If you want short sale or foreclosures be prepared to keep submitting offers unless your agent knows how to work opp's for their buyers. We are successful with winning bids, however many buyers want submit offers 50% or more below list price buyers never get anywhere off those offers.

Rework a contract for what? Speak direct with your buyers agent determine answers to all your questions.

Home can only sale for appraised value or less never over lender won't issue a loan

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com

IT sounds as though you have an executed purchase contract but think that the property is worth less than agreed, is that correct?

If the appraisal came in at the purchase price, you should be happy.
If the appraisal came in above the purchase price, you should be happy
If the appraisal came in under the purchase price, then your Realtor should review the appraisal and tell you if they agree, If your Realtor thinks that it is okay, then ask the seller to lower the price to the appraised value.

Good luck.

There are some options. I just had this situation a month ago in Florida. It was a new home being sold by the seller, I had the borrower. The appraisal was ordered under the HVCC regulations and they sent an appraiser from 4 counties away to appraise the home...I guess he was the low bidder! NAyways he used none of the 16 sales in that subdivison sold by the same builder and we requested a underwriting review based on the information we had of that appraisal. The underwriter said she reviewed it and said it was ok. I about had a heart attack based on the information that was passed on to me. In the end we had the title company put together a list of the sales in that subdivision and certify the sales price. Once I presented the bank with that info, then there was a lot of reconsideration going on. Now honestly, if it would have possible to actually talk to the appraiser that did the appraisal, we could have found out why he didn't use those compariable sales...or didn't know about them, etc. The bottom line was after a lot of frustration it was fixed and we closed. I would start with the sales in the last 90 days in that area and see if that helps because you have a under valued appraisal...or if it is truely the value I would talk with your realtor or builder to see if a new arrangement can be made. Lowering the sales price usually won't red flag the banks, we would rather see that you are getting better value for your money. ANd in the end, that is less money you have to bring to the table. HAve great day and I hope this helps!

First of all, if you and the "seller" have signed a mutually binding agreement (an accepted offer) then you need to complete your commitments. Certainly, you can ask for reconsiderations.

Thanks to HVCC appraisals have been the center of significant grief! You could order another appraisal (and pay another fee). If you choose to do this make certain that your agent provides true, comparable homes, and their relative values to the new appraiser when they inspect the home and BEFORE they complete the paper work. It is often an uphill battle when the appraiser is: frequently from out of town and compelled to use 2 sales within the last 60 days, 1 pending sale and 1 unsold home.

We are having to make offers on 7 - 10 differen homes for each buyer to actually get into contract on one of them. You just need to be patient and make sure your agent is vigilant. It takes more than a fulltime agent to successfully get into contract.

In the end it is all worth it. Home prices are still lower than they were even 2 years ago.

Good luck,
Mike Walters

Discouraged,

It is easy to understand why you have become discouraged.........and you are truly not alone with your frustration with "short sales." Our advice is to adjust your search to encompass all real estate offerings- short sales, foreclosures, and traditional sales.

You may find that some regular sale can be competitive with the distresses market sales. AND you will find the process to be much more "civilized."

On the issue of concessions and renegotiating, additional information would be most beneficial.

Good luck

I would see if they intend to amend the contract price per the appraisal. Have you already accepted concessions? Read your paperwork - sounds like they're trying to make up the difference to you while keeping the price up for the neighborhood. Check what you've signed.

Good luck!

It depends, if you financing / mortgage has seen the Purchase Agreement / Contract might not be a good idea to change the terms since some lenders might see it as a red flag. Please contact your Home Mortgage consultant and express your questions about the price of the property.