Questions about outbuilding value

[Zoe]

i see, you can use those better comps in the ROV. The buyers agent could have influenced the appraiser. You don't have to sell the property at the appraised value. It would be very useful to look at active listings in the neighborhood, if there are no similar active listings, then don't budge, and neogitate hard. That's why i always recommend people to order a prelisting appraisal.

Regarding your interest in becoming an appraiser, i don't want to discourage you, but there are significant barriers to entry, its not like beocming a real estate agent, and it takes time to become profecient.

Yeah, I didn't know buyer had an agent. I thought seller was directly dealing with the veterinarian.

My opinion still stays the same and you are right in your opinion.

No big deal for seller to call buyer's agent and discuss the matter.

The seller is not in a position to request a reconsideration of value. The buyer and their agent are in a position to request a reconsideration of value. The loan officer is definitely in a position to request a reconsideration of value and a 2nd appraisal.

The seller don't have to sell to this buyer.

Crye-Leike which is one largest home brokers in the nation has a contingency clause in their contracts. Buyer and seller can back out if it don't appraise for contract price.

This seller could back out and I highly doubt the buyer would try to hold them to the contract. The buyer would probably want earnest money back.

 

[brokenokie]

Final question, as I have now submitted my ROV. The loan officer informed me that because one of my comps closed the day after the appraisal, it can't be included. That seems like an odd rule, but again, I'm not a professional.

 

[JTip]

When you drafted your FSBO sales agreement, did you select or disclose an 'appraisal contingency'? In other words, you are not bound to sell your property IF the appraised value is LESS THAN the purchase price, releasing you from the contract. That is a typical contingency. Contracts are powerful and controlled by the words within. Hope you covered your behind.

 

[brokenokie]

When you drafted your FSBO sales agreement, did you select or disclose an 'appraisal contingency'? In other words, you are not bound to sell your property IF the appraised value is LESS THAN the purchase price, releasing you from the contract. That is a typical contingency. Contracts are powerful and controlled by the words within. Hope you covered your behind.

Yes, I have a contingency, but I would rather be done! Lol

 

[TerryRohrer]

Final question, as I have now submitted my ROV. The loan officer informed me that because one of my comps closed the day after the appraisal, it can't be included. That seems like an odd rule, but again, I'm not a professional.

Your loan officer doesn't have a clue and should not be trying to dictate what an appraiser considers. Everyone now knows the details of the closed sale. If that listing was relevant, the appraiser should have considered it as a pending sale. If it closed the day after the appraisal, it was pending on the effective date of the appraisal and is current market data.

 

[brokenokie]

Thank you all for your help and insight. Anyone who wants to leave your address will receive a Christmas card this year!

 

[JTip]

Let us know how it turns out, we love the ending to the story too!

 

[AppraisingLA123]

That comp can be used as a listing comparable, its refelctive of current market conditions.

 

[BRCJR]

Yes, absolutely. This is horse country and the expectation is to use it as such for most buyers.

What county is your property located within?

 

[brokenokie]

What county is your property located within?

Suffolk County