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BTW - some advice for all you house hunters. Get the house appraised before you get it inspected! That way you won't have to pay for inspection if it turns out the house comes in with a low appraisal and you can't close the deal.
Good luck!
I agree this is terrible advice. Get the inspection done first and really quickly, then you may not have to pay for the appraisal. Most contracts have a due diligence period and if you're waiting for that appraisal you may miss it.
OP, check with your agent and lender to find out options for the low appraisal. You may be able to challenge it and/or get the seller to lower his price.
I agree this is terrible advice. Get the inspection done first and really quickly, then you may not have to pay for the appraisal. Most contracts have a due diligence period and if you're waiting for that appraisal you may miss it.
OP, check with your agent and lender to find out options for the low appraisal. You may be able to challenge it and/or get the seller to lower his price.
I guess it depends on what you have the most control over - in my case, it was the inspection part. The appraisal I had no control or influence over whatsoever, in terms of time.
Of course, in the contract, it was clearly stated that the inspections would take place after appraisal, with the addendum that I would not be held for earnest deposit if I wanted to back out based on either appraisal or inspection.
The main reason for my advice though - and please bear in mind that this thread originated from the Las Vegas forum - was that in Vegas, the market is such that the appraisals are often coming in really low. So instead of paying for inspection when the deal falls through, get the appraisal done first, back out if need be and also - my bank didn't charge me for the appraisal where the deal fell through. With this in mind - and with the addendum to the purchase agreement to keep me safe timewise on the due diligence part - I stand by my advice. Although, having a case of tunnel vision based on my case, I guess I should have shared the circumstances too.
I guess it depends on what you have the most control over - in my case, it was the inspection part. The appraisal I had no control or influence over whatsoever, in terms of time.
Of course, in the contract, it was clearly stated that the inspections would take place after appraisal, with the addendum that I would not be held for earnest deposit if I wanted to back out based on either appraisal or inspection.
The main reason for my advice though - and please bear in mind that this thread originated from the Las Vegas forum - was that in Vegas, the market is such that the appraisals are often coming in really low. So instead of paying for inspection when the deal falls through, get the appraisal done first, back out if need be and also - my bank didn't charge me for the appraisal where the deal fell through. With this in mind - and with the addendum to the purchase agreement to keep me safe timewise on the due diligence part - I stand by my advice. Although, having a case of tunnel vision based on my case, I guess I should have shared the circumstances too.
Most importantly you should have shared the changes required to the contract to have the inspection period started at a later date.
I guess it depends on what you have the most control over - in my case, it was the inspection part. The appraisal I had no control or influence over whatsoever, in terms of time.
Of course, in the contract, it was clearly stated that the inspections would take place after appraisal, with the addendum that I would not be held for earnest deposit if I wanted to back out based on either appraisal or inspection.
The main reason for my advice though - and please bear in mind that this thread originated from the Las Vegas forum - was that in Vegas, the market is such that the appraisals are often coming in really low. So instead of paying for inspection when the deal falls through, get the appraisal done first, back out if need be and also - my bank didn't charge me for the appraisal where the deal fell through. With this in mind - and with the addendum to the purchase agreement to keep me safe timewise on the due diligence part - I stand by my advice. Although, having a case of tunnel vision based on my case, I guess I should have shared the circumstances too.
Shouldn't the agent know if the appraisal will be a problem? Granted, it's a different market in Vegas, but I've never had that concern on the buyer side.
Shouldn't the agent know if the appraisal will be a problem? Granted, it's a different market in Vegas, but I've never had that concern on the buyer side.
You said it... it's a different market in Vegas. Everyone I spoke to - Realtor, Inspector, neighbors etc... couldn't believe the appraised price.
On a side note - as an example of the Vegas market these days...
I bid on a forclosed house (bank owned). It was listed at 86k. The seller's agent hinted at anything below 100k would be rejected. I bid 105k. The house sold to someone bidding 126k.
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