FSBO - attorney w/ cash want an appraisal before making an offer (sales, agreement)
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Because I have had several discussions with the party that farm / horse properties don't appraise, as appraisers are not specialized in the value of equestrian facilities. This is also about LOCATION. I am 5 minutes from the main competition facility in the state, and actually the entire PNW, no appraiser is going to understand that. To a horse person that competes at that venue 5 months out of the year, that is a HUGE added non-tangible value.
Previously, I have been told by the other party the property is over what they want to pay. I have also been told they want to base their offer on an appraisal. I have told them I will not negotiate down based on their private appraisal.
Also, honestly who would trust an attorney and his "private appraiser" to give a fair value. The attorney's "trial experience includes a broad range of commercial, real estate and financial fraud cases". You don't think he has access to an appraiser that will skew the appraisal? Then his wife could possibly run around the local horse community gossiping that the property appraised at a certain price, and run off other prospects.
I have nothing to conceal, but I'm not going to play this game with an attorney that is going to try to convince me the property is worth less. It has been expressed to me by several agents, it is priced fairly. It was also in escrow w/ a Realtor for herself but in the end should couldn't sell her home for enough to make it work.
The attorney would actually be wiser to come in with an agent to represent him, as I have it listed on the MLS...but he's trying to get the place for cheap, so that would defeat his goal.
But then again, from his perspective, why should he trust you? Obviously, you can do what you want, but if you make it clear the price is firm, then you have absolutely zero to lose by allowing an appraisal. If your price is 950K, then you save 28K by working with him. It makes sense to try to work this out.
The OP was gracious in his letter, far more so than I would have ever been.
Either the couple wants it or they don't. If they want to haggle, tell them to keep it between them and do not tie up your home with a whacky contract from them. They want your location at a bargain basement price.
The OP was gracious in his letter, far more so than I would have ever been.
Either the couple wants it or they don't. If they want to haggle, tell them to keep it between them and do not tie up your home with a whacky contract from them. They want your location at a bargain basement price.
Quote:
Originally Posted by Lovehound
Actually I think the seller should just skip the appraisal and tell the buyer to go jump in a lake.
Because I have had several discussions with the party that farm / horse properties don't appraise, as appraisers are not specialized in the value of equestrian facilities. This is also about LOCATION. I am 5 minutes from the main competition facility in the state, and actually the entire PNW, no appraiser is going to understand that. To a horse person that competes at that venue 5 months out of the year, that is a HUGE added non-tangible value.
Previously, I have been told by the other party the property is over what they want to pay, for any property. I have also been told they want to base their offer on an appraisal. I have told them I will not negotiate down based on their private appraisal.
Also, honestly who would trust an attorney and his "private appraiser" to give a fair value. The attorney's "trial experience includes a broad range of commercial, real estate and financial fraud cases". You don't think he has access to an appraiser that will skew the appraisal? Then his wife could possibly run around the local horse community gossiping that the property appraised at a certain price, and run off other prospects.
I have nothing to conceal, but I'm not going to play this game with an attorney that is going to try to convince me the property is worth less. It has been expressed to me by several agents, it is priced fairly. It was also in escrow w/ a Realtor for herself but in the end should couldn't sell her home for enough to make it work.
The attorney would actually be wiser to come in with an agent to represent him, as I have it listed on the MLS...but he's trying to get the place for cheap, so that would defeat his goal.
With that added information, I'll admit that I would probably change my original opinion that the OP should allow the appraisal. Knowing all of this, I'd probably say no to the potential buyer, too.
if someone is seriously interested, or is a capable cash buyer
call him up, invite him over-
if the attorney is the one interested in it,,the walk around will likely hook him....
50-75k difference in value isn't going to make a serious difference on his property(from a buyers perspective)
if this is a unique property for horse owners,,,then stick to your guns- you stated very well, your position
there is always an intrinsic value on a property that cant be placed on paper..on properties such as yours
if someone is seriously interested, or is a capable cash buyer
call him up, invite him over-
if the attorney is the one interested in it,,the walk around will likely hook him....
50-75k difference in value isn't going to make a serious difference on his property(from a buyers perspective)
if this is a unique property for horse owners,,,then stick to your guns- you stated very well, your position
there is always an intrinsic value on a property that cant be placed on paper..on properties such as yours
If the seller is in Oregon I think I know where they are located, roughly. They are just outside an urban growth boundary which may mean that the property may be developable about the time the buyer tires of showing horses. [been there, done that back in the day]
I agree with others, let the couple hire an appraiser and cooperate with that process with the proviso that you receive a copy of the appraisal. Don't tie up your property while they are doing that. If you receive an offer you can always contact them and give them an opportunity to submit an offer of their own.
Also, honestly who would trust an attorney and his "private appraiser" to give a fair value.
Who cares what they think your house is worth? If you don't like the offer, counter them with your asking price. That is the general polite way of saying you are sticking to your guns. The impolite way is to throw the offer in the trash.
Nobody can make you sell your property. Stick it out until you get an acceptable offer.
Quote:
Originally Posted by sware2cod
Are you saying that you will only sell to buyers that are all cash with no appraisal contingency?
Sounds like you think it won't appraise for your bottom-line because the property is unique.
This will be a potential problem even if the attorney is out of the picture and a different buyer wants the place.
Let the buyer decide if there is an appraisal contingency. That does not mean the buyer must sell at appraised price, it just leaves the buyer an out if they refuse to remove the contingency, and the contract expires at the contingency maximum days. In this case it would probably be a waste of time to deal with this buyer. If the market is slow, go with it and give them a short appraisal period. Let them waste their money if they want to. -- Fast market, turn it down.
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