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I think the appraiser is doing you favor -- you'd be NUTS to own the most expensive property in the area!
Exactly! Walk away now. Who knows, the sellers may come back to OP in a few more months if they haven't gotten any more offers and be willing to sell for the appraised price.
Thanks everyone for the advice so far, you have been great! I am prepared to walk, sadly bookmarking rentals to call upon, and looking at other real estate ads just in case. Sadly, my one runner up house has been taken off the market, and the other is not budging on price, and actually looks to be 60K over assessment according to a few of the websites and owners have no budged on price in months (think I will take a pass at ending up in this situation again)! One thing is for sure - in the words of Donald Trump I am going to tell my buyers agent "Your Fired!" He's upset we went with a bank instead of his broker, and he reminds us EVERYTIME we talk to him...its getting old!
Exactly! Walk away now. Who knows, the sellers may come back to OP in a few more months if they haven't gotten any more offers and be willing to sell for the appraised price.
We'll I haven't heard yet from the sellers whether they are willing to negoiate, but if they don't - I am walking. I wonder if sellers can come back in a few months - has that ever happened to anyone?
Sadly, my one runner up house has been taken off the market, and the other is not budging on price, and actually looks to be 60K over assessment according to a few of the websites and owners have no budged on price in months (think I will take a pass at ending up in this situation again)!
OK, here's where I think you are making your mistake...
Are you basing what you think a house is worth based on stupid sites like Zillow and the like? In our neighborhood, they have my house at the same price as a couple of my neighbors (30 year old homes). We have an open floor plan, new kitchen, new bathrooms, finished basement, etc. etc. The other homes have the same kitchens the builder put in during the 1970s. So, how can my house be valued or "appraised" at the same price as those. And I think that's what you are going on.
Now, for the house of yours that is $15K over the appraisal. Let me ask you this. Do you have to redo the kitchen? Do you have to redo the bathrooms? Do you have to replace the roof, airconditioning, heating, windows, etc. etc?
If you don't, if this house has been updated, go for it. Why settle for a lower house if you have to start replacing big ticket items in the near future.
I think you need to rethink this.
But again, only you know the real story of this house, we reader's don't.
OK, here's where I think you are making your mistake...
Are you basing what you think a house is worth based on stupid sites like Zillow and the like? In our neighborhood, they have my house at the same price as a couple of my neighbors (30 year old homes). We have an open floor plan, new kitchen, new bathrooms, finished basement, etc. etc. The other homes have the same kitchens the builder put in during the 1970s. So, how can my house be valued or "appraised" at the same price as those. And I think that's what you are going on.
Now, for the house of yours that is $15K over the appraisal. Let me ask you this. Do you have to redo the kitchen? Do you have to redo the bathrooms? Do you have to replace the roof, airconditioning, heating, windows, etc. etc?
If you don't, if this house has been updated, go for it. Why settle for a lower house if you have to start replacing big ticket items in the near future.
I think you need to rethink this.
But again, only you know the real story of this house, we reader's don't.
That's a good point - kitchen and bathrooms fine, heating great as well as windows. Roof in about 5 years, attic ventilation system should prolong (moisture collecting in attic, which may be affecting a semi-newer roof - inspector recommended installing ventilation/fan), and A/C is in good shape but 10 years old. The big item that needs updating is electrical because they screwed up when doing an addition (not enough ground fault wires, and a crammed in breaker box, lacking the necessary GFI's). Also, minor issues like coliform in well - that can be fixed with new filtration system and shocking - about 5K in fixes, but nothing as expensive as a furnace (furnace cast iron and newer).
We'll I haven't heard yet from the sellers whether they are willing to negoiate, but if they don't - I am walking. I wonder if sellers can come back in a few months - has that ever happened to anyone?
My friends bought a home in a very upscale Dallas neighborhood this time last year. LP was $1.1M and my friends low-balled in summer 2010 in the $800k's. Sellers rejected their offer. My friends moved on. In November or December, the sellers came back as they had not received ANY other offers in the months since my friends. They got the house for $899k- a bit over my friends' offer but way below asking.
If sellers get desperate, there's always a chance they'll revisit your offer. Or they many end up deciding to sell to someone else for $15k less once the "reality check" sets in. Another friend I know was squabbling about $20k on a $300k home (basically, the cost to replace a roof which was old and causing problems for appraisal and insurance). Sellers said no. My friend moved on and bought another home. She later found out the seller had sold to the next person making an offer for $20k less- not sure if seller lowered the list price or just finally realized he had to come down to the appraisal value if he wanted to ever sell the home.
It doesn't hurt to check into the one you liked but is now off the market. My house is off the market until the Spring b/c I got tired of keeping it clean for a once-every-10-days showing. However if anyone who saw it last summer called, I would be receptive. My agent calls it a "pocket listing." She called the agents whose clients liked it but didn't offer to tell them.
Well the verdict....the sellers are accepting the appraisal price for the house, so basically I got 15K off the price of the house. Now, I just hope nothing else sneaky comes up on us when we are trying to close...
Thank you, hope so too - keeping fingers crossed!!
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