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Old 07-03-2012, 03:30 PM
 
62 posts, read 161,063 times
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Quote:
Originally Posted by DMenscha View Post
Withdraw the offer. Since it is contingent on the bank's approval, (and it apparently hasn't happened yet), if you withdraw it now, you can go back and offer at a price you are comfortable with that might still gain bank approval.
Quote:
Originally Posted by rjrcm View Post
You should also check your contract to see if you have an option to cancel before the short sale is approved. You may want to consider a preemptive move if it does, and perhaps consider the other condo or resubmit your offer on this one.
Thanks both of you for the advice! I am checking with my realtor about both of these options.
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Old 07-07-2012, 04:54 AM
 
6,361 posts, read 7,339,306 times
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Quote:
Originally Posted by only1beebs View Post
Thanks both of you for the advice! I am checking with my realtor about both of these options.
If you had a realtor working for you when you submitted your offer, I'm surprised that they didn't point out that your offer was high. Or were they just working as a listing agent for the seller?
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Old 07-07-2012, 08:44 AM
 
62 posts, read 161,063 times
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Quote:
Originally Posted by jackmichigan View Post
If you had a realtor working for you when you submitted your offer, I'm surprised that they didn't point out that your offer was high. Or were they just working as a listing agent for the seller?
No I had my own agent. The only comparable she gave me was an active listing that has more sq footage and rooms than mine. And it is still on the market a month later because it's overpriced. I still don't know why she gave me that. I just made her do a CMA yesterday and it shows that I am absolutely overpaying. I ordered an appraisal and although I have no trust in it based on the bad things I've read about appraisals, I'm hoping this will support what the CMA found. If it does, I'll send it over to the seller with an amendment to the price. If it doesn't and I still think I am overpaying, I will walk.
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Old 07-08-2012, 01:14 AM
 
Location: In a state of mind
5,998 posts, read 6,371,798 times
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BPO's are only as good as the Realtor providing them. Many Realtors have minimal experience with apprasial and BPO's are often way off on the high side. If they can get a retail buyer so much the better. If the place sits on the MLS for awhile then they will often take a lot less.

You know a property is priced right when it hits the market and has multiple offers immediately.
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Old 07-08-2012, 06:54 AM
 
6,361 posts, read 7,339,306 times
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Quote:
Originally Posted by jamies View Post
You know a property is priced right when it hits the market and has multiple offers immediately.
Not necessarily, of course. It could also indicate that the house was priced too low.
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Old 07-09-2012, 01:31 AM
 
Location: In a state of mind
5,998 posts, read 6,371,798 times
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^^^ Good point. I should have said, "Priced right for me."

Of course sometimes sellers will price low hoping to get a bidding war going.
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Old 07-09-2012, 04:48 AM
 
Location: MID ATLANTIC
7,602 posts, read 17,643,477 times
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We are seeing a dangerous game being played in our market, bid high because the appraisal won't support the offer price. In other words, buyers are counting on the appraisals to reign in the sales price.

Just had one of those.......agent and her buyer put in offer 5K over everyone else (which was already above list). Guess what happened? Yep, and now they are unhappy because the appraisal is too high.
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Old 07-09-2012, 05:10 AM
 
Location: Cary, NC
31,637 posts, read 55,374,605 times
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Quote:
Originally Posted by SmartMoney View Post
We are seeing a dangerous game being played in our market, bid high because the appraisal won't support the offer price. In other words, buyers are counting on the appraisals to reign in the sales price.

Just had one of those.......agent and her buyer put in offer 5K over everyone else (which was already above list). Guess what happened? Yep, and now they are unhappy because the appraisal is too high.
Interesting twist of mind, with buyer outlook and strategies.

Buyer offers too much but is OK with paying full appraisal value with no discount.
Or, buyer makes a smart offer and is distressed because the house appraises for more than their discounted offer.

We live in a weird, weird world.
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Old 07-09-2012, 05:30 AM
 
Location: OK
2,717 posts, read 6,295,380 times
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Quote:
Originally Posted by only1beebs View Post
I ordered an appraisal and although I have no trust in it based on the bad things I've read about appraisals,
Such as?
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Old 07-09-2012, 09:07 AM
 
62 posts, read 161,063 times
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Quote:
Originally Posted by Annemieke Roell View Post
Such as?
Some people blame appraisers in part for the bubble. I wanna believe they do their job right.

Quote:
Originally Posted by Smart Money
In other words, buyers are counting on the appraisals to reign in the sales price.
This whole process seems like it's full of mind games. Pricing too low in order to get bid wars, pricing too high above what you know it's worth. Banks loaning out more than they should to a person. Now there's accusations of banks working with appraisers to appraise homes too low to lessen the chances of the home winding up in foreclosure one day (and the bank not getting their money). I offered too high because I'm an idiot and thought the assessment value was a good measure of how much the place is worth. But to those that overbid on purpose, I don't blame them. Everyone else is playing games.
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