Why not order a 2nd appraisal? If you, the buyer, and your agents agree that the appraisal is wrong, just order a 2nd appraisal. Before you do, get something in writing that states how the bank will handle the two appraisals--take the higher, avg the 2 etc--and that the buyer too will honor the contract for the higher of the two (although it sounds that your buyers are still willing to pay contract price.).
If you hold a 2nd mtg and the buyer ever defaults you will be a 2nd on the property and could lose out on being repaid. Ask your atty and also your accountant for guidance.... more
Visit the Toms River Twp website at http://www.tomsriveronline.com/
or learn directly about local fire protection at http://www.tomsriverfire.com/fire_prevention/fire_prevention.htm..
Jeremy Gryvatz... more
There is no standard commission. Agents and agencies charge what they feel they're worth (or what the market will bear). Agents and agencies are NOT allowed to collude and determine what IS and IS NOT a standard or normal commission, that would be against anti-trust laws.
Commissions are negotiable. That doesn't mean that the agent who quotes you 6% must negotiate a lower rate with you, it merely means that agents and agencies are empowered to charge their own rates, according to the services they offer, and the value they feel their services are worth.
There are many models to choose from... all the way from list-you-on-the-MLS-for-free services, to flat-fee services, discount agents/agencies, agents/agencies that reimburse a portion of their commission to you, and full service agents/agencies.
An abundance of choice.... more
Terry, A CMA is not important if you already have a buyer unless the buyer is paying all cash and not financing any of the purchase price. It is the appraisal that matters when financing is being used and the house next door should not be used as a comparable sale if there are other more recent comps. Hope this is helpful,... more
It is actually state law. Are you using a real estate agent? If so, they can give you all the details.
Don't sign an agreement without it. But, if you did, it would get caught by your attorney in the attorney review period.
Good luck!... more