Special offer

APPRAISERS ARE GETTING TOUGH IN OHIO

By
Real Estate Agent with Hackenberg Realty Group 2003021250

 

The Appraisal came in short

 

Real Estate team

 

We are a week before closing, and my beautiful buyers, who are pre-approved FHA first time home buyers have completed all inspections and are just waiting for the appraisal report.  It comes back $7,000 less than the purchase price my buyers were willing to pay. It didn't appraise.

Everyone is freaking out!  Especially since the sellers don't want to sell for the new appraised price.

Listen in to all the conversations surrounding this matter.

Do the seller know that the appraisal report follows the property for six months? That anyone getting a loan on this property, the appraisal will pop up?

The price of this house is priced for a first time home buyer who will more than likely buy FHA.

Are they going to take the house off the market for 6 months to wait out the appraisal?  That will be September going into winter? What? Are they crazy? 

Are the buyers willing to pay their own closing costs?

The sellers want to wait for a cash or conventional buyer! Do they realize the buyer would have to put 5 percent down?  Do they realize no buyer is going to pay more than the property appraised for.  Who's bringing cash? This is not an investor property.

Does the seller know that if the appraiser marked that this is a declining market, an over supply of housing and excessive days on market, it will get kicked to an FHA loan anyway?

Well needless to say everyone is still bummed out.

This report is brought to you by "Your Stark Realtor"

email dwilson@cutlerhomes.com for all the real estate news in Canton and surrounding areas.

Posted by

If you want information on the Canton area which includes shortsale, foreclosures or rentals, please give

me a call at 330-904-4545.

Social media buttons

Comments (4)

Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I wish you good luck. Hope it works out for the buyers and you.

Apr 16, 2009 11:57 PM
Tom Boos
Sine & Monaghan Realtors, Real Living - Grosse Pointe Farms, MI
Providing the very best of service to Sellers and

Appraisers everywhere are really "cracking-down".  We've had many supposed "deals", crash and burn as a result of low appraisals.

Apr 17, 2009 01:46 AM
Deborah Wilson
Hackenberg Realty Group - Canton, OH
Stark County OH Real Estate

Gita,  We're going to head out next week.  They have been renting for 20 years and are anxious to get there first home.

Tom, you're right.  I guess they should have been cracking down all along. 

Apr 17, 2009 03:51 AM
Jon Wnoroski
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor

Hi Deborah - Appraisals are always a concern and you mentioned most of the points of conversation when you get a low one.  I had a deal fall through (I represented the buyer) on a VA loan that came in 10K under the contract price.  The appraiser took into consideration a number of foreclosed homes that had very little to do with the subject property.  In a number of cases the comparables were in a rather poor condition.

Apr 27, 2009 12:08 AM