Erika Barber, Home Seller in Des Moines, IA

I would like to know more about real estate conditions and future in Prosperity CHurch Road area of Charlotte, NC

Asked by Erika Barber, Des Moines, IA Wed Jun 13, 2012

Our appraisal came in much lower than the offer.

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David E. Johnson’s answer
Erika - the Prosperity Church area will improve with the completion of I-485. Obviously, some neighborhoods will suffer due to being next to the highway but the ease for commuting will increase ten fold. The completion of the highway will bring more development opportunities, jobs, retail and housing. I think the future is bright!
0 votes Thank Flag Link Sat Aug 11, 2012
Just checking in to see if you still had any questions about the Charlotte Area Real Estate Market.

Abby Nelson
0 votes Thank Flag Link Thu Aug 9, 2012

It is always tough to predict the market. Appraisers do the best they can with the circumstances they are given. You can ask for a copy of the appraisal and I would have your Realtor go over the appraisal and see if the comparables the appraiser used justified the price they came up with or if the appraiser could have used other comparables to help justify the price.

The other issue you are going to run into is the appraisal is attached to the house. if it is an FHA appraisal and you pass on the transaction becuase of the appraisal and someone else comes by in the next 6 months to buy the house that apprasial will be the one that is on file for the house.

Dave diCecco
0 votes Thank Flag Link Wed Jun 13, 2012
That area is not one of the areas that has held value well in recent years. There have been a lot of foreclosures/short sales which have hurt overall market conditions. You may want to appeal the appraisal or ask for the seller to adjust purchase price.

John Siddons
0 votes Thank Flag Link Wed Jun 13, 2012
Good afternoon, Erika:
Appraisals are based on sales of other properties. In reviewing the S&P Case Shiller housing index, we can observe that while the Charlotte region is still declining, in the last several months, the percentage of decline seems to have slowed significantly. If comparable sales do not currently support your agreed sales price, you are going to be selling at the appraised price (and bringing cash to the closing), selling as a short sale (if some hardship is forcing your sale) or waiting until the market changes. If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.
0 votes Thank Flag Link Wed Jun 13, 2012
FHA appraisals are tough and they stay "on the record" for 6 months. As the buyer, you need your real estate agent to renegotiate your contract to amend the purchase price to the value on the appraisal. You are in a power position, so to speak, because the FHA appraisal does remain of record for 6 months. The sellers will not be able to get a higher value on another FHA appraisal for the next 6 months. If the sellers are motivated to sell, they will agree to the amended sales price. Their only hope at getting a higher value would be to roll the dice, let your contract fall through and hope for either a cash buyer or one using a conventional loan. The funny thing about appraisals - the next one could come in even lower! Your agent needs to work for you and negotiate the lower value and move you to closing. Best success!

Kathleen Turner, ABR, CRS, ePro
Certified Paralegal
The Kathleen Turner Real Estate Group
0 votes Thank Flag Link Wed Jun 13, 2012
If it is an FHA loan, there is nothing you can do. If it is a conventional loan, you can get a second appraisal.
0 votes Thank Flag Link Wed Jun 13, 2012
My crystal ball is not working these days, not sure anyone's is either. The future is a mystery to us all. If your appraisal came in much lower you could argue it with better comps if you can find some. Did you have your Realtor do a market valuation for you before you selected the listing price?
0 votes Thank Flag Link Wed Jun 13, 2012
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