Short sales and foreclosures seem to be in just about every neighborhood and every price range, they certainly have impacted values. If the buyer of your property needs a loan for their purchase the property will have to appraise. If the appraiser can not find enough traditional sales (they usually need 3) to use for their comps/data they will need to use the distressed properties. Most lenders require that appraisers use sold comps that are less then 6 months old if possible.
Dan Simon, Realtor®
Carolina One Real Estate
If you weren't working with your own agent at the time that you made your initial offer, how did you determine the value of the property at that time and how did you decide on your offer of $180,000?
Are you willing to counter at a number closer to the banks counter offer or are you attempting to justify your initial offer? If so, what proof do you have that your initial offer was correct? Keep in mind that since your initial offer was made, the market may have either drifted upwards or downwards as the market continues to be volatile - depending on the neighborhood of the location of the home.
Would you be willing to pay for either an appraisal or broker price opinion and would the sellers be willing to allow a professional into the home to do a current market valuation? I don't think you could get a real estate agent to assist you without compensation as they probably wouldn't be compensated by the sellers / bank at such a late date AND you are using the listing agent as your agent. And due to fiduciary responsibility rules the agent really can't help either party determine price and strategy as doing so would benefit one client while hurting the other.
If you don't end up getting the house, next time use your own buyers agent.... more