low appraisal: Things Work Out
- 12/10/23 12:38 PM
Things Do Work Out Listed and sold a house for substantially over the asking price. We had offers on the first day of MLS. The buyer had already been outbid on ten homes and loved and wanted this house. It was a conventional loan, quickly closing and beating several other strong buyers. The inspection went smoothly! The loan looked good, BUT... the appraisal came in low. We knew the value was there. The seller would not reduce the house since we had multiple offers over the list price, all on day one. The buyer's agent, of course, wanted the seller to lower the … (12 comments)
A long time ago, when I met an appraiser at a property scheduled for immediate closing. It was late in the afternoon, cold, raining, and dark. There was a problem, he said there was a faulty AC unit. No, sir, this house does not have air conditioning. He pointed to an old rusty abandoned unit that was in the yard. Because it was on the property and had peeling paint, he would not approve it. It was way too big and bulky for me to move. I asked for 15 minutes to resolve the problem. I went to the nearby hardware store … (23 comments)
low appraisal: Uh Oh...The Appraisal Comes In Low
- 10/10/19 09:22 AM
When the appraisal comes in low, read the contract. This is not the time to panic. Are you the buyer's agent, or are you the seller's agent? The lender is the first to get the report, then the buyer is advised, and then the buyer's agent receives the news. Or sometimes, the buyer's agent gets notified before the buyer. To deal with this situation read the contract.
Here is an appraisal contingency for our Maryland contract of sale. ===== ''If the appraised value of the Property is less than the Purchase Price as set forth in the Contract, Buyer shall notify Seller, in writing, of such … (14 comments)
Things Do Work Out
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