Home Buying in Tamarac>Question Details

DB, Home Buyer in Fort Lauderdale, FL

My offer was accepted by the seller on a 1-bedroom, newer construction condo in Coral Springs, FL. Will they come down to appraisal, typically?

Asked by DB, Fort Lauderdale, FL Sat Dec 21, 2013

There are many other units in this development with the same sq. footage, floor plan, etc. so these units are practically identical to mine. However, I noticed that the last 3 units, within the last two months, sold for $78K, $80K, and $84K. My offer was $95K. It seems the appraisal would be in the mid-80's. If so, do you think the seller will drop to appraised value? This seems to be a fairly hot development for rentals. In your experience, what have you noticed in these situations?

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"Practically identical" is not identical. While there may be of same square footage and floor plan a unit's floor number, location within a building, view, condition all contribute to varying sales prices. Market trends will also come into important play when valuing and appraising units and that holds for REALTORS as well as licensed appraisers. And, we are definitely experiencing rising real estate prices. Maybe the seller will lower the price or maybe the seller won't and, of course, it depends on the terms of your contract.
0 votes Thank Flag Link Wed Mar 26, 2014
It depends on your contract, if you have a mortgage contingency clause then the appraisal will protect you. If the seller has a waiting list or perceived high demand, then no they should let you walk and sell it to someone else at the higher price.
0 votes Thank Flag Link Sat Dec 21, 2013
Your agent would've been able to advise you on the pricing, trends of the neighborhood, your rights under the terms if the contract, what addenda could be added to better protect your interests, and to be able to not only advise but to assist you should any issues come along during your due diligence and contingency periods.

If you aren't working with a buyers agent or the listing agent isn't working as a transactional broker, then you are on your own. Or of course you can hire an attorney.

Mark Doring
Re/max Complete Solutions
561-929-0428
0 votes Thank Flag Link Sat Dec 21, 2013
Did you use a Realtor? Was your offer subject to obtaining a mortgage?
If it is subject to a mortgage and the appraisal is BELOW sale contract, you either reach an acceptable meeting of the minds with the seller/developer OR you walk away and your security deposit should be return to you
It's ALL depends on your sale contract.....

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0 votes Thank Flag Link Sat Dec 21, 2013
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