Appraisal low

Hi, All,
We made an offer of 495K. The bank appraisal came in 485K. We are
really low on cash (had our car for it). So I told my realtor that we
would proceed only the price is lowered to the appraisal value.

After talking to the seller's realtor, my realtor is questioning the
appraisal. He did bring up some plausible points but I think the bank
would not easily change their appraisal.

Should / Could I talk to the bank to persuade them?

Maybe it is a good opportunity of lowering the price?

Maybe we will eventually lose the deal. :-( The seller's agent did
mention they have backip offer. But we really could not do much with
our pocket shallow.

Thanks

Re: Appraisal low

In article <>,
"Neighbor" <> wrote:

> Hi, All,
> We made an offer of 495K. The bank appraisal came in 485K. We are
> really low on cash (had our car for it). So I told my realtor that we
> would proceed only the price is lowered to the appraisal value.
>
> After talking to the seller's realtor, my realtor is questioning the
> appraisal. He did bring up some plausible points but I think the bank
> would not easily change their appraisal.
>
> Should / Could I talk to the bank to persuade them?
>
> Maybe it is a good opportunity of lowering the price?
>
> Maybe we will eventually lose the deal. :-( The seller's agent did
> mention they have backip offer. But we really could not do much with
> our pocket shallow.

A single appraisal is OK for a bank to decide if they should
take a risk on the property. But if you really want to
determine fair value, you should do 3 appraisals and average
them out. But in this case, if the seller has another buyer,
and you are an iffy buyer at best, you have to decide if you
are willing to put up or have to let it go.

-john-

--
============================================================ ==========
John A. Weeks III 952-432-2708
Newave Communications
============================================================ ==========

Re: Appraisal low

"Neighbor" <> wrote in message
news:

> Good News. The seller gave in $10,000.

Maybe the bank was right all along, and the seller decided to take your
offer instead of waiting for someone to pay an outlandish price. I think
there is a good chance that the 485K you paid still is too high (but
hopefully not outlandish).