Discouraged again--any suggestions

I guess that I didn't think that would happen because we had in the same vicinity appraise above tax value!

What is going on the market near these properties? Has it gone down? Is there anything that you can do to help the appraisal? Did you ask the appraiser? You might be surprised by that answer. Appraiser can tell you things about improving your properties and what the estimated effect on the FMV would be. I do not know your market but those are ideas that come to me immediately.

I don't think the market there has "tanked" that much in 3-4 months. It is stable. There has been foreclosures and we got another house in the area real cheap and it was used in the appraisal. We talked to the appraiser and he wasn't much help. Have you ever known them to change an appraisal after the fact. It is so subjective--its pathetic

If he isn't get a second appraisal by a MAI-certified appraiser. That is the highest standard for appraisers in Real Estate that I am aware of. The banks will accept it.

Try and sell the houses

I've never heard of an appraiser changing their report after the fact; actually I believe thats illegal

If your appraisal came in short, it must be due to issues in the area like foreclosures, homes selling short,etc

There are some ways to improve a property and raise the appraisal. I don't know the details of your properties but do some research and learn some easy, not to expensive ways, to improve the value of the house. I met an appraiser a while back that told me a few ways. This was in Tx and one of the things he told me was about privacy fences. He said it is an automatic 5k(depending on the size of the property etc) when he sees a privacy fence as long as the fence is in ok shape. It does not have to be new or in great shape, just in decent shape and basically not falling down. Now that might not work for your properties. I am just using that as an example. There are other things you can do. Do some research, learn what you can and thnk outside the box.

Thank you for asking about this. It got me to thinking and I learned something new. It would be worth quite a bit to me to learn more about how a appraiser does his/her job. So I think that will be my next thing to start researching and learning.

Scott

Hi DG Family, I made an offer for the asking price of $130K, earnest money of $500. and another five hundred at acceptance. The deal fell through due to the Earnest Money amount and my contingencies asking for onwer to hold 30% and pay 100 per cent of the closing. Now the owners semi-retired attorney says the owner found my terms unacceptable. Owner's attorney says, " with $500 at signing and an additional deposit of 10% of the price when the mortgage is approved would be accepted. The amount of the mortgage should be for not less than 70% of the price, with the full price to be paid at closling. NOW THIS IS WHAT I DO NOT UNDERSTAND - In my contingencies I asked that the house be inspected by my home inspector; interior and exterior and based on the appraisal the contract would be subject to be re-negotiated. His answer (not the owner's) is access to the property limited to inspection as to condition and for the mortgage appraisal and not for potential buyers or renters. (this may mean the buyer's name and ASSIGNEE did not set well.
ANY COMMENTS OR SUGGESTIONS??/ oh, by the way, I counter-offered for $125,500 and will pay buyers closing cost.

Hi DG Family, I made an offer for the asking price of $130K, earnest money of $500. and another five hundred at acceptance. The deal fell through due to the Earnest Money amount and my contingencies asking for onwer to hold 30% and pay 100 per cent of the closing. Now the owners semi-retired attorney says the owner found my terms unacceptable. Owner's attorney says, " with $500 at signing and an additional deposit of 10% of the price when the mortgage is approved would be accepted. The amount of the mortgage should be for not less than 70% of the price, with the full price to be paid at closling. NOW THIS IS WHAT I DO NOT UNDERSTAND - In my contingencies I asked that the house be inspected by my home inspector; interior and exterior and based on the appraisal the contract would be subject to be re-negotiated. His answer (not the owner's) is access to the property limited to inspection as to condition and for the mortgage appraisal and not for potential buyers or renters. (this may mean the buyer's name and ASSIGNEE did not set well.
ANY COMMENTS OR SUGGESTIONS??/ oh, by the way, I counter-offered for $125,500 and will pay buyers closing cost.

Are you using your own realtor or the sellers realtor. Sounds like you are going through the sellers realtor or attorney. If so, BIG MISTAKE - GET YOUR OWN !!!

If the house is on the market (MLS) your realtor should be able to "show" the property to anyone even after you have it "locked up". Because it isn't sold until the deal closes. The seller has the right to continue to "show" the property. Therefore, I believe your realtor should be able to "show" the property to any potential buyer you may have.

It sounds like you need to get another appraisal. I have found that appraisals are very subjective. My home was just appraised by two different companies. One appraised it at $1,000,000 the other at $680,000. It's hard to believe they could be this far off but they were.

Get another appraisal!

The house is FSBO and was in the newspaper for less than one week. I did write up my own contract and an addedum listing contigencies. I DO NOT LIKE ATTYS but, nevertheless, the owner is willing to accept 125,500 with 500.00 down as downpayment and balance due at closing. My plan is to assign the contract. Oh yes, the property is selling "as is" this is why I asked in my contingencies the issues at hand. Zillo says the house appraises at $160K. It is a SF house Colonial.