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    #46
    Originally posted by ShockValue View Post
    What if the highest offer is an FHA loan and the next highest (or 5th highest or whatever) is cash?

    What if the offer price is above market/appraisal more than likely?
    The banker guys nailed it.

    The sale of a house regardless of any appraised/county/market assessed value is what someone is willing to pay for it and what the seller is willing to let it sell for.

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      #47
      Originally posted by DFWPI View Post
      Yeah I got ky license in November. Didn't get serious until February. 12 transactions so far, and I kike to hunt in the middle of the week. That was usually my days off back in policing days.

      Sent from my SM-G965U1 using Tapatalk
      Cool.

      Friends in the business usually get free rides at golf scrambles because they get to play most of the week and are better than most.

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        #48
        I am a Realtor and It all depends, the market is hot as I am sure you know. Like others have said it can be in a couple of hours or days. If the seller is able to view the offer and talk with their Realtor then you should have a response quick UNLESS the agent wants to play games and wait for another offer. Your Realtor should be able to feel this out. As far as bidding high and waiting for the appraisal to fix it I would highly recommend not doing that if there is not another offer on the table. One reason is the seller doesn't have to fix the price if the appraisal comes in low (Unless you are using a government loan, FHA.USDA.VA)so you are either stuck with paying the extra $$ or gettin the seller to lower the price (which he doesn't have to) or canceling your contract. In the end I would just push your realtor to get a response or find out if there are any other offers and adjust the price you offered accordingly. EDIT: I saw that the offer is going into the weekend. They are probably expecting another offer, I would anticipate having to go at asking or above asking if that is the case. Like I said, if you have a government loan then there is a part of the 3rd party financing for appraisals, if you are just doing a conventional then you could have to pay for the difference in appraised value and what the contract has for a selling price, that is if the seller won't adjust the price. Highest offer doesn't always win, government loans can be a pain and if the buyer isn't putting much down then the seller could go with a lower priced offer that is cash or has a lot of money down because those usually close more than government or lower downpayment loans. EX: If I am representing the seller and two offers are only 2k apart but the higher offer is a 3.5% down FHA loan with a 21 day financing approval date and the lower offer is a cash offer then I would say the cash offer is better because there are no contingencies of financing that can cause a hiccup and the closing is usually faster. I would talk to your Realtor and they can explain more of that.
        Last edited by Honeybadger1; 08-16-2018, 03:34 PM.

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          #49
          Originally posted by JHT View Post
          The banker guys nailed it.

          The sale of a house regardless of any appraised/county/market assessed value is what someone is willing to pay for it and what the seller is willing to let it sell for.
          If you mean the "value" of a house....you're wrong, as it relates to an appraisal. There's more to the definition of value than just the willing selling and buyer scenario.

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            #50
            Originally posted by Preacher Man View Post
            If you mean the "value" of a house....you're wrong, as it relates to an appraisal. There's more to the definition of value than just the willing selling and buyer scenario.
            Ya you’re right. The real value of a house is what a piece of paper says it’s worth. It has nothing at all to do with what a willing buyer will pay for it. Riiiiight.

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              #51
              Originally posted by Throwin' Darts View Post
              Ya you’re right. The real value of a house is what a piece of paper says it’s worth. It has nothing at all to do with what a willing buyer will pay for it. Riiiiight.
              Not surprising that the banker and the appraiser disagree about value.

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                #52
                Originally posted by Preacher Man View Post
                Not surprising that the banker and the appraiser disagree about value.
                People pay millions of dollars for baseball cards.
                How can a baseball be worth that much?

                Value is in the eye of the beholder.

                Market/appraised value means nothing if willing buyers drive the prices up and get financing/have the cash to do what they want.

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                  #53
                  Didn't say that the willing buyer and seller concept has nothing to do with the value of real estate. And I wouldn't be able to speak to the value of personal property like baseball cards.

                  What I said was, there's more to value, as it relates to an appraisal, than just the willing seller and buyer concept.

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                    #54
                    So I just got an email, not a phone call, from the realtor that the offer was rejected with no counter offer. Hmmmm.

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                      #55
                      Originally posted by Hobbs View Post
                      So I just got an email, not a phone call, from the realtor that the offer was rejected with no counter offer. Hmmmm.
                      I expected you would be posting something similar unfortunately. You say you are a new buyer, use it as a lesson learned. There is not much wiggle room on most houses here. The Texas housing market in most places is too hot. It is VERY common for houses to sell over asking. When we were house shopping in 12/2016 our realtor had a bunch of stories how houses sold over asking, or an offer over asking was accepted only for the bank to refuse the mortgage because it was over the appraised amount. Then the people had to come up with the difference or keep looking. We also had 5 houses go into contract as we were looking at them. We got ours for $4k under asking and she really thought it was going to be rejected based on previous offers the seller rejected.

                      Also 95% of our communication with the realtor and bank was email. I much prefer that for a "paper trail" for reference. She called when our offer was accepted, but emailed or texted my wife for almost everything else. And she was an older lady out of Arlington.

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                        #56
                        Originally posted by ShockValue View Post
                        What if the highest offer is an FHA loan and the next highest (or 5th highest or whatever) is cash?

                        What if the offer price is above market/appraisal more than likely?
                        Bingo! A good seller's agent will advise their client to take the highest offer that has a high probability to close, not necessarily the highest offer.

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                          #57
                          Originally posted by stickbowcoop View Post
                          I expected you would be posting something similar unfortunately. You say you are a new buyer, use it as a lesson learned. There is not much wiggle room on most houses here. The Texas housing market in most places is too hot. It is VERY common for houses to sell over asking. When we were house shopping in 12/2016 our realtor had a bunch of stories how houses sold over asking, or an offer over asking was accepted only for the bank to refuse the mortgage because it was over the appraised amount. Then the people had to come up with the difference or keep looking. We also had 5 houses go into contract as we were looking at them. We got ours for $4k under asking and she really thought it was going to be rejected based on previous offers the seller rejected.

                          Also 95% of our communication with the realtor and bank was email. I much prefer that for a "paper trail" for reference. She called when our offer was accepted, but emailed or texted my wife for almost everything else. And she was an older lady out of Arlington.
                          I wasn't shocked it was rejected. I was just hoping for a counter. The property I'm looking at would be a second home (needs a lot of work) and not our primary residence so I've purchased homes before but it's been a while. I'm also wondering since my loan would be conventional and contingent on the appraisals and clear title if that had a bearing on the reject with no counter. Maybe they are wanting cash....or just more $'s. I'll see what I can find out from the realtor tomorrow. I think I will take the advice on here and make my best offer and be done.

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                            #58
                            Good luck man. If you really want it you may have to offer asking. Otherwise there are lots of houses for sale :-) .

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                              #59
                              Originally posted by Preacher Man View Post
                              Not surprising that the banker and the appraiser disagree about value.
                              You are out over your skis in this discussion. As a banker I have to use appraised value no matter what. There is no agreeing or disagreeing. I’m separated from the process and rightfully so. I’m also a realtor, real estate investor, and owned a home building company which I sold last year so my head isn’t in the clouds here and I have real world experience. If I have a property and I have multiple offers above what the appraisal says it’s worth then the appraisal is wrong plain and simple because I can and will sell the property for more. If I have a buyer who is trying to renegotiate me on “value” based on an appraisal when I have a multiple offer situation above that value then I’m moving on to the buyer who has the cash to bridge the gap between what the bank will lend based on their appraisal and the price the property will actually sell at. When an appraisal comes in above the contract price you don’t see the buyer adjusting their price upward do you now?

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                                #60
                                Originally posted by Chance Love View Post
                                Did your Realtor give them a time/date to respond by??
                                This...

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