Home : Blogs : Lynne Pope, REALTOR®, BEACH HOMES Redondo Beach Real Estate-Los Angeles CA : Lynne's Blog

Appraisals- my seller says I don't give a "darn"

My seller says his home is worth what its worth and he could care less.

Does the July 30th lender rule change our market? Sellers don't see it yet if they are actively showing their home.

Does the BANK know? Oh yes, and they are having to lower the prices. This is because they are dealing with so many. They have to bend over, and over.

The seller dealing with one house to sell.. well how many opprotunities do they get to practice.

We need that buyer...and they need that loan. I would love to see some comments on this.

Several deals right now have caused people to remove the appraisal as a contingency.

This might not be the time to do that.

Living near the beach is a plus. Does the out of area discount appraiser need to keep his job secure first? Or will the appraiser consider the summer rush to find a home near the beach, in top LA school district WEST HIGH in Torrance.

Posted by Lynne Pope, REALTOR®, BEACH HOMES Redondo Beach Real Estate-Los Angeles CA on 08/08/2009 02:41 PM

Comments (2)

west high, top schools, appraisers, bank torrance

This post has been included in California Information Los Angeles County, CA Information Torrance, CA Information

2 Comments on Appraisals- my seller says I don't give a "darn"

AUG

I explain to my sellers that if the home doesn't appraise to the sales price, then the buyer will likely want to renegotiate the price. If the seller says no, and the home goes back on the market, what will happen?

maybe it will resell at the same price and the next appraiser will say it's worth that much
maybe it will resell, but not for as much the second time (and then there will be the appraisal again)

Depending on how accurate the appraisal seems to be, a low appraisal may be "recoverable" or not in this sale.

The seller just needs to understand the risks if it doesn't appraise and he or she doesn't want to be flexible with the buyer.

Of course, if you get multiple offers and overbids, you can counter out the appraisal contingency, but if you get only one offer, that might be hard to do.

Best of luck, Lynne!

The "other Pope" :-)

Mary

SEP

Hi Lynne,

You've probably done this, but it may be helpful to provide some recent comps for the appraiser (especially if they are from outside the area). You may want to compare what comps they previewed before coming to the property, so you can make sure they are using comps from "like" neighborhoods. I've received a few deals this past year because some other Lenders used HVCC Appraisers from long distances and used comps that were not like the property or different neighborhoods. We have an agreement with our HVCC company to use Appraisers within the same zip code (in cases where it's not possible, then very close proximity), so I haven't experienced any Appraisal issues. This may help alleviate some of the appraisal headaches.

Good luck,

Mike

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?