So with these inflated prices, how are appraisals on loans coming in?
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Selling a home and pricing.
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Originally posted by slayr View PostRealtors are definitely a help, not knocking them, but selling a house on your own is a very simple process. Pay a realtor a small fee to run a CMA for you and base your price off of it. As DFWPI posted, there are lots of variables to take into account, but if you do your homework you can come out good.
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Originally posted by hgiles View PostSo with these inflated prices, how are appraisals on loans coming in?
When we were looking we were basically told to prepare for appraisals to come in low. 20-60K wasn’t too unheard of and even writing that contingency into your offer can get you passed over. Most people just cover it in cash and decrease your down payment on the adjusted loan amount
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Originally posted by DFWPI View PostWho has $87.5k lying around these days?
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My wife sold a house to people from NJ right before Covid but the guys company put a hold on his relo. They never moved down and after 20 months decided to sell.
She just listed it again on Friday for $530k which is HIGH even in today’s terms for 2600sf.
They had 5 offers including 4 cash offers with the best 2 being $575k!!!
They paid $410k for this house 20 months ago. 😳
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Originally posted by ShockValue View Post$87.5? How about $575k?
My wife sold a house to people from NJ right before Covid but the guys company put a hold on his relo. They never moved down and after 20 months decided to sell.
She just listed it again on Friday for $530k which is HIGH even in today’s terms for 2600sf.
They had 5 offers including 4 cash offers with the best 2 being $575k!!!
They paid $410k for this house 20 months ago. [emoji15]
That’s crazy. My house went under contract in 12 hours for 20k over ask. After dealing with the VA and all that mess, I wish I would have held out for a cash offer [emoji1787]
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Originally posted by Spearchunker View PostCan't go too much over appraiser unless deep pockets. The buyer has to come up with the down but then has to come up with 100% of the over appraisal value in most case.
If the sale is $100k over appraisal buyer will need that plus typical 20% down.
How it was for me anyways...
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Originally posted by ShockValue View Post$87.5? How about $575k?
My wife sold a house to people from NJ right before Covid but the guys company put a hold on his relo. They never moved down and after 20 months decided to sell.
She just listed it again on Friday for $530k which is HIGH even in today’s terms for 2600sf.
They had 5 offers including 4 cash offers with the best 2 being $575k!!!
They paid $410k for this house 20 months ago. 😳
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Originally posted by Chance Love View PostMost ranch deals I do are $1MM+, and most folks are cash.
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Originally posted by ShockValue View PostI told my wife last night, if we were in the same place we were 20 some odd years ago trying to buy a house, we wouldn’t be able to compete. I love that my property value is skyrocketing but it’s kind of of scary actually.
If a house sits in this market, I think that would draw questions. I dont think questions are a good thing. That would be the drawback of asking for a lot more than what is suggested.
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Originally posted by DFWPI View PostWho has $87.5k lying around these days?
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Hardly any 1st time home buyers and some 2nd time home buyers. That 3rd home is where you start to be able to put down a good amount of money from what I’ve seen.
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Originally posted by Maddox View PostIf you put down 25% most won’t require an appraisal.
I think things are staring to cool off a little. Still a a crazy market and still a lot of homes going over list price but the amount over list has peaked in my opinion. In the last month, I am not seeing as many people pay stupid money over list price. There are still some, but not as many. Also I have started to see some people check the middle box on the appraisal waiver addendum. By using the middle box, you can limit how much over you are willing to go. Most all summer, I didn't see anything but the top box checked which put the buyer on the hook for the full amount no matter what the appraisal comes in at. I am also starting to see some contracts not have the appraisal waiver at all.
Still a helluva seller's market though. To all you that are selling, I hope you get one of those buyers that feels like they just have to have your house and throws a bunch of $$$ your way.
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Originally posted by Double R 2 View PostI wouldn't take this to the bank. Not saying this can't or doesn't happen, but it has not been my experience.
I think things are staring to cool off a little. Still a a crazy market and still a lot of homes going over list price but the amount over list has peaked in my opinion. In the last month, I am not seeing as many people pay stupid money over list price. There are still some, but not as many. Also I have started to see some people check the middle box on the appraisal waiver addendum. By using the middle box, you can limit how much over you are willing to go. Most all summer, I didn't see anything but the top box checked which put the buyer on the hook for the full amount no matter what the appraisal comes in at. I am also starting to see some contracts not have the appraisal waiver at all.
Still a helluva seller's market though. To all you that are selling, I hope you get one of those buyers that feels like they just have to have your house and throws a bunch of $$$ your way.
I put over 25% down on my house but it was a new build and still required an appraisal.
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Originally posted by DFWPI View PostI am
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