What about this scenario:
You make and offer on a house on a short sale. The Bank(seller) approves.
Before Close of escrow and within the escrow peiod weeks a few houses(one opposite) same size, same street and within 1/2 mile etc comes on as REO’s and short sales at about 50K-70 K lower.
Will the appraiser pick these up? Is there ,other than walking away, to ask that the price be lowered to match comps ?
appreciate your replies
If you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.
Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.
For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.
If you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.
Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.
For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.
If you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.
Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.
For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.
If you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.
Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.
For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.
If you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.
Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.
For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.
