Appraisal came in $5k short, run or stay?

[danielwis]

[quote=ccutequeen]Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.[/quote]

To me, the nice view would be worth the 5,000 by itself. I would pay that to not look at a parking lot. Wouldn’t you? Throw in the newer appliances and new carpeting, and I would say that definitely covers any difference.

In the big scheme of things, 5,000 is not that much, if you feel confident that you have looked at enough inventory and feel this is the unit you want.

That said, it would not hurt to tell your realtor that you want to get the appraisal price. See what the seller does. If they don’t budge, then you have a decision to make. I think you want this unit though, and personally I would not let the 5000 break the deal.

[tc]

Be careful with B of A. I posted the other day about them pulling out of a short sale to do a loan mod for the sellers. But they also changed the terms of the sale on us twice. In the first stage they countered the price up. We accepted that and continued with the process. But after the third stage they adjusted the price again and took away the 2% closing cost. So be warned BofA is a bunch of crooks.

[tc]

Be careful with B of A. I posted the other day about them pulling out of a short sale to do a loan mod for the sellers. But they also changed the terms of the sale on us twice. In the first stage they countered the price up. We accepted that and continued with the process. But after the third stage they adjusted the price again and took away the 2% closing cost. So be warned BofA is a bunch of crooks.

[tc]

Be careful with B of A. I posted the other day about them pulling out of a short sale to do a loan mod for the sellers. But they also changed the terms of the sale on us twice. In the first stage they countered the price up. We accepted that and continued with the process. But after the third stage they adjusted the price again and took away the 2% closing cost. So be warned BofA is a bunch of crooks.

[tc]

Be careful with B of A. I posted the other day about them pulling out of a short sale to do a loan mod for the sellers. But they also changed the terms of the sale on us twice. In the first stage they countered the price up. We accepted that and continued with the process. But after the third stage they adjusted the price again and took away the 2% closing cost. So be warned BofA is a bunch of crooks.

[tc]

Be careful with B of A. I posted the other day about them pulling out of a short sale to do a loan mod for the sellers. But they also changed the terms of the sale on us twice. In the first stage they countered the price up. We accepted that and continued with the process. But after the third stage they adjusted the price again and took away the 2% closing cost. So be warned BofA is a bunch of crooks.

[fsbo]

Do you have an agent representing you? If so, you can talk to him/her as 5K is not a big gap. Usually he/she should be able to work out a deal for you by negotiating with the listing agent. Together they can contribute partial of 5K if not all from their 5~6% of commission. If you walk away, your agent gets nothing.

[fsbo]

Do you have an agent representing you? If so, you can talk to him/her as 5K is not a big gap. Usually he/she should be able to work out a deal for you by negotiating with the listing agent. Together they can contribute partial of 5K if not all from their 5~6% of commission. If you walk away, your agent gets nothing.

[fsbo]

Do you have an agent representing you? If so, you can talk to him/her as 5K is not a big gap. Usually he/she should be able to work out a deal for you by negotiating with the listing agent. Together they can contribute partial of 5K if not all from their 5~6% of commission. If you walk away, your agent gets nothing.

[fsbo]

Do you have an agent representing you? If so, you can talk to him/her as 5K is not a big gap. Usually he/she should be able to work out a deal for you by negotiating with the listing agent. Together they can contribute partial of 5K if not all from their 5~6% of commission. If you walk away, your agent gets nothing.

[fsbo]

Do you have an agent representing you? If so, you can talk to him/her as 5K is not a big gap. Usually he/she should be able to work out a deal for you by negotiating with the listing agent. Together they can contribute partial of 5K if not all from their 5~6% of commission. If you walk away, your agent gets nothing.

[akbarpunjabi]

Be careful of older condos from the 80’s after 30 years many plumbing and roofing and other expensive stuff starts to pop up. I’ve lived in an older complex in Mission Valley for the past 3 years and have seen my share of problems. Fine to rent, but owning is another story. There are 2 bed 1.5 baths that rent for $1200 in this older area and everywhere you look in the complex there are lockboxes scattered on every railing.

[akbarpunjabi]

Be careful of older condos from the 80’s after 30 years many plumbing and roofing and other expensive stuff starts to pop up. I’ve lived in an older complex in Mission Valley for the past 3 years and have seen my share of problems. Fine to rent, but owning is another story. There are 2 bed 1.5 baths that rent for $1200 in this older area and everywhere you look in the complex there are lockboxes scattered on every railing.

[akbarpunjabi]

Be careful of older condos from the 80’s after 30 years many plumbing and roofing and other expensive stuff starts to pop up. I’ve lived in an older complex in Mission Valley for the past 3 years and have seen my share of problems. Fine to rent, but owning is another story. There are 2 bed 1.5 baths that rent for $1200 in this older area and everywhere you look in the complex there are lockboxes scattered on every railing.

[akbarpunjabi]

Be careful of older condos from the 80’s after 30 years many plumbing and roofing and other expensive stuff starts to pop up. I’ve lived in an older complex in Mission Valley for the past 3 years and have seen my share of problems. Fine to rent, but owning is another story. There are 2 bed 1.5 baths that rent for $1200 in this older area and everywhere you look in the complex there are lockboxes scattered on every railing.

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