Chess Player

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Chess Player, in San Francisco
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Chess Player's Questions (4)
Chess Player's Answers (5)
Chess Player, Home Buyer in San Francisco

What should the seller do when the sale price is set super-high due to the listing agent's hype?

Asked Mon May 19 2008, 13:29 by Chess Player  -  Kimber - Gomes  -  Home Selling  -  12 answers
Chess Player answered:
"And was it indeed priced much higher than you got it for?"

Yes; the difference approximately equal to a non-bay area home's worth ! :-) - Mon Jun 9 2008, 12:29
Don, we did just that. Now in escrow, waiting to close. Thanks for the input! - Mon Jun 9 2008, 11:19
Chess Player, Home Buyer in San Francisco

I recently made a $1.6M offer on a Fremont home. The lender's appraiser came in with an appraised value that

Asked Tue May 6 2008, 13:42 by Chess Player  -  Kimber - Gomes  -  Home Buying  -  25 answers
Chess Player answered:
Thanks for all your input. We initially pulled out of contract and got the deposit back. Then we "met somewhere in the middle", as the seller dropped the price and we agreed to pay a "premium" above the lender-appraised value as we really liked the house. New contract, all in order, waiting to close and move in. Should be a fair transaction, as both the buyer and the seller are equally happy/unhappy. - Mon Jun 9 2008, 11:14
Is it common (or uncommon, or just plain wrong) for an appraiser to consider comps that are 2 and 3 miles away to justify a (high) contract price, especially in a relatively 'active' area like Fremont? Would lenders and banks accept such an appraisal (done, perhaps, solely to "hit the target")?

By the way, thanks for all the insightful responses. - Wed May 14 2008, 16:08
Thank you Pacita (and others). In closely reviewing the appraisal report prepared by the seller's agent's 'licensed' appraiser, I noticed that some of his comps were over 2 miles (!) away, and he has not made several adjustments, including those to reflect the age of the property, etc., to 'bridge' the $200K gap. He has also conveniently ignored closer and more relevant comps. Should I report this guy (and if so, to what agency?), as I feel like this somewhat of an attempt to defraud me, the buyer, and the bank (lender)?

By the way, I pulled out of the contract and got the deposit back, so that is not an issue.

- Chess Player - Sun May 11 2008, 20:31
Please limit your answer(s) to my question. Stories about siblings and other family members belong in autobiographies; not here. Thanks. - Wed May 7 2008, 09:38
Anita, Home Buyer in 94539

Overcrowding in Gomes?

Asked Tue Jun 3 2008, 00:43 by Anita  -  94539  -  Schools  -  2 answers
Chess Player answered:
We are in a similar situation with regards to Gomes. I believe the redistricting does not particularly reference Gomes any more; that Gomes reference was 'struck out'. Redistricting, however, is still an option that FUSD can consider anywhere. With regards to overcrowding, the over-flow school depends upon the grade. Read more at the FUSD website. - Wed Jun 4 2008, 13:25
James, Home Buyer in Fremont

It looks like the house that we are looking is almost right on the Haward fault!! How serious is this in?

Asked Sat May 17 2008, 15:18 by James  -  Fremont  -  Home Buying  -  5 answers
Chess Player answered:
Who knows, the house may eventually become a tourist attraction! You can show the several inches/feet of fault offset and say "to my left is the kitchen sink that used to be to my right"! :)

Seriously, check if the house is within the Alquist-Priolo zone. I believe the seller should disclose this to you? If so, then it is a pretty big deal; walk away and look for a different house. - Sat May 17 2008, 17:06
Kelly G, Buyer & Seller in Dearborn

We made an offer on a home for $210K, listing price $225. Appraisal came in at $185K b/c of comps. What next?

Asked Wed May 14 2008, 10:18 by Kelly G  -  48124  -  Home Buying  -  6 answers
Chess Player answered:
Same situation happened to me very recently.

1. If you have appraisal contingency, you should use it to cancel the contract and get the deposit back.

2. Then, submit a fresh offer to reflect a price close to the apprased value.

3. It is silly to pay 11% higher; you will "lose" that 11% equity the instant you close escrow. You would have paid $210K for a property that is worth $185K. ("keep the change" is okay for coffee..) - Wed May 14 2008, 11:22
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