https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Sun, 26 Apr 2026 13:11:01 +0000 https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-218644 Thu, 12 Jul 2012 13:50:57 +0000 Modern Daisy 218644@https://boards.hellobee.com/ <p>Congrats!! I was going to say that it is in their best interest to accept a revised price or they have the option to get multiple appraisals done to see if a second opinion appraises it for higher. </p> <p>Our appraisal came in $2K above our offer price which we were very thankful for. It helped calm our fears that we might have been overpaying too - which as real estate rookies we were worried about! Looking back though it would have been to our advantage if it came in lower because the sellers were in such a hurry to unload the apartment that I'm sure they would have been forced to reduce the closing price! </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-218575 Thu, 12 Jul 2012 13:09:24 +0000 lawbee11 218575@https://boards.hellobee.com/ <p>@Running Elley: I know, it is crazy how close the numbers are! Glad everything is working out. I remember how relieved I was to finally have the keys in our hands! </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-217882 Wed, 11 Jul 2012 17:36:52 +0000 Running Elley 217882@https://boards.hellobee.com/ <p>@lawbee11: That's crazy how close all the numbers were :) Weird!</p> <p>Just an update...the seller accepted the revised price! Woohoo! We're doing our final walk through with our real estate agent tonight and hoping to close on Friday! </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215835 Mon, 09 Jul 2012 22:26:47 +0000 lawbee11 215835@https://boards.hellobee.com/ <p>DH and I bought our house a few months ago, and the exact same thing happened to us. The house was listed at $144K, we agreed on $139K, and the appraisal came back at $134K. Luckily, the sellers immediately agreed to lower the price to match the appraisal. I think the fact that you are supposed to close so soon will really help; I doubt the seller will want to start the entire process over. (I am sure that is why our seller agreed so quickly to drop the price.) It'll all work out!! </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215832 Mon, 09 Jul 2012 22:09:17 +0000 singingbee 215832@https://boards.hellobee.com/ <p>@Running Elley: Whew! Glad to hear some good news! House buying stuff makes my head hurt. :) </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215828 Mon, 09 Jul 2012 21:53:53 +0000 Periwinkle 215828@https://boards.hellobee.com/ <p>How funny, our appraisal came back today too! While that was not a problem for us, other things are (the sellers are pushing to keep a "target" closing date as a final closing date, which our lender cannot meet), so I can understand your nerves!</p> <p>Good luck with the revision My feeling is that they would take a bigger loss by not accepting; if they relist, they will still have to lower their price as an appraisal is already in. Keep us posted! </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215676 Mon, 09 Jul 2012 17:53:26 +0000 Smurfette 215676@https://boards.hellobee.com/ <p>@Running Elley: Good news! </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215664 Mon, 09 Jul 2012 17:43:59 +0000 MamaMoose 215664@https://boards.hellobee.com/ <p>@Running Elley: excellent news!! </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215663 Mon, 09 Jul 2012 17:42:16 +0000 Running Elley 215663@https://boards.hellobee.com/ <p>Well I have a semi-good update! Our lender called the seller and discovered that we actually only needed one appraisal instead of 2. The first one came in at 141 (which is still 4k less than our offer but it is still above their original asking price). It was the second one that was causing the issues and since we apparently we don't even need that one we're just going with the 141. Yeesh! </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215654 Mon, 09 Jul 2012 17:28:36 +0000 MamaMoose 215654@https://boards.hellobee.com/ <p>Normally in this situation I would expect the seller to accept your offer of appraised value because they are likely to run into the same issue with any future buyers if you back out. But with a bank... It's different and they may not have wiggle room as far as how low they can go. My bank does mortgages and I have seen people contest appraisals and end up getting it raised. Can you go back to your lender? </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215604 Mon, 09 Jul 2012 16:20:08 +0000 MrsBrewer 215604@https://boards.hellobee.com/ <p>@Running Elley: Agreed. But now we have our house, and I couldn't be happier. I'm sure that everything will work out for you! Keep us posted!!</p> <p>So many people I know are buying houses right now, it's so exciting! </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215601 Mon, 09 Jul 2012 16:16:18 +0000 Running Elley 215601@https://boards.hellobee.com/ <p>@MrsBrewer: I hate banks too!! We came across very similar situations to what you did during our house hunting saga! It's an absolute pain in the neck. </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215600 Mon, 09 Jul 2012 16:09:15 +0000 MrsBrewer 215600@https://boards.hellobee.com/ <p>@Running Elley: I really don't want to sound like a Debbie Downer but I thought I would just share one more thing. I hate banks! We put an offer in on a house that was bank owned, it was on the market for $65,000 and we offered $67 I think, and they said no!! They said they weren't willing to take anything less than $75,000. So we asked why is it listed for $65 then?! They said they have it lower because they wanted more people to look at it and if they "really wanted it" they would either counter offer, or offer that much to begin with. Ugh. We loved that house too.</p> <p>So I sure hope that the bank that you are working with isn't as dumb as the one we were! If your real estate agent sounds confident though, I would trust him/her! </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215593 Mon, 09 Jul 2012 16:04:32 +0000 Running Elley 215593@https://boards.hellobee.com/ <p>@MrsBrewer: I think that makes a lot of sense! The asking price was 139k, our offer was 145 and the appraisal came back at 135. It's bank owned so I have no idea how much of a loss they'll take. It's nerve wracking! </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215585 Mon, 09 Jul 2012 15:50:18 +0000 MrsBrewer 215585@https://boards.hellobee.com/ <p>I think that it would really depend on the value of the house. For example the house my husband and I bought was only $77,500 so a $5k difference would have been huge, where as if the house was on the market for $250k, $5k wouldn't be that big of a change. Also I think it depends on the seller, if they are willing to count a small loss, I'm sure they would be fine with it. Or if the house was just put on the market and they aren't in a huge rush to sell, they might deny it. </p> <p>$10k is a lot to just come up with all of a sudden, and I wish you the best of luck!! Hopefully the seller cooperates! </p> https://boards.hellobee.com/topic/appraisal-coming-in-under-offer-price#post-215581 Mon, 09 Jul 2012 15:45:27 +0000 Running Elley 215581@https://boards.hellobee.com/ <p>Soooo we’re 20 something days into a 30 day or less escrow. We should be closing before next Monday. I just got a call from our realtor that the appraisal value came in $5,000 under the asking price for the house. Our offer was for $5.000 over the asking price. So if we leave the closing price on the house the same as our original offer we’d have to come up with the $10,000 difference in cash. That’s not an option for us (since it would be in addition to the loan downpayment/closing costs) so our real estate agent advised us to submit a revisal to our offer, dropping the closing price to the appraisal value. </p> <p>He said all of this as if it was great news and seemed like he just automatically expects the seller to accept the change. He said that it would be in their best interest since they already paid for inspections and repairs during this escrow process. If they reject the revision they’d have to place the house on the market again, go through all of this a second time, etc. </p> <p>Has this happened to anyone before? How did it turn out? I’m really nervous! </p>