U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-06-2013, 03:46 PM
 
396 posts, read 420,368 times
Reputation: 504

Advertisements

and there are no comps?
we have a very nice home for sale. the home has lots of nice features but it's the land which is super special.
so special that there's nothing like it on the market in this or the next county.

we're lucky enough to have a very large brook with waterfalls and swimming holes 100ft from the kitchen door, very dramatic and very unusual in this day and age.
and it's safe; we have a great position high above the water with stone steps and walls and the view is amazing from almost every window in the house. it's sub dividable, farmed and fenced and zoned residential/commercial for optimal versatility. and a great commute to the biggest employment centers and recreational areas around.

we have a potential buyer who likes the house but LOVES the land.
today they asked us to pay for an independent appraisal, as they think the house will appraise for much less than we are asking, and may effect their efforts to get financing.
these buyers have 50% down and want to finance the other 50%.
as long as the house appraises for 80% of the 50% they need to finance it should be doable, shouldn't it?

i know they can buy the same size house on the same size parcel in the same school district for much less, but it won't have the environment we have, so it's the land which is the selling point.


we are super motivated but have our own bottom line as well as anyone does.
i don't want to pay for an appraisal, but will if it's best to get a sale.
in this case it doesn't seem in my own best interest though.
is it?
Reply With Quote Quick reply to this message

 
Old 05-06-2013, 03:51 PM
 
6,175 posts, read 6,091,420 times
Reputation: 3008
Water front is always higher, I would think.
Reply With Quote Quick reply to this message
 
Old 05-06-2013, 04:05 PM
 
396 posts, read 420,368 times
Reputation: 504
i thought so too, but brooks not as much as ponds and salt water.
i just received a call from another young gent who toured on saturday with his wife.
he says they are close to making an offer and i should be hearing from his agent tomorrow.
ok bidding war, i'm ready!!
Reply With Quote Quick reply to this message
 
Old 05-06-2013, 04:10 PM
 
Location: Scottsdale, AZ
1,924 posts, read 3,461,472 times
Reputation: 2665
What rational did you use to price the home?

Obviously your buyer is asking you to lower the price because they believe it will not appraise. Why bother getting a pre-sale appraisal unless you are prepared to lower the price? Are you?

Since they are financing and will require an appraisal for their lender anyway, why not just wait for their appraisal to decide if you want to lower or negotiate?

This is a "who pays for appraisal" situation.
Reply With Quote Quick reply to this message
 
Old 05-06-2013, 04:10 PM
 
Location: USA
14,220 posts, read 13,734,451 times
Reputation: 10129
Location is definitely valuable!

How much higher are we talking about?
10%, 20%, 50%?

I would not pay for the appraisal. If the potential buyers aren't willing to risk $500, than I would doubt their seriousness on forking over hundreds of thousands of dollars for the house.
Reply With Quote Quick reply to this message
 
Old 05-06-2013, 04:15 PM
 
396 posts, read 420,368 times
Reputation: 504
they suggest the house will appraise for 25% less than asking.

our real estate agent got comps from similar priced homes in the area.
most are directly on the ski slopes 3 miles from here, but with no acreage or water frontage.
nothing has sold in our tiny town in almost a year.
Reply With Quote Quick reply to this message
 
Old 05-06-2013, 04:21 PM
 
Location: USA
14,220 posts, read 13,734,451 times
Reputation: 10129
Quote:
Originally Posted by suz1023 View Post
they suggest the house will appraise for 25% less than asking.

our real estate agent got comps from similar priced homes in the area.
most are directly on the ski slopes 3 miles from here, but with no acreage or water frontage.
nothing has sold in our tiny town in almost a year.
You should try to do some of your own research too.

Find out what price similar homes sold for... so say your house is 3/3, 3000 sqft and you found a similar house that sold for $300k. You can now try to add your location to that price. If you find out that your asking price is 100% more, than the appraisal will most likely come lower. If your asking price is 25% higher, than it's right on the border line and good to go. (just examples)
Reply With Quote Quick reply to this message
 
Old 05-06-2013, 04:55 PM
 
Location: The Berk in Denver, CO USA
12,117 posts, read 16,435,911 times
Reputation: 17668
Whatever happened to the sticky
PLEASE tell us your location when asking questions.
?
Reply With Quote Quick reply to this message
 
Old 05-06-2013, 04:57 PM
 
396 posts, read 420,368 times
Reputation: 504
i am so sorry--i am in the mountains of new england adjacent to a ski area.
Reply With Quote Quick reply to this message
 
Old 05-06-2013, 05:38 PM
 
23,831 posts, read 45,496,819 times
Reputation: 16560
Typical situation with unique property.

I've looked at a few and all were having trouble with buyer approval.

The last three were sold at or close to price to buyers that had the means to close with large downs or all cash.

This is the exact situation with a home last weekend on 1.5 acres when all neighbors are on 5,000 square foot city lots... home also has a 40 x 60 shop that appraised for $15 a square foot because it is non-conforming... built like the home... Sheetrock and stucco...

Unique properties often require unique buyers... especially today.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top