Yes with VA & FHA, a case number is assigned to the property and the case number will also be attached to the appraisal that is conducted. It will remain that way for 6mo and any new buyer with FHA or VA financing will have to deal with the value that has been assigned to it. New negotiations are advised based on the appraised value for the sake of this transaction. Otherwise, only a conventional loan buyer with a new conventional appraisal will this change the circumstances for the property. Best of luck!
An appraisel is an opinion of value at a specific time. Another appraisel at a differnt time could be differnt. Your orginal appriasel could influance a new one. Thanks
It might! It will depend on the type of financing the new buyer will have, and the period between that appraisal and the new offer. Your agent will be able to provide you with the specific details.
In either case your best bet is for your agent to negotiate with the buyers agent. There are many things that can be done to save the deal, remember that price is only one part of the equation. Even if the same appraisal is not used for a future buyer, chances are that a future appraisal will still not meet the current listing price.
Carlos J. RamÃrez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
As the seller, you should ask for a copy of the appraisal to verify it in fact has come in lower than the offer price. Ask your agent if they can find other similiar comparables that were not shown on this appraisal to substantiate your price.
The VA will allow you to ask for what is called a reconsideration of value. With a reconsideration of value, you can request the value of the home be higher based on other comps not used in the appraisal.
I'm sure some of our lender friends will provide more insight to your question.
he Buyer is not obligated to buy a home at "over-appraised price" (if the contract reads that way)
The seller isn't obligated to list or accept and offer on the property for any number other than what he/she decides.
The Appraisal won't be good for another buyer if that is what you where asking.
Hope this helps.