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Old 03-14-2013, 12:18 PM
 
2,288 posts, read 3,238,078 times
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I could be wrong, but I read the in OP that a loan contingency is NOT in their contract. Thats why I feel they need to get a new RE agent. Unless you're filthy rich, that should never happen. What if no one will finance they?
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Old 03-14-2013, 01:41 PM
 
1,021 posts, read 1,664,766 times
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Originally Posted by breeinmo. View Post
I could be wrong, but I read the in OP that a loan contingency is NOT in their contract. Thats why I feel they need to get a new RE agent. Unless you're filthy rich, that should never happen. What if no one will finance they?
Well really in this white hot market with all cash buyers buying up a lot of the available stock people are getting desparate and the only way to compete is to not have any contingencies in your offer. But you run the risk of having something like this happen and either coming up with a higher downpayment or forfeiting your good faith deposit. It's such a crappy time to be a buyer right now I don't envy anyone looking for a house now.
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Old 03-14-2013, 02:38 PM
 
13,711 posts, read 9,230,680 times
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Originally Posted by nmnita View Post
As a X realtor in Ca, I would not go through with the deal unless you really do, absolutely love the hourse and it sounds like you do not. Get a real estate attorney and see what you can do. Yes, property values can continue to increase and probably will, but $100,000 approx is a heck of a lot of money and tech that is what you would be losing right off the bat. I totally dissagree when people say, appraisal means nothing. Buying a home, regardless as to the reason, is the biggest investment you migh ever make.

Unless one has bags load of money, really loving a house that one buys is not possible here, or at the very least, rare. Most of us just do the math and buy the best house that we can afford.

An appraisal is just one person's opinion on the value of a property. Nothing more, nothing less. Sometimes that person's opinion is really off for some reason. That's why we have the term "second opinion", as in, it sometimes helps to get one.

Really, in situation like this, the first question is how much are recent sales of similar townhouses in same neighborhood sold for? By recent sales, I mean those sold within a month; even four to six months old comps may be out of date by now. Just go to redfin and pull those sales up and one should have a pretty good idea of the market price after that.
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Old 03-14-2013, 02:41 PM
 
Location: Lafayette, CA
2,518 posts, read 4,010,184 times
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Yeah how could you love any house that puts you $100,000 MORE in debt unless it's made out of gold or something.
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