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Old 04-05-2013, 06:48 PM
 
238 posts, read 588,771 times
Reputation: 261

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Quote:
Originally Posted by westcoastbabe View Post
Long story short version form-I have 3bedroom 1and 1/2 bath brick ranch style home for sale. I live in not the best neighborhood and not the worst one either. It has been on the market since Jan. of 2012. After a long agonizing year in 2012 with no buyers, I finally got an offer in February 2013. Inspector came out and yes there were a few minor repairs I had to make. So found a contractor and had those minor issues fixed. Inspector came back out and I passed with flying colors. We were set to close on April 30th. The day after I passed my realtor got my appraisal for my home. It came in lower than what I expected. Lower than the offer that she put on my house. Longn story short - she decided to walk. Im so despondent right now, because I want to relocate to another city. I mean its just the right time. Im out of debt....I have little cushion for savings. The only thing holding me back is this house....and it just seems like I can't unload it.!!!!!! Sorry but had to vent. Thank you City Data for being my sounding board.!!

If it is any consolation, there are probably millions of people in the same situation as you.

Local realtor here said she could easily sell half her listings if the potential buyers from out of state could sell their home.
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Old 04-05-2013, 06:55 PM
 
238 posts, read 588,771 times
Reputation: 261
Quote:
Originally Posted by westcoastbabe View Post
I paid 94,000 for it in 2002. Been in the house 11 years.- Originally listed the house last year for $85,000. Then in January of this year, I dropped the price to $79,900. My loan amount that I owe on the house is $64,000. My appraisal came in at $65,000. I would walk away with absolutely nothing. Definitely not trying to be greedy, but I would like to recoup maybe $2,000 or $3,000 ( money that i used to make the necessary repairs to the home.
Mortgage of $64,000 on a home appraised at $65,000 means you need outside cash just to show up on closing day !
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Old 04-05-2013, 09:36 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,691 posts, read 29,664,883 times
Reputation: 33239
Default Where is this house??

Quote:
Originally Posted by westcoastbabe View Post
I paid 94,000 for it in 2002....
Where is this house?
Most areas/houses have not declined (Detroit is a well-known exception) that much in the last decade?
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Old 04-05-2013, 11:45 PM
 
28,107 posts, read 63,501,261 times
Reputation: 23226
Quote:
Originally Posted by Copsgirl73 View Post
Correct me if Im wrong but if the appraisal comes in lower than the offer then the bank will only fund the loan for what the appraisal came in at...right? If that is the case I understand why the buyer walked.
An appraisal is only an opinion of value at any one given time...

4 months ago, I applied with my lender to do a refi... my lender's appraisal came in low by over 100k and I told them so and offered comps... they would not budge... they did refund my appraisal fee.

Last month, I went with my Credit Union and the appraisal came in 120k more than the one from 3 months prior and it was 20k more than my research showed.

Two appraisals for the same purpose 3 months apart and they varied 120k... go figure.

In all probability, the offer was made subject to financing so the buyer had an out.

A freind was looking at a rather unique property that just wouldn't appraise... he bought it anyway by upping his down payment.

All depends on how your property stacks up to the competition.
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