting. I really want my own place. My home is very important to me as I am home 80% of the time. I don't know how strict landlords are out by you all with decorating or doing minor things in the home. Any comments? At this point I can't decide if I want my home to sell or hope that it won't to give the inventory in LV to beef up.

Here is the latest MLS stats for average summary report for June: It also shows average days on market.

http://statspak.firstamericanmls.com/LVARStat/statRpt%20Summary.pdf

[airics]

Originally Posted by 007 license to sell

Here is the latest MLS stats for average summary report for June: It also shows average days on market.

http://statspak.firstamericanmls.com/LVARStat/statRpt%20Summary.pdf

Break it down further.. average DOM for a cheap house (100k) is no way near what your sheet says..

[olecapt]

Originally Posted by airics

Break it down further.. average DOM for a cheap house (100k) is no way near what your sheet says..

That is what I said above. The generic DOM is easy...but it only applies to the generic house.