appraisals... sick and tired beyond belief - Posted by JOHNY(MD)

Posted by todd on August 15, 2003 at 09:37:19:

$

appraisals… sick and tired beyond belief - Posted by JOHNY(MD)

Posted by JOHNY(MD) on August 14, 2003 at 15:37:42:

i have a property in maryland area that i initially intended on renting out
but after receiving 60 phone calls over a 2 month period from people who have nothing but credit problems bankruptcies guys who look like they are going to trash my place
i decided to put up the property for sale

after a few days, i had instantly 7 offers
all offering more than the asking price.

the buyer i went with offered $228000
asking $12000 in closing help.

however i’ve been having problems with their appraisers because they aren’t able to appraise the property for more than 200,000 even though similar properties 5 miles away sold for more than $240k

i tried to back out of the contract to go with a buyer who doesn’t need any closing help (hence smaller purchase price, less hassle with appraisers)
but buyer’s agent asked me to wait for another appraiser to give a final answer…

Even if i back out, i still have to wait another month before i go into settlement with another buyer…
and the cycle may repeat all over again

ahhhhhhhhh!!!

my neighbor’s property is listed for $225,000
and recently been placed under contract…

i’m speculating they might also run into appraisal problems as well. i have to check with my neighbor tonight. if their appraisal came in ok, i will try to refer my buyer to this appraiser.

all the while, my property sits vacant and i’m paying double mortgages

now after almost 2 months of hassle
i just want to get this thing closed, settled,
and the equity into my bank account
so i can go on a nice vacation with my girl and relax for a bit~~~~

Re: appraisals… sick and tired beyond belief - Posted by BIGDADDY

Posted by BIGDADDY on August 15, 2003 at 07:52:42:

Johny,

Your neighbors property that went under contract can be used as a Comp. provided it is similar to your property. I just experienced the same type of problem and I was told that the house across the street from me, which was nearly identical, could be used as a COMP. if it went under contract. It didn’t necessarilly have to be sold.

Good Luck,

BIGDADDY

who cares about appraisals - Posted by SanDC

Posted by SanDC on August 15, 2003 at 02:22:55:

if buyer wants to buy, they’ll buy…
that is, if they got the money

Re: Clarification for all !!! - Posted by BIGDADDY

Posted by BIGDADDY on August 15, 2003 at 14:19:49:

To All Concerned,

I’m sorry if I gave incorrect information, I was only passing along what I was told by the licensed APPRAISER that was appraising this property for my buyers.I guess Appraisers can’t be trusted by ANYONE now, Lenders, Sellers, or Buyers.

If what Hugh James and Bill say is correct,then I stand corrected…

If not, then need I say more…

BIGDADDY

Why not call his appraiser?..NT - Posted by Phillip

Posted by Phillip on August 15, 2003 at 11:08:22:

NT

Re: appraisals… sick and tired beyond belief - Posted by Hugh James

Posted by Hugh James on August 15, 2003 at 10:22:28:

Bill is right. It’s not a comp. It needs to be closed to be an actual comp. However, I do use active and pending listings in further support of value in a report. The appraiser can expand geograpically and chronologically if he/she can explain why, however, in pulling closed sales.

Not True!! - Posted by Bill

Posted by Bill on August 15, 2003 at 07:59:48:

Properties that are pending sale cannot be used as COMPS.

Re: who cares about appraisals - Posted by Hugh James

Posted by Hugh James on August 15, 2003 at 10:24:37:

You are right…only if the buyer is willing to pay more for the property than it is judged to be worth. Yes, it happens, but you have to wonder what they’re thinking.