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Just so you know, appraisals are done for different reasons and will produce different figures. Doesn't seem right, but that is just the way it is.
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Whether an appraisal is done for a purchase or a refinance is irrelevant. The Intended Use is mortgage financing and the Intended User is a lender. The Scope of Work in both cases is to determine aan opinion on market value which, ideally, should be a short range. I sure wish those stupid forms would allow for that.
I have heard the rumor before that an appraisal for a purchase and an appraisal for a refinance should result in two different values. This is a myth.
I didn't say it should. I said it often does. And that's a fact in my experience. That ain't no rumor. While I'm sure you do not placate who ever is paying you to do an appraisal but as all Realtors® are not made alike, neither are all appraisers.
The original agent , should have had your permission to make any changes, unless your ex, had told them to. The market prices sound like you may still need to lower it, to get it sold. Another price comparison is probably best, and to put this final chapter to close, good luck, and the value could be established for final settlement.
I'd love to buy him out, I considered offering him what he owes ($203,000) but I'm not sure my income will allow that kind of a payment. When we offered to buy him out, we had double the income we now have.
My very last listed price with MLS was $247,000. I love the house, but with the memories I don't know that I'd want to stay there. We have a glutten of rentals in this town and I don't know that I'd be able to rent it out for my mtg. payment.
I can post a link of my ad on Craigslist, which is about all I can do until we both agree on a listed price with an agent. He knows it's on CL.
I didn't say it should. I said it often does. And that's a fact in my experience. That ain't no rumor. While I'm sure you do not placate who ever is paying you to do an appraisal but as all Realtors® are not made alike, neither are all appraisers.
This is my experience as well. It is not a myth.
We had an appraisal for my personal home for a refinance (in the boom), and I was floored at what the appraiser came up with. They comps they pulled were much nicer than my house. My CMA's are pretty spot on with what homes end up appraising at for home sales. The appraiser was in la-la land, but that is okay.
LB-Basket-Lady, unfortunately it sounds like that your first agent did sloppy work if they can't even follow instructions but I doubt you'll have much success with a legal action plus it just adds to the stress of aleady dealing with selling this home.
I agree with others who said the house may be overpriced. Do you have information on what comparable homes have sold in your area for the last 6 months? That's the best source for determining what price you should sell you home; although, in some markets prices are still dropping considerably so going conservative (i.e. lower end) will really increase your chances of selling your home quickly.
I'd love to buy him out, I considered offering him what he owes ($203,000) but I'm not sure my income will allow that kind of a payment. When we offered to buy him out, we had double the income we now have.
My very last listed price with MLS was $247,000. I love the house, but with the memories I don't know that I'd want to stay there. We have a glutten of rentals in this town and I don't know that I'd be able to rent it out for my mtg. payment.
I can post a link of my ad on Craigslist, which is about all I can do until we both agree on a listed price with an agent. He knows it's on CL.
You need to think this through a little, because here is what I would suggest.
1) get a mortgage broker to run your credit and income to see if they can get you approved for a $215K mortgage. $0 down (or more if you have it).
2) Go through the steps to get past the pre-approval amount with the mortgage broker. Get all the income, bank statements to them, let them get to the point that your just waiting for a sales agreement and appraisal.
3) Provided you can get the mortgage approved, let him list the house at $225K
4) Get a friend that your husband does not know to come in and offer to buy the property at $206K + 1/2 closing costs. The offer must be signed off as, your friends name, or assignee (meaning they can transfer the contract).
5) If your x-husband signs off on the deal, you take the sales agreement to the broker and prepare to buy the property for the balance of the mortgage.
6) Your under no obligation to disclose that your buying the property until closing day, when its impossible for the x-husband to back out of the deal. (without violating the sales agreement)
Its most likely that your x-husband will sell the property to anyone he can to get out from under the debt, well anyone except you that is. So give him an option to sell it to someone other then you, and then take advantage of this to get the home you want. It saves you from moving, and gets him out of your life, and it gives you the satisfaction of getting over on him, without really screwing anyone out of anything.
Be sure to allow enough of the purchase price to cover the realtors commissions, (which would be avoided if your friend just agrees to buy through your lawyers without an agent). You also would need to discuss transfer taxes etc but a good percentage of them would be avoidable as your simply buying 1/2 the house, not the total.
If you don't want or can't buy him out, why not just sign over your share of the house to him and move on? Let him worry about selling it at the price he wants. The judge's order does not mean you have to stay put and live in the house...the order was for your benefit so your ex would have to pay for the mortgage while you maintained the house. Would your ex agree to take over the house and sell it for what he wants? How can anyone possibly move on with this monkey on your backs?
As far as the agents, it just sounds like a lot of messed up communications. It doesn't sound like anyone did anything intentionally. People who are not experts in things such as court orders don't always understand.
When you take a price drop, anything less than $10K is a waste of time. You MUST get ahead of the curve to get it sold.
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While I'm sure you do not placate who ever is paying you to do an appraisal but as all Realtors® are not made alike, neither are all appraisers.
