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Old 08-16-2018, 06:28 PM   #51
Preacher Man
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Originally Posted by Throwin' Darts View Post
Ya youíre right. The real value of a house is what a piece of paper says itís 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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Old 08-16-2018, 06:47 PM   #52
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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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Old 08-16-2018, 07:12 PM   #53
Preacher Man
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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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Old 08-16-2018, 08:16 PM   #54
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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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Old 08-16-2018, 08:49 PM   #55
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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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Old 08-16-2018, 08:52 PM   #56
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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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Old 08-16-2018, 09:03 PM   #57
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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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Old 08-16-2018, 09:05 PM   #58
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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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Old 08-16-2018, 10:41 PM   #59
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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. Iím separated from the process and rightfully so. Iím also a realtor, real estate investor, and owned a home building company which I sold last year so my head isnít 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 itís 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 ďvalueĒ based on an appraisal when I have a multiple offer situation above that value then Iím 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 donít see the buyer adjusting their price upward do you now?
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Old 08-16-2018, 11:35 PM   #60
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Did your Realtor give them a time/date to respond by??
This...
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Old 08-17-2018, 12:00 AM   #61
Preacher Man
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Originally Posted by Throwin' Darts View Post
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. Iím separated from the process and rightfully so. Iím also a realtor, real estate investor, and owned a home building company which I sold last year so my head isnít 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 itís 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 ďvalueĒ based on an appraisal when I have a multiple offer situation above that value then Iím 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 donít see the buyer adjusting their price upward do you now?
Iíve never heard the phrase ďout over your skisĒ. Kind of like it actually. Disagree with you about that, but I can appreciate how you expressed your opinion.

Iíve got a long list of credentials and accomplishments too. And plenty enough experience to know that I wonít be able to help you understand what Iím talking about. What do you say we get out of the way of this thread and let the OP get back to buying a house?
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Old 08-17-2018, 08:56 AM   #62
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Seems like the trick to buying houses these days is to offer way over contract price to get your offer accepted, and then once you are locked into a deal, wait for the appraisal to correct the sales price to market value.
In this market that doesn't always work. Lot of CASH heavy buyers out there willing to pay over appraisal, or make up the difference to satisfy the lender.
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Old 08-17-2018, 09:08 AM   #63
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Originally Posted by Throwin' Darts View Post
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. Iím separated from the process and rightfully so. Iím also a realtor, real estate investor, and owned a home building company which I sold last year so my head isnít 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 itís 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 ďvalueĒ based on an appraisal when I have a multiple offer situation above that value then Iím 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 donít see the buyer adjusting their price upward do you now?
This guy knows what he is talking about. Also, nice Elk in the avatar.
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