Home Buying in Las Vegas>Question Details

Stacie.herre…, Home Buyer in Charlotte, NC

Im in the process of buying a home asking price was 146000 ended up offering 165000 cause was in a bidding war appraises came in at 148000 it is a ban

Asked by Stacie.herrera, Charlotte, NC Fri Aug 30, 2013

It is a bank owned home and I'm going with a FHA loan do you guys think the bank will except the appraisal price.

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15
Are You Asking about a Las Vegas area house, since your ASKED BY says Charlotte, NC

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David Cooper READ my Daily Market Updates on FACEBOOK
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1 vote Thank Flag Link Tue Sep 3, 2013
I agree Robert Adams, I would like to know too. I think I know but would like to hear for sure or not.
1 vote Thank Flag Link Tue Sep 3, 2013
Just curious how this worked out for you. did you get the price negotiated lower?

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
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1 vote Thank Flag Link Tue Sep 3, 2013
Hi Stacie

It all depends if you agreed to a no appraisal contingency, if
you did not then I would renegotiate the price.

If I can be of further assistance and answer
Any of your other questions please contact me

Thanks
Jimmy Balsano
Realty One Group
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1 vote Thank Flag Link Tue Sep 3, 2013
I think you should renegotiate now, because the bank is not going to give you more money than it appraises for and just for your information, for the last two weeks the bidding wars and the cash buyers have been slipping away. You are finding the houses on the market much longer without multiple offers now too. If an agent is not working the field a lot it takes them longer to see the changes going on. I believe its going to start taking much longer for people to sell their listings. They may actually have to do some work to get them sold.
1 vote Thank Flag Link Tue Sep 3, 2013
Have your agent due another BPO and ask the appraiser to redo the appraisal. Look for the comps the appraiser used and see the comps your agent used.


David Cooper Invstor in Las VCegas since 1994
READ MORE http://www.lasvegaswinner.org
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1 vote Thank Flag Link Sat Aug 31, 2013
If you were bidding against cash buyers you're likely fighting a losing effort if their interest remains. This is largely the main reason why banks prefer cash offers on their distressed sale offerings. These sales do not require an appraisal that satisfies any lender criteria....only the willingness of the buyer to pay the contract amount.

Bill
1 vote Thank Flag Link Sat Aug 31, 2013
Time to renegotiate. This is standard and fairly easy.
1 vote Thank Flag Link Sat Aug 31, 2013
What did your agent say the property comped at?

FHA will lend based on the appraisal price. For example if the appraisal came in a t $148k and you offered $165k then you will need to pay your down payment which I am assuming is $3.5%, you will also need to pay your closing costs (which you should have received an estimated HUD1 showing you your estimated closing costs), and on top of that you will need to pay the difference between $165k and $148k (which is $17k out of your pocket). You agent should have discussed all of this with you.

You should have an appraisal contingency in the original contract that should allow you to renegotiate or cancel if the appraisal comes in lower than the purchase price. A lot of time the seller will ask the buyer to waive this because they know the property will not appraise for the purchase price. Did you waive your appraisal contingency?

You may want to read my latest blog on Trulia about the market changing here: http://www.trulia.com/blog/LVrealestateHELP/2013/08/las_vega…

If I can be of any further assistance please let me know.


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com

CONNECT with me on LinkedIn: http://www.linkedin.com/pub/robert-adams/2a/971/a93/

LIKE me on FaceBook: https://www.facebook.com/pages/The-Adams-Team-at-Rothwell-Go…

FOLLOW me on Twitter: https://twitter.com/ShortSalePros
1 vote Thank Flag Link Sat Aug 31, 2013
Best is to be open to communication ASAP. Send the appraisal, a purchase price addendum and a letter to the bank. And Extend the due diligence period as to protect your earnest money. If they take it great, if not, your out. I have had several deals cancel after appraisal.
Also, did you have an appraisal contingency that you WOULD pay the purchase price even if the appraisal did not come in? if so, you are to pay the difference. If that is not something you can afford, you need to cancel now and keep looking.
Trust me, as an agent it is very challenging to get FHA buyers into a home right now. Good Luck and be careful
1 vote Thank Flag Link Sat Aug 31, 2013
Stacie,

Without seeing the contract it is impossible to know. Having dealt with a lot of very similar situations over the years, more than likely, you signed an offer that was regardless of appraisal. This means that if you don't want to pay the difference between your offer and the appraisal, you will need to get out during the due diligence period. This way, your emd will be refunded.

Thank you,

Jeffrey L. Sklar, RRG, AHWD, BPOR
Broker/Owner/Realtor
Desert Valley Realty
10161 Park Run Drive #150
Las Vegas, NV 89145
(702) 408-6470 mobile
(702) 763-SELL (7355) office
(888) 203-2779 fax

Be sure to tune in to 720AM every Saturday at 6pm to listen to "The Real Estate Show." Call in with your questions about real estate and real estate related matters.
1 vote Thank Flag Link Sat Aug 31, 2013
You may be asked to the pay the $17,000 difference. FHA appraisal guidelines are strict.
1 vote Thank Flag Link Sat Aug 31, 2013
But, being an FHA purchase offer, you can easily back terminate your offer. Which ever you decide, give your response within your due diligence period.
Flag Sat Aug 31, 2013
Talk to your agent and/or your agents broker.
1 vote Thank Flag Link Fri Aug 30, 2013
Hi Stacie
They should as long as you had an appraisal contingency on the initial offer, otherwise they may want you to make up the difference. Talk to your agent and have them submit an addendum showing new price do to appraisal. Hope this helps and best of luck to you.
1 vote Thank Flag Link Fri Aug 30, 2013
Thanks Chris
Flag Fri Aug 30, 2013
Stacie, are you here in Las Vegas or Charlotte? Here, if you wrote into the contract that the home was NOT contingent on appraisal, then I think you are stuck to pay what your bid price.

This is one of the reasons that I despise "bidding wars" because when all is said and done, the "Winner" isn't always a happy camper when the appraisal is performed and he sees that he has now paid "Over market value" for the home.

Good luck. Becky
0 votes Thank Flag Link Wed Sep 4, 2013
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