Realtor?

[Preacher Man]

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?

I’ve never heard the phrase “out over your skis”. Kind of like it actually. Disagree with you about that, but I can appreciate how you expressed your opinion.

I’ve got a long list of credentials and accomplishments too. And plenty enough experience to know that I won’t be able to help you understand what I’m 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?

[Sunnylab]

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.

[Sunnylab]

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?

This guy knows what he is talking about. Also, nice Elk in the avatar.