If yes - time to get your Agent to get more aggressive with your offer
If no - time to find someone who can REPRESENT you! ( hint hint )
One of my favorite things about Real Estate is making a logical case with the Sellers Agent on all the reasons why they should accept my offer when I represent a buyer. I win about 98% of the " arguements " with the Sellers Agents.
The good news for you is that I am a Licensed REALTOR in the state of Texas as well as an International Real Estate Specialist.
The other good news is the YOU the buyer pay $0 in commissions when you buy a house!
Need more info ?
For your information, I've included a link to an article sent out recently by the board of realtors concerning these changes.
As a side note: if you are having difficulty finding comps it would be fair to assume an appraiser would as well. This notion could cast a huge shadow over the ability for the property to appraise for the seller's asking price.
Bank appraisals are a bit of a controversial topic in a constantly changing RE market that should not be overlooked. Our recommendation is for you to consider using this to your advantage.
I'd like to thank all of you for your most informative replies. As of a couple of days ago, the seller agreed to
my counter-offer (96%+1500.00 in non-realty items). They seemed to be playing a bit hard to get, but finally came around. This said, your answers are truly helpful as I know that I will be making other purchases in the not too distant future.
In the loan approval process, your lender will ultimately determine through their appraisal if they will lend you the money. If you sign a third party financing addendum and your lender will not give you the amount you need or the terms you need, you have an out on the contract to either cancel the contract or to renegotiate. So if the bank cannot find comps that support the loan, that's where you stand.
Because the sales have slowed down and because of the number of forced sales of home, finding good comps is difficult right now. If the house is unique in the neighborhood, that makes the process even more difficult. A realtor's comparable market analysis doesn't hold a candle to an appraisal by a certified appraisal.
An unmotivated seller holds some cards too.
Remember that a home is only worth what a ready willing and able buyer will pay for it. If the seller will not budge on the price and you will not increase your offer you will have to find a different property.