Was my low appraisal a set up?

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hfzeus said:   sfvera said:   Also, in what area has the real estate market gone up 15% in 3 months ????

Maybe someone was shooting in the back yard and hit crude.


Arkansas?

BradisBrad said:   hfzeus said:   sfvera said:   Also, in what area has the real estate market gone up 15% in 3 months ????

Maybe someone was shooting in the back yard and hit crude.


What on earth would you be shooting that you could hit oil? Cannons? Rockets?

Edit: lol, I just got it. I think you meant shoveling? Maybe?


research "Beverly Hillbillies"

FSBox said:   SUCKISSTAPLES said:   
Seriously
Op you have a terrible agent , as well as a terrible understanding of the loan and home buying process .

Presumably you have an appraisal contingency in your purchase agreement (do you?)

Since the house didnt appraise for $856k but only $830k your realtor should have immediately went to the listing agent and negotiated a price reduction for you . Or is one agent representing both seller and buyer?

Maybe you would not get a reduction all the way to $830k but at least a partial discount since the home didnt appraise and likely would not appraise for another buyer either .

So the person scamming you is your agent , for not providing the services you hired them to do.

Lastly , while I can somewhat excuse your lack of knowledge in the home buying process as its not something most people do often , what you can't be excused for is not having professional representation In this transaction involving almost a million dollars . A $500 review by a decent RE attorney could have saved you $25,000 since your realtor is incompetent. You are penny wise and pound foolish, and are concerning yourself over silly things like ltv of your downpayment , completely ignoring the fact you are overpaying by $26,000
That's a lot of crappy advice SIS. Just because you may be a good lawyer doesn't mean it's easy to find a good RE attorney for $500. Just as there are bad doctors, bad appraisers, and bad real estate agents, there are bad lawyers who give out crappy opinions. I also don't see how a real estate attorney could save the OP anything in this situation. You think a rational seller is going to sign a contract with a clause that would adjust the contract price to match whatever the appraisal came out to be? Are you in all seriousness claiming that? What seller in their right mind would agree to such a contract? Would you? A motivated seller in a down market may be persuaded by the buyer through conversation to lower the price if the appraisal came back low, but having it in the contract in the current up market? That's a good way to never get your offer accepted.


most general contract has clause (or should have it) that says if house does not appraise to sell price, buyer has option walk out of the contract. Seller is not forced to sell at appraised price. At that point, you do another appraisal perhaps with different bank or work out some reduced sell price with seller. That's the point. I'm going thru something similar .. i just basically went with another lender and waiting for another apprisal .. if 2nd one comes out low as well - i've understanding with seller that we will do some sort of split of sale price - appraised price.

did OP verify his offer didn't have any contingency to protect him? Realtor got to go out of the way to remove all of standard contingency. Perhaps it is already there, and OP doesn't know about it.

Did you overbid on the house in the first place? I am in the bay area and I had to over bid by 7% to get the house I wanted because I wasn't paying all cash. Tell me what the sale price was and what the offer price was?

This housing bubble is really unpredictable. Yes, there are a number of states that are vulnerable to it.

BradisBrad said:   hfzeus said:   sfvera said:   Also, in what area has the real estate market gone up 15% in 3 months ????

Maybe someone was shooting in the back yard and hit crude.


What on earth would you be shooting that you could hit oil? Cannons? Rockets?

Edit: lol, I just got it. I think you meant shoveling? Maybe?


Its official... The internet does make you dumber.

and OP, what you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.



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