Apprasial

[tamholt]

What is the name of your state? NV

I was reviewing the apprasial that was done on our house when we sold it. Our house was apprasied at 180K. The report uses 3 comps. The report states the 1st comp sold for $185K and is inferior in patio cover. The 3 comp sold for $190K and is superior in bath count and living area but inferior in condition and patio cover. It would seem to me, that our house should have apprasied for more? Do the apprasial company just met the sale price? If the house is worth more than the sale price, are they obligated to state that?

I also know that the same house sold in our community for $192K 1 month prior. Why wouldn't this house be used as a comp?

 

[HomeGuru]

What is the name of your state? NV

I was reviewing the apprasial that was done on our house when we sold it. Our house was apprasied at 180K. The report uses 3 comps. The report states the 1st comp sold for $185K and is inferior in patio cover. The 3 comp sold for $190K and is superior in bath count and living area but inferior in condition and patio cover. It would seem to me, that our house should have apprasied for more? Do the apprasial company just met the sale price?


**A: no.
**************



If the house is worth more than the sale price, are they obligated to state that?

**A: yes.
*************

I also know that the same house sold in our community for $192K 1 month prior. Why wouldn't this house be used as a comp?

**A: what did the appraiser tell you when you asked?

 

[tamholt]

I have not contacted the apprasier, yet. The house has been sold for almost a year. I didn't know if it would make a difference to call the apprasier.

 

[absconder]

The seller of a house determines its sale price unless they give others permission to do it for them.

 

[tamholt]

Our realtor suggested the price and we agreed. Isn't there anything protecting the seller. Is it my fault that I trusted the realtor? What if the realtor isn't a good estimator?

 

[PghREA]

Appraisals take a lot of things (data) into consideration. Things that the normal person may not be aware of. If you were concerned, you should have talked with the appraiser last year when this all happened. If the lender or buyer paid for the appraisal, talking to the appraiser may not be an option since he was not working for you.

If you were the seller, you negotiated and signed a contract with an agreeed upon price. All the bank wants to know is that the home has an appraised value equal to or more than the contract sales price.

 

[tamholt]

I started investigating the sale of my house from last year because another apprasier told me the house should have apprasied for more. When I sold my house I never asked to look at the apprasial (a mistake on mybehalf). I did pay for the apprasial.

If the apprasial came in higher than the sale price, do I have the right to ask the buyer for more money?

 

[PghREA]

If you had a signed sales agreement, it is a done deal.

Think about it, you purchase a new car for a negotiated price of 20K, do all the paperwork and drive it home. A month later the salesman calls you and says, "XYZ Dealership is selling this car for 25K. I want 5K more." What are you going to say?

 

[tamholt]

I'm not talking about asking for more money now. I know I can't ask for more money now, the deal is done.

I am talking about when the apprasial was originally done, before the closing of the house. If the apprasial came back more than the sale price, could I have withdrew the orignally asking price and increased it?

Isn't the buyer allowed to withdraw from the contract if the apprasial came back low?

 

[HomeGuru]

The seller of a house determines its sale price unless they give others permission to do it for them.

**A: read the thread.

 

[PghREA]

I'm not talking about asking for more money now. I know I can't ask for more money now, the deal is done.

I am talking about when the apprasial was originally done, before the closing of the house. If the apprasial came back more than the sale price, could I have withdrew the orignally asking price and increased it?

**Not if you already have a signed sales agreement with a buyer.

Isn't the buyer allowed to withdraw from the contract if the apprasial came back low?

**Yes, But, as part of the financing contingency.

Sometimes it is a good idea to have an appraisal done before the home is listed.

 

[veronicalouise]

Don't most people? That would determine your asking price I would think.

 

[tamholt]

So what everybody is tellin me is that I should have done everything myself. I should have sold my house my self. I should have appraised my house my self. I should have come up with all of the comps. I should have come up with the going market price of my house. I should have never trusted a Realtor and/or paid him to do his "JOB." I mean seriously, everybody keeps sayin why I didn't do this or do that. Thats why realtors even have a job, to do all of them things.

Something shady happened with my ex-realtor and I am seeking advice on what I may or may not be able to do. By the way it sounds, I'm screwed because I trusted somebody to do their job without me doing it for them.

I DO appreciate all of the help everybody on this forum has offered. It's just that I am a little upset over what happened in my particular situation and that it looks as if nothing can be done to correct this or stop this realtor from doing it to somebody else, again.

 

[Bigfoot]

Appraisals are not a hard science. The appraiser saying yours should have appraised for more last year is giving an opinion. The realtor's suggested price was also an opinion, usually based on other sales in the area.

If the appraised value comes out higher than the sales price, then yes, it is a boost to the Buyer. If you had paid for an appraisal on your own, there is no guarantee that it would be exactly the same as the Buyer's appraisal. If it had appraised less than your asking price, then the Buyer would possibly have tried to cancel the Offer, because the lender may not want to lend more than the value. Of course the Buyer could come out of their pocket for the difference if they wanted it bad enough.