But yes, that is something you should be and need to be prepared for, believe it or not, I educate my clients along the way and spell this very situation out to them, that it does not "always" happen but it can happen.
I also STRONGLY urge clients to WAIT and order the appraisal AFTER the inspection, to save that fee. There are times where the clients ask for things to be repaired on the BINSR (Buyers Inspection Report) and the sellers will not comply & they ended up walking away.
I am not blaming your agent; however they should have made you aware. Now you know for future offers.
Sincerely wish you the best of luck.
Best of luck to you!
Best of Luck.
Unfortunately many contracts are written today and the buyer has exposure such as you are experiencing. I can't speak to the exact contract you entered into but what you state is common.
Arizona Homes for Sale by a Guy from Iowa
Did your agent share comps with you? Did the comps justify a sale price of 379,000?
There is really no way around paying for these services in advance, and having any assurance this won't happen again.
Make sure your offer is in line with comparable sales.
In my area, we use attorneys to handle our closings - so the attorney might be able to include a clause stating that the seller will reimburse the buyer, for the appraisal, if the house doesn't appraise out., and if the deal falls apart as a result.....it's worth a try!
Now, what is the seller going to do? If the appraisal is correct, the house is overpriced. He said he wonâ€™t come down, but who will pay his price? If the seller is motivated he needs to take a market correct price in order to get the property sold. On the other hand, if the seller is not motivated, he should take his property off the market.
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
It's not the fault of the homeowner that the property didn't appraise for contract value.
You can either blame the appraiser, the agent that sold you the home or yourself.
You can also be grateful that you didn't pay $379,000 for a $340,000 home.
And yes, I've seen it happen where homebuyers paid $200,000 for a $99,000 home.
Don't let it happen to you.