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Old 06-11-2018, 04:24 PM
 
Location: Columbia SC
7,969 posts, read 6,720,934 times
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Quote:
Originally Posted by oregonwoodsmoke View Post
(Shrug) decide what you want to pay and make your offer. Either they will accept, reject, or counter.
Sound advice.
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Old 06-11-2018, 04:34 PM
 
Location: Tennessee at last!
1,870 posts, read 1,724,162 times
Reputation: 3714
You could just ask if they would mind providing you a copy of the recent appraisal.

And the appraisal may have been high because the appraiser was not familiar with the area.

I once had an appraisal where they compared the house I was selling with houses one block away. Problem was my house was in a regular subdivision with cookie cutter houses. The next block away was a historic section with way different and not comparable houses. The appraiser was not from the area and did not know the houses were one block away, but price wise a world away!
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Old 06-11-2018, 05:51 PM
 
2 posts, read 1,013 times
Reputation: 14
Thank you everyone, that makes sense that there could be a number of reasons the new appraisal came through that high. And obviously we would try to move forward and put our best foot forward with an offer and see what happens....I was just very thrown off by something that seemed so off base and giving the owners an unrealistic basis. In the end, we just decided to move on, as the owners said this afternoon that they have someone else interested who can do cash at the same price we offered (even though their agent told us they hadn't been talking to anyone else before it gets on the MLS) and we're not up for a bidding war on this place. Oh well! Thanks for the advice!
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Old 06-11-2018, 07:13 PM
 
1,037 posts, read 755,278 times
Reputation: 1646
Quote:
Originally Posted by adjusterjack View Post
Makes no difference.


You make an offer. If they don't take it and you don't want to go higher, you walk.


It's that simple.


There will always be another house.
So much this.

Unfortunately people are emotional beings and their stupid side gets the best of them when they want something.
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Old 06-12-2018, 08:37 AM
 
9,322 posts, read 11,159,538 times
Reputation: 12502
Quote:
Originally Posted by emotiioo View Post
People can get very strange ideas about property values.

If you want to put in a offer, do so. I don't think that raising the price after the house has sat for months is a good strategy myself, but who knows what advice their agent is giving them.

My buddy who is a nice guy but "whew, wing nut crazy" has a unique strategy. House is appraised at 432K, zillow says 580K so I would assume 550-600 is the market.

He feels since it is insured by the insurance company for 680K and it is on a lot that is worth 250K that the house should be listed at high 800's. His math says 930 is what it is really worth but he'd take 50K off for redecorating/updating hence the 880K asking price.

When I countered that maybe the insurance company is overvaluing the house for the sake of higher premiums/commissions and they might be including the lot in the appraisal he disagreed "because that would be illegal for them to do that!"

He will be selling the house himself since realtors don't know what they are doing.....
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Old 06-12-2018, 08:37 AM
 
11,343 posts, read 5,852,301 times
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Meh. I figured the “appraisal” was some broker telling them a number they wanted to hear to get the listing. A property that had rotted on the market with numerous price reductions doesn’t magically appreciate 25%. The way to handle this has been covered multiple times in this thread. Make your best offer. Walk if it’s not accepted. This happens every day.
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Old 06-12-2018, 08:42 AM
 
9,322 posts, read 11,159,538 times
Reputation: 12502
Quote:
Originally Posted by sme82 View Post
Thank you everyone, that makes sense that there could be a number of reasons the new appraisal came through that high. And obviously we would try to move forward and put our best foot forward with an offer and see what happens....I was just very thrown off by something that seemed so off base and giving the owners an unrealistic basis. In the end, we just decided to move on, as the owners said this afternoon that they have someone else interested who can do cash at the same price we offered (even though their agent told us they hadn't been talking to anyone else before it gets on the MLS) and we're not up for a bidding war on this place. Oh well! Thanks for the advice!
A friend found a house similar to yours (high asking price, very unrealistic). The house was asking like 4.5mm but was an older home in dire need of updating. They wrote a nice letter to the owner, explaining they love the house and wanted to raise their family there (included a pic of the little kids) but they could only pay 3.3mm. Seller loved the story and took the 3.3 offer!

They redid the whole place (like drive a bulldozer through the middle of it) and today that house is probably 12-13mm but they probably spent 3-4 on the updating since the outside walls were the only thing left after the bulldozer finished.
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Old 06-12-2018, 02:53 PM
 
2,138 posts, read 1,152,923 times
Reputation: 4370
Appraisals are a work of art with some math behind them. There is a lot of room for differences.

Call and get an appraisal for "tax" reasons on an inherited property. Then call a bank and get an appraisal from their guy and see how much they differ.
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Old 06-13-2018, 10:37 AM
 
Location: OK
2,717 posts, read 6,293,800 times
Reputation: 1844
Quote:
Originally Posted by sme82 View Post
Hi everyone,


My question is, how would an appraiser come up with a number that high when the closest comps are so much lower, and the house itself couldn't even sell for something much lower 6 months ago? Wouldn't that fact alone indicate the value of the house is much closer to the lower price point? Has anyone seen this before? I feel like I mostly hear about appraisals coming in low
Very good question. Call the appraiser and ask ....
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Old 06-13-2018, 10:38 AM
 
Location: OK
2,717 posts, read 6,293,800 times
Reputation: 1844
Quote:
Originally Posted by aridon View Post
Appraisals are a work of art with some math behind them. There is a lot of room for differences.

Call and get an appraisal for "tax" reasons on an inherited property. Then call a bank and get an appraisal from their guy and see how much they differ.
Market value and "tax" value are two completely different things.
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