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How common is it for a buyer to seek a re-valuation ?
I’m the buyer, my agent says “I’m in shock” when the appraisal came back 50K lower on a manufactured home asking $290,000. Appraisal was $242,000.00. Not “Hey good news your payments might be lower…” I’m in shock at her behavior. Who actively seeks out ways to pay more each month?
Asked By Scott | Klamath Falls, OR | 37 views | Buying | 3 weeks ago
Answer(2)
Julianne Clark | Your Lowcountry Compass
Charter One Realty
This a tricky spot to be in. As an agent -- we do a lot of pricing research to determine a fair offer price. (Regardless of the current selling price) Having a $50K pricing discrepancy is a bit shocking at this price point. The Seller does not need to sell the property to you at this appraised amount and an appraiser can make mistakes and miss an important comparative property -- especially if the are not local. There needs to be further conversation between you and your agent and your agent and the Sellers agent -- plus bring the appraiser into this. Having lower mortgage payments would be a win for you -- unfortunately it isn't that simple.
- 2 weeks ago
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Haley Overton
Cascade Hasson Sothebys
Your agent might be shocked because while a low appraisal can sometimes mean that the seller will agree to sell the property to you for that price, it often means you will go back and renegotiate the purchase price with the seller. Oftentimes we see a renegotiation to somewhere close to the appraised value, but not always that exact amount. If you feel that your agent isn't on your side, I recommend having an honest conversation to that effect to see if there was possibly a miscommunication. Best of luck and hopefully you can get your price negotiated down and get those payments lower!
- 2 weeks ago
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