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So far, for us, hundred looked online, 30+ houses viewing, 3 offers, 2 rejected (actually they wanted to counter but we kept our price), 1 counter back and forth but we decided not to go higher.
8 houses viewed, 2 offers, both eventually accepted.
House #1 - offer made, countered, new offer made, another counter, accepted. Contingent on inspection. Came back clean, with a note to hire inspector for the chimney. Catastrophic failure found, requiring a foundation-up rebuild (nearly 10% of the value of the contract in costs). Deal collapsed.
House #2 - offer made, countered, accepted. Inspection came back spotless, loan paperwork cleared, closing date set. Bank appraisal came back 10% below final purchase price (despite two other full price offers aside from ours). Currently trying to resolve.
I wonder if the bank appraisal is lower than the purchase price, what will they do? They just lend you the 80% of the purchase price and you need to find your way to make up the difference or they don't approve your loan at all?
I made offers on about 6 homes... about half of the homes accepted our offer but it was contingent on a house visit to see the place... it took a LOT of back and forth (5-6 times) before a deal was agreed... I went to visit the homes and decided not to buy it and backed out (some of the bedrooms were too small)... finally found a house, made an offer... they countered, I countered, offer accepted... inspected, I threaten to backout if they didn't do the repairs, they did the repairs and now I own the home... The other 3 homes that didn't accept my offer, 2 sold (for MUCH less that what I offered) and 1 is still for sale about 50k less than what I offered...
I'm confused, you made offers before seeing the places?
I wonder if the bank appraisal is lower than the purchase price, what will they do? They just lend you the 80% of the purchase price and you need to find your way to make up the difference or they don't approve your loan at all?
We are petitioning the assessor to reevaluate his assessment as he missed some really obvious things (ex. kitchen is 100% recently remodeled and he claimed that it "needs updating"). If he won't budge, we may try another lender. Ultimately, we won't pay more than assessed value so the sellers will have to reduce their price to assessed value.
We are petitioning the assessor to reevaluate his assessment as he missed some really obvious things (ex. kitchen is 100% recently remodeled and he claimed that it "needs updating"). If he won't budge, we may try another lender. Ultimately, we won't pay more than assessed value so the sellers will have to reduce their price to assessed value.
If the seller doesn't want to reduce price because he/she thinks the house is worth at that price, so you can back out but is that you want? Or you have to start to look at another properties again...
If the seller doesn't want to reduce price because he/she thinks the house is worth at that price, so you can back out but is that you want? Or you have to start to look at another properties again...
We certainly don't want to back out, but I'm not willing to overpay for a house in this real estate market. The house is great but it's not particularly unique, at least not to the point where I'm willing to sink money into the house that I'm guaranteed to never get back. We're also first-time home buyers so we don't have extra cash to pay for "extra" value on top of our down payment and closing costs.
At this point we are willing to do everything we can to help the seller get the appraisal value up but I'm not willing to pay over that value. A number of other agents have agreed that doing so would be foolish. We may look to find another lender and see if their appraiser can do a better job. I suspect if we can get the value closer to the original asking price the sellers will have to consider lowering their price to meet it. If we don't buy it because of a valuation issue, I doubt anyone else will.
I've never had to make more than one offer when buying. I looked at about a dozen houses each time -- I'd go insane if I looked at more houses than that -- seriously considered two or three, and made my offer on the one that made the most sense.
The last house I sold, I had one offer that fell through (the buyers thought I was being "difficult" because I wouldn't let them into the house unannounced without their agent and mine knowing about it) -- their loss. A better offer came in several days later.
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