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Re: Buying a Home!!!
There's only so many times I can refresh my email hoping for something new, or check my phone to make sure I haven't missed a call... Going a little stir crazy here. Just want to go home, put on jammies, hug Zakk, hang out with Russ, and play Pinterest.
- Me_Wise_Magic
- Rep: 70
Re: Buying a Home!!!
There's only so many times I can refresh my email hoping for something new, or check my phone to make sure I haven't missed a call... Going a little stir crazy here. Just want to go home, put on jammies, hug Zakk, hang out with Russ, and play Pinterest.
Hope you enjoy yourself doing that. You guys stay safe out there and enjoy each other's company this evening.
Re: Buying a Home!!!
Stacey wrote:There's only so many times I can refresh my email hoping for something new, or check my phone to make sure I haven't missed a call... Going a little stir crazy here. Just want to go home, put on jammies, hug Zakk, hang out with Russ, and play Pinterest.
Hope you enjoy yourself doing that. You guys stay safe out there and enjoy each other's company this evening.
Will do. Thanks, friend.
Re: Buying a Home!!!
And the appraisal has me worried because with the economy, you never know what it'll come in at. Like you said though, the wait should be short now. It'll be good to at least know one way or the other.
Well honestly, if it comes in light it's only to your advantage. Unless the person does not need to sell the home and it not willing to renegotiate the price. If it comes in higher it's also irrelevant (and you are under no obligation to divulge that to the seller) as the contract price is all that matters.
I had a deal a couple of months ago where the property came in about 10k less than list price. The home owners bitched but they still closed it at that price because they needed to sell it.
Re: Buying a Home!!!
If it came in less would it not cover their mortgage? If so then that is a legit concern. Because even if they were OK with selling at a lower price, they may not be able to. If it does come in at a lower price and they can sell it, then you would just re-write the contract to reflect the appraisal (and thus the new loan) and you're good to go.
Have you run comparable sales inside the last six months to see what homes are selling for within two miles of your property? Does your state disclose such information to the public? Some states are non disclosure and you can't pull this info very easily. Do you think that the price you offered was relative to market value? Or was it just a home you liked and felt the price was fair?
Unfortunately for situations like this, unless you have done your homework big time on the price (and feel your contract price is in line with what's been sold), you may be in for a surprise when the appraisal comes in. Down here they've been real dicks about appraisals, but we're a bit different since Florida was such a disaster.
If you're really anxious, call or email your mortgage guy/gal and ask if it came in yet. They would tell you usually.
Re: Buying a Home!!!
Cramer wrote:If it came in less would it not cover their mortgage? If so then that is a legit concern. Because even if they were OK with selling at a lower price, they may not be able to. If it does come in at a lower price and they can sell it, then you would just re-write the contract to reflect the appraisal (and thus the new loan) and you're good to go.
Have you run comparable sales inside the last six months to see what homes are selling for within two miles of your property? Does your state disclose such information to the public? Some states are non disclosure and you can't pull this info very easily. Do you think that the price you offered was relative to market value? Or was it just a home you liked and felt the price was fair?
Unfortunately for situations like this, unless you have done your homework big time on the price (and feel your contract price is in line with what's been sold), you may be in for a surprise when the appraisal comes in. Down here they've been real dicks about appraisals, but we're a bit different since Florida was such a disaster.
If you're really anxious, call or email your mortgage guy/gal and ask if it came in yet. They would tell you usually.
There's no mortgage on the house currently as it's been paid off by the sole owner for over a decade. That wasn't what I meant so I apologize for the confusion.
And yeah, we did exactly what you're saying over the week after we first saw the house. We found that over the past couple of years, homes in the same area have sold between 10k less and 5k more than our price. There are also homes in the same subdivision selling currently for the same price, but others selling for about 15k less.
Our mortgage guy has been really good about getting us info so I believe he'll let us know the moment something comes in but with it now being Saturday, I'm guessing we won't know anything until mid-day Monday.
Yeah - this is all pretty much right. There isn't a mortgage on it now. It has been owned by the same person since 1955 so it's been paid off for years and years.
With regard to the research I did on the market, our neighborhood (we live 0.7 miles from the new house), sale prices, list prices, etc. It looks like we are paying about average for the house. The thing is it is in phenomenal condition, nothing came up in the inspections that needed to be addressed before move-in, so we just don't know how that affects the value. There are similar homes that have sold for anywhere from 5-10k less than what we are paying, but also some that have sold for 20k+ more, so I think we should be ok. This whole patience thing is not something I am very good at. Anxiously awaiting the damn phone to ring, or email to pop up. Lol.
We will keep you guys posted on Monday or whenever we receive the results. All things going perfectly, we should close Wednesday or Thursday 
Re: Buying a Home!!!
If the homes that have SOLD are in that range (assuming same style, yr built, sq ft, rooms etc) then you should be fine. Appraisers will adjust for value based on condition of the home, however they can only adjust so far. Homes that are listed don't mean anything to an appraiser or you. I can list a home tomorrow for a million, but it won't mean anything in regards to value. The banks lend money based on what has sold. Appraisers assign value the same way.
I guess my eyes are getting old...I totally misread what you wrote. If the house is paid off you're in great shape. I highly doubt any reasonable person would turn it down if the number came in low. Why would they? If they want to move on with their life they would sell it for what it's worth and that's it.
Down here I see a lot of deals that can't move forward because the appraisal is short and the sellers mortgage is higher. I've also seen sellers, who must completely be on drugs, asking 50k above market value (because they are upside down) and asking for "Cash only" (Because no bank will give a loan over value.) I can't blame them for trying...but it ain't never gonna happen.
Sounds like you'll probably be fine. You certainly don't have to worry if it comes in light now. Unless the guy is a nut, which he doesn't appear to be.
