I have a listing were i have been put it at contract for $1,2 million and i get apprisal for $100,000 less,any suggestions?

Asked by Eli Haliva, Brooklyn, NY Tue Jun 26, 2012

I have a listing were i have been put it in contract for
$1.2 million and i got an appraisal for $100,000 less, any suggestions?

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Janet Nation, CBR’s answer
Janet Nation,…, Agent, Baldwin, NY
Tue Jun 26, 2012
You can get your own private appraisal and counter the lender's appraisal report and hope that you win. You're probably overprice and if you want to sell the unit, you will need to encourage the seller to come day to market value; who's going to grossly overpay for a property in this day and age. Good luck.
0 votes
Michael Liew, Agent, Bayside, NY
Tue Jun 26, 2012
Request a second appraisal or get a price reduction from your seller if it is overpriced.
Good Luck.
0 votes
Christopher…, Agent, Tarrytown, NY
Tue Jun 26, 2012
Hi, either the seller comes down to meet the appraised value, the buyer puts up more cash needing less of a loan, or they meet in the middle.

Chris
0 votes
Nick Rafello, Agent, New York, NY
Tue Jun 26, 2012
OUCH! Sorry to hear about that. Well, I have represented 3 buyers in the last 2 years where this has happened. Honestly, what went down was the seller took the hit. Back in the day, if the buyer really wanted to apartment they'd come up with the extra cost but we're not in that environment anymore. But there are other quesitons that I have for you. Were there comps for the last 9 months that supported the price that you had when listing the property? Or was this the seller's idea to price it a bit higher than it should be? If it's the latter, you do have some leverage with them to accept the appraisal price as you showed them what the comps really were. Also, were you able to get a copy of the appraisal to see what the appraiser used as comps to comp out your listing? If so, were they legitimate? If not, can you fight it?

Good luck,

Nick Rafello, S.V.P.
Associate Broker
The Corcoran Group
212-444-7852
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