How do square footage comps work? (appraisals, attorney, approved, kitchens)
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Oh, sorry, I see what you mean. Well, in cases where the buyer is reasonably certain that the purchase offer is about the same or less than the likely appraisal amount, it's not really necessary but I now suggest it to all my buyers. Might the seller reject it? Sure but then it becomes a question for the buyer and whether or not they are willing to take the chance. If the seller rejects it, they might lose the buyer. Like all points of a negotiation, both sides have to evaluate each point of contention in terms of potential pitfall and potential benefit.
Different markets, for sure. In my area, it's such a seller's market that there's no way a contract would ever be consummated with both contingencies; heck, I've done plenty of deals the past few years with NO contingencies whatsoever!
The agent told me the appraisal always hits sales price or a tinge over and I believed him. He said since list price was orignally 35,000 more then we paid and then they went down 8,000 after a week. the listing agent who I called said sellers set the listing price and be advised them not so high but they insisted. My realtor told me I got a fantastic deal since orignally list price was so high. we were getting a huge deal at the price we paid and he said it comped out at 23,000 more then we paid but that's just by square footage. The house that sold for 1500 more is the exact model of our house but ours has a small addition for a mother in laws suite living room a little over 200 square feet. The remodeled home has around $50,000 in upgrades so that's why I am so lost on how he comped it. He won't answer me and said let's just relist it. I would have never paid as much as I did for this house if I knew it would not even sell in future for what the one down road with upgrades sold for.
Being that I paid what. it apprised for pretty much Invould have got some other things to help like closing cost assistance and maybe carpet allowance. Yes the remodeled home is in this area and he even put it on the list of comps and used a house in January also
Ok, I think I'm starting to understand why you're so fixated on this other house. Your realtor led you to believe that housing prices are determined merely per the square foot, and that's very much removed from how value is determined. You need to forget price per square foot: your agent gave you horrible advice and there's nothing you can do about it now. Unless you have a time machine, there's nothing you can do about what you paid for the house; it's a done deal. What you CAN do is stop focusing on what you paid and start focusing on what you need to do to the house in order to achieve a future sales price that will allow you to not bring money to the closing table. Stop dwelling on the past and start focusing on the future.
The agent told me the appraisal always hits sales price or a tinge over and I believed him. He said since list price was orignally 35,000 more then we paid and then they went down 8,000 after a week. the listing agent who I called said sellers set the listing price and be advised them not so high but they insisted. My realtor told me I got a fantastic deal since orignally list price was so high. we were getting a huge deal at the price we paid and he said it comped out at 23,000 more then we paid but that's just by square footage. The house that sold for 1500 more is the exact model of our house but ours has a small addition for a mother in laws suite living room a little over 200 square feet. The remodeled home has around $50,000 in upgrades so that's why I am so lost on how he comped it. He won't answer me and said let's just relist it. I would have never paid as much as I did for this house if I knew it would not even sell in future for what the one down road with upgrades sold for.
Being that I paid what. it apprised for pretty much Invould have got some other things to help like closing cost assistance and maybe carpet allowance. Yes the remodeled home is in this area and he even put it on the list of comps and used a house in January also
I'm sorry, exactly HOW fo you know this other house had $50,000 in upgrades? When were the upgrades done? Did you see receipts for the work? 50K is such a nice even number, it seems almost made up, perhaps by another one of those real estate agents?
Are you the main source of income for your family? Why do you feel it was you that bought the house with your money, instead of the family buying it with the family's money?
Have you considered renting out this in-law suite? In a few years you could make back that $23,000 that YOUR FAMILY overspent on the house.
The house has all new energy windows, brand new kitchen and granite countertops, Tile floors, all bathrooms redone with new sinks, fixtures and fresh paint inside and outside, and other fixture updates. the house I bought even says on appraisal No updates. I think the appraisal should be I question also since it's one street over and same builder and plan my house is. I feel like I am so bitter with this how can I even get over it to enjoy home?
Quit worrying about the other house and enjoy your new home. Everyone needs a place to live -- you will have expenses to live wherever you are, so chill out and just make yourself at home in your new place. Moving is not easy or fun or cheap. You need to just stay in your house for a few years, make it your own, enjoy its quirks and get out to meet new neighbors. It's not just about the money or price you paid - it's where you feed your kids, where you sleep, read and relax. Get to know your new yard and all the plants and trees that are in it. Homes are where memories are made so move forward and make them good ones!
The house has all new energy windows, brand new kitchen and granite countertops, Tile floors, all bathrooms redone with new sinks, fixtures and fresh paint inside and outside, and other fixture updates. the house I bought even says on appraisal No updates. I think the appraisal should be I question also since it's one street over and same builder and plan my house is. I feel like I am so bitter with this how can I even get over it to enjoy home?
Ok I need therapy obviously this life changing event has caused major stress I agree
Question since I overpaid is it even worth doing any updates at all? I mean if we do stay 5 years at the most? I did some number crunching and it seems like with all fees and if I can even sell for what I paid I would still lose. In the house forums wen looking for budget ideas they advised don't do anything. I am afraid we will dump our money into house and still lose out down the road.
I just went through my appraisal again and noticed they put tile for bathroom floors and all 3.5 have lineolum. do u think that alone raised my appraisal? the flooring says laminate, carpet and lineolum but under bathroom it says tile. They also put list price down for houses which shouldn't matter since seller is the one who made list price for ours and appraiser also put the house that had major upgrades as a comp, how is that possible? do you think my appraisal is wrong?
I am so worried that I won't be able to sell it for what I paid for it and to move on with my life my family agrees the condition I am in mentally we need to resell it. I just worry what if appraisal was done wrong because they used the updated house as a comp and appraised it for rmecaxtly what updated house sold for.
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