I am purchasing a home that was listed for $450K and my offer of $425K was accepted. While I am led to

Asked by Angelica, Las Vegas, NV Wed Jun 10, 2009

believe that we will be closing this week, my lender tells me that the home appraised at $410K and that I should ask the seller to lower the price. However, the appraisal was done 2 weeks ago and it appraised at or above $425. My agent does not want to ask the seller to lower their price because the appriasal was done less than 2 weeks ago. Should I trust what the lender is telling me and force my agent to ask the seller (he claims the sellers already have another back-up offer)?

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Melissa Towb…, Agent, Las Vegas, NV
Fri Oct 1, 2010
Have "you" seen the appraisal. It either is or is not above 425K. It seems you haven't seen it because you don't have an exact amount, hence appraisal. View the appriasal yourself, then you will know exactly what to do next.
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Julia St. Ma…, Agent, Las Vegas, NV
Mon Aug 9, 2010
Hello Angelica.....
Many different approaches, options, and choices to handle this scenario.

You may want to send an addendum to the seller with a sales price to be $410 and attach the appraisal to substantiate your fair renegotiation.

If seller agrees--done.

If seller does not agree, there are many different approaches, options, and choices to handle this scenario.
Ask your agent to inform you of all of them.

Should you or your friends/family have any Las Vegas real estate needs or questions, pls feel free to contact me at anytime....
Thanks and have a great day!

Julia St. Marie, ABR, RRG, RSPS
Realty ONE Group
Certified REO Specialist
Direct: 702-355-H-O-M-E (4663)
Office: 702-898-0101
Email: LVRealEstateLady1@yahoo.com
Web: http://www.LVRealEstatelady.com
Blog: http://activerain.com/lvrealestatelady
Video Newsletter: http://realtytimes.com/REUv/LVrealEstateLady
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The Wilder G…, Agent, Oakland, CA
Wed Jun 10, 2009
The worst that the seller can do is say no. Right now they pretty much have to deal with you since you are still in contract. If the house is not appraising at your offer price, others may have the same problem. Listing agents often bluff about back up offers since they don't want you to ask for anything but they often done have anyone formally in back up (esp on REOs). Doesn't matter, they are working with you now and you have a right to ask. They might just want to get the sale over with and they might decide to just reduce the price.

I recently asked a seller to reduce the price for my client and they did it. They reduced the seller credit to buyer a bit but they did it. Long story short, the buyer still gets the home she wants and everyone is happy.

One other option that you might consider offering if they don't go for the price reduction is to offer to increase your down payment by $15,000 (if you have it). Or you can split it with the seller - you come up with $7500 if they reduce the price by $7,500.
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