They agreed to $265,000! woohoo!

The home is not a short sale, it's an REO

Is this a short sale or REO? Just remember that banks don't always deal with the same logic as the rest of us. I've had many horror stories where the seller/bank just didn't care and put it back on ... one time it worked to their advantage, the second buyer's appraisal came in to their value/contract price, the second time not...

Hopefully you are not too emotionally attached to this home. Remember that there are plenty of others with more coming on all the time. Just stand firm on price and if they won't accept it, move on to the next one.

Good luck!

Bernard Gibbons

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Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
bernard@bernardgibbons.com

Just got the appraisal back in my email. It appraised for $265,000. Our purchase price was $298,900. Quite a difference! Hopefully they WILL agree to this new price.........

Hi Jennifer:

Assuming that the contract made apppraising a contingency of completing, you will probably find that the bank will be prepared to accept the appraised value.

They may take a few days though. Sit tight and wait for their response.

Bernard Gibbons

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
bernard@bernardgibbons.com

Hi,

It has been my experience that the banks will adjust the contract based on the appraised amount. They know that they can't sell a home for more than it is worth, although I'm sure they would like it.

I have a transaction right now that the buyer came in high to get the successful bid, and the appraisal came back $10,000.00 less and the bank adjusted their figures to compensate.

Let us know how it turns out and good luck!