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Old 09-11-2008, 01:39 PM
 
882 posts, read 4,341,308 times
Reputation: 709

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Hi,

The appraisal value on the house I want, came in to be considerably lower than we expected as buyers. There is a 15,000 dollars difference here. The seller was obviously not very keen on hearing this and told me that we'll work it out.

I didnt say much. We are already putting down an amount for downpayment, so there is no way we can add more.

The seller has to agree or we walk away!
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Old 09-11-2008, 02:11 PM
 
Location: Katy, TX
70 posts, read 323,819 times
Reputation: 29
By this time, you should have already signed an ageement with the sellers encompassing all aspects of the sale. Did you make a contigency in the agreement that you can change the price of the home or walk away from the deal if the appraisal came in low? If not, are you sure you can just walk away?
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Old 09-11-2008, 03:09 PM
 
882 posts, read 4,341,308 times
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Yes, I can walk away. So as it turns out, the seller agreed on the appraised price, but wants me to cover the closing costs.

I say, why not split in half?
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Old 09-11-2008, 05:21 PM
 
Location: Austin, TX
4,755 posts, read 13,031,677 times
Reputation: 3244
In this real estate market, it would be unusual for a buyer to cover all the closing costs. I think the seller should be thrilled you offered to split those. We sold a house recently and we paid all the closing costs plus we agreed to the buyer's wish list that included just about anything the buyers wanted other than an all-expense paid trip to the Caribbean. We knew that if our buyers wanted to find a different house to buy, there was plenty of inventory from which to choose. So unless you are buying in an area where inventory is scarce, I wouldn't be too quick to agree to pay 100% of the closing costs.
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Old 09-11-2008, 11:33 PM
 
Location: Conroe, TX
684 posts, read 2,001,316 times
Reputation: 198
Quote:
Originally Posted by Topaz View Post
In this real estate market, it would be unusual for a buyer to cover all the closing costs. I think the seller should be thrilled you offered to split those. We sold a house recently and we paid all the closing costs plus we agreed to the buyer's wish list that included just about anything the buyers wanted other than an all-expense paid trip to the Caribbean. We knew that if our buyers wanted to find a different house to buy, there was plenty of inventory from which to choose. So unless you are buying in an area where inventory is scarce, I wouldn't be too quick to agree to pay 100% of the closing costs.
MaryKate1, Topaz is (as usual) right spot on the money...this is a VERY competitive market, and for the seller to even suggest that you pay closing costs is absurd...ESPECIALLY as I recall from your many previous posts, she is a REAL ESTATE AGENT selling HER OWN PROPERTY!!! Now my hubby and I could be able to play the uneducated card...but COME ON!!!! Are you truly believing she did not have an appraisal completed??? She clearly is aware you are first time homebuyers, obviously excited, and you, I might guess, have not ventured outside of her woods??? There are lots of very enticing offers out there...don't let her think she is the only game in town!!! I am sure, MaryKate1, it is a nice home...but when my hubby and I were spending many weeks of looking for our own home in Montgomery County, it was never a matter of finding a home we could buy...but rather a matter of which one to choose....

Also, Marykate1, keep in mind, that by keeping you as a "captive buyer", she is not having to pay any agent for commissions...for example, if she is trying to sell her home, as a sale by owner, to you, assuming a 200K average purchase price, she is saving a whopping $12000 in commissions!!!!

Don't be a dope, Marykate1....DEMAND SHE REDUCE HER HOME BY THE APPRAISAL, AND PAY CLOSING COSTS AS PREVIOUSLY AGREED..

and as a very important side note...DON'T NEGLECT TO NEGOTIATE A HOME WARRANTY OF AT LEAST ONE YEAR...

....something about this seller is kinda stinky...be careful...
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Old 09-12-2008, 10:23 AM
 
Location: Virginia Beach, VA
2,124 posts, read 8,403,341 times
Reputation: 816
OMG, all REAL ESTATE Is local. It may be a good deal for that neighborhood. You guys never know. To tell someone the MUST do this or MUST do that, you are crazy!! You may even be right, but you aren't the buyer. Geez Louise...

shelly
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Old 09-12-2008, 10:37 AM
 
Location: Austin, TX
4,755 posts, read 13,031,677 times
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MissDaisy and myself ARE local - marykate1 has posted several times in the Houston forum as well.
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Old 09-12-2008, 10:43 AM
 
Location: Virginia Beach, VA
2,124 posts, read 8,403,341 times
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why does missdaisy have her location as Northern Cali? But that isn't the point.. I am just astonished at what folks will insist another do in their personal negotiations.

Whatever....

shelly
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Old 09-12-2008, 10:44 AM
 
Location: Austin, TX
4,755 posts, read 13,031,677 times
Reputation: 3244
Quote:
Originally Posted by shellytc View Post
why does missdaisy have her location as Northern Cali?
Because she is in the process of relocating, I believe...
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Old 09-12-2008, 02:27 PM
 
5,174 posts, read 12,409,223 times
Reputation: 3494
"I am just astonished at what folks will insist another do in their personal negotiations."

Everything is market driven. It is a buyers market and there is plenty of inventory for folks to choose. A buyer can be plenty picky because he has choices. The negotiations may be personal but the market is what it is. If your going to sell you will meet their demands before they meet yours.
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