Right now many over asking competition has slowed because of the increased interest rate so i’m not seeing people having to offer an appraisal gap or offer to pay over the appraised value which is actually a bettersituation for buyers! 🥰
Do you mean if the buyer offered 1 million ? but the appraisal was at 1 mil 30k? In that scenario the buyer just made 30k as soon as they Own the house in home equity and seller left money on the table when selling. unless seller tries to renegotiate but usuallly seller doesn’t know the appraisal price
Hey, what if the home is listed at 500k but they have mulitple offers over asking price, some asking for buydowns of up to 515k, what if I representing a buyer, offered 507k w no buy down, and then the appraisal came back lower lets say 480k, are we able to purchase the home for 480k and save ourselves from the other offers and paying the offer price of 507k?
As long as the offer says that the house has to appraise at or above offer price in the contract to purchase then yes you could potentially get it at 480 if that is appraised value but the seller could still ask you to go higher but that is putting a lot of weight on ifs with the appraiseal? Cause if appraisal comes in at 507 you pay 507
What happens when lets say seller is pricing 500K, buyer is offering less lets say 490K - seller accepts. In comes the appraisal and they say its only 470k, what happens in that scenario? is the seller forced to come down to 470 and buyer saves another 20K?
If the buyer contract says that the home sale is contingent on property appraising at or above offer price then yes..seller has to usually come down in price …although I always try to get buyer to compromise a little .
Thanks for the insight
Absolutely! I appreciate
Things have changed since then! This market has been up and down in 2022!! Hard to keep up with it 😂
Right now many over asking competition has slowed because of the increased interest rate so i’m not seeing people having to offer an appraisal gap or offer to pay over the appraised value which is actually a bettersituation for buyers! 🥰
Great video, just an opinion I would remove the 2022 from the title so it can be timeless
That is a great tip!!! I’m on it!!☺️
what if the senario is the seller offer 1milyon and the appraisal is 1milyon and 30k?
Do you mean if the buyer offered 1 million ? but the appraisal was at 1 mil 30k? In that scenario the buyer just made 30k as soon as they Own the house in home equity and seller left money on the table when selling. unless seller tries to renegotiate but usuallly seller doesn’t know the appraisal price
We’re you the buyer or the seller in this situation? Buyer made out
Hey, what if the home is listed at 500k but they have mulitple offers over asking price, some asking for buydowns of up to 515k, what if I representing a buyer, offered 507k w no buy down, and then the appraisal came back lower lets say 480k, are we able to purchase the home for 480k and save ourselves from the other offers and paying the offer price of 507k?
As long as the offer says that the house has to appraise at or above offer price in the contract to purchase then yes you could potentially get it at 480 if that is appraised value but the seller could still ask you to go higher but that is putting a lot of weight on ifs with the appraiseal? Cause if appraisal comes in at 507 you pay 507
@@LyndaHafnerRealtor Awesome, thank you so much Lynda!
Hope it helps! Good luck
What happens when lets say seller is pricing 500K, buyer is offering less lets say 490K - seller accepts. In comes the appraisal and they say its only 470k, what happens in that scenario? is the seller forced to come down to 470 and buyer saves another 20K?
If the buyer contract says that the home sale is contingent on property appraising at or above offer price then yes..seller has to usually come down in price …although I always try to get buyer to compromise a little .
But ultimately bank won’t give the buyer a loan for more than the appraised value