We Realtors are often surprised by the homes used by appraisers. In the old days we would say that they must have told the appraiser to "find the value". this happened most often when there was a large down payment so a low risk loan. Sounds like you might have offered more for the home than you thought it could appraise for? Thinking it would be likely that the Seller would accept appraised value. If your 10 day inspection period isn't over, find a reason to cancel ie: its going to cost more to...If it has ended, you are stuck unless getting out of this transaction is worth losing your earnest deposit and a slight possibility of litigation.... more
Call or email me and I can send you a list of 3 real estate attorneys that can assist you. If you are talking about just acquiring properties and quit-claiming them into an entity, you can save a lot of money by not using an attorney and just using the title company.... more
I treat my $100,000 clients with the same honesty, integrity and respect as I would my $800,000 clients. If you feel your agent is not providing the service you require, than shop for a new one. :)... more
Well, You know about the problems and know you have to disclose them....
With all of us currently being in a buyers market, i.e. more properties on the market for sale then there are
ready and willing and approved buyers out there..... The buyers have a lot to select from.... and just think
that you are a buyer and given a choice to buy a property that HAD bed bug problems, and has a non resolved foundation problem, would you buy that one or one without it...
So you will be losing potential buyers just because!
Now when it comes to price a foundation problem that has not yet been taken care of is a difficult situation for any buyer to wrap their heads around.... if you fix it and then there is a lifetime warranty it may be different, but if I would be the Realtor for the buyers, I would not encourage them to purchase the property, unless they are contractors and understand the foundation problem 110 %...
So you understand it will be more a problem of IS somebody going to buy it and not for how much less....
And even though you so I understand took care of the bedbug problem, unless you had it done by a professional company and they gave you a warranty, the buyers will be wondering "are these little critters really gone or just hiding somewhere"
This is tough.....
May be you should consult an area Realtor and get their direct input, as they know the surrounding market
and can give you a better idea on how you should approach the sale, for example would a builder buy the
property, destroy it and build a different home on it? Discuss in detail with a local Realtor
Good Luck to you
Edith YourRealtor4Life and your Chicago/Northern Illinois Connection
Working always in the very BEST interest of her clients... more
Hello Aimee. First be sure that these clients can afford to pay and will be able to pay all your move in costs. If they agreed to move in and pay your costs and then delayed 1 month it is not a bad idea to ask them to pay a earnest deposit for you to hold it, this is not unusual or aggressive but normal business practice. I hate to be negative but if they failed to pay and move in when you expected them to they may not be good renters.
Whatever you do do not give them a key or let them start moving in until you are paid in full. If you give them a key and let them start moving in if they have paid or not you have given them occupancy rights and that can get very ugly for you. Getting into the rental business can be difficult and most people can not afford to learn the hard way. Good luck, Mike.... more
Unless it is a preapproved short sale by the lender, the price was set by the listing agent and seller. What the lender is willing to accept is yet to be determined until they repond to an offer. Some agents will set a low price to get any offer. The idea being that by submitting an offer (even one that the lender might never accept) the lender will open the file and start the short sale process that can take many months to even get a reponse. Eventually the lender will respond by accepting the offer or rejecting it and saying what they will take. At that point there is a price on the table and even if the buyer who made the offer does not want to buy it at that price the real price has been established by the lender. The short sale process has now moved along so that someone offering the lender's price can buy the home and close quickly.... more
A market analysis of an unseen home is very difficult to do. You must get these from a local real estate agent who can view your home and be able to give you the best price range of what your home could bring in.... more