two critical questions (appraisal, agent, comparables, price)
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1. Is there anything I should tell the seller/seller's agent to do (sprucing up????) in order to make the best impression on the appraiser? We are under contract and the appraiser is coming on Friday. I am FRRRRREAKING OUT about the possibility of a low appraisal. Damn the HVCC! This home is hard to find comparables for, so it could be worth 400 or 500, who the heck knows. It's a crpashoot. But this home is also "the one." We cannot lose it. There are no other houses on this street we could afford otherwise.
2. we had the inspection and the realtors are bickering back and forth about what is a "needed" repair, and what is not. This is what we asked for, which comes to about 5k in repairs. Sellers are PO-ed. Can you tell me if this sounds reasonable:
carpenter ants in detached garage need fumigation: $1k
detached garage roof is leaking/has wood rot and needs immediate replacement: $3k
roof over main house has several leaks: up to $1k
water heater was installed improperly and has, according to the inspector, unsafe electrical/plumbing connections: couple hundred bucks
the ball is in their court, but to be honest we are not willing to walk even if we have to take the $5k hit; i just want to be sure we are not asking for too much
A carpenter ant treatment out here is $250 and $450 for the one year maintenance agreement. $1,000 seems really excessive to me.
The main roof and water heater seem very reasonable requests to me. Replacing a roof on a detached garage is a 50/50 thing out here. Most buyers would go for closing cost credit and replace it later in the summer. Roof replacements during this time frame are dicey because it needs to be dry. Buyers don't typically want to delay closing over a roof replacement on a detached garage.
yeah actually the estimate we got on the ants was 600 bucks; i misstyped on that one
so are you saying that we should not have asked to replace the garage roof? it is 30 years aold and flat and is essentially rotted. is that roof not as "important" as the main roof, and thus a structural thing that should be repaired? i am not being facetious i honestly do not know; my agent seems to think it's a must-do; listing agent does not
1. Is there anything I should tell the seller/seller's agent to do (sprucing up????) in order to make the best impression on the appraiser? We are under contract and the appraiser is coming on Friday. I am FRRRRREAKING OUT about the possibility of a low appraisal. Damn the HVCC! ...
On the other hand, a low appraisal may work in your favor if you could then renegotiate a lower purchase price based on a low appraisal. Worked for some of my buyer clients.
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