All Forum Posts by: Allison Park
Allison Park has started 11 posts and replied 36 times.
Post: Standard for handling appraisals lower than contracted sales price
- Posts 36
- Votes 22
Thanks for this info. We ended up lowering the price to the appraised value and basically splitting the difference. I was working with an agent and unfortunately a lesson learned for me. She did not come for the appraisal or the inspection. The buyer actually bid $5K above my sale price and my agent made it sound like she let them know that if it didn't appraise they would need to make up the difference, but it was clear she did not set that expectation because they came back to negotiate it. I will definitely make sure that the language is included in the contract going forward. I would not have accepted the offer if I had known they would not cover it.
Post: Standard for handling appraisals lower than contracted sales price
- Posts 36
- Votes 22
Quote from @Brad S.:
What Bill said and:
First thing to do is to evaluate the appraised value. Do you think it is a reasonable and reliable appraisal. If not, do you have actual factual data to use for an appeal. In other words, did the appraiser not include any relevant comparables and/or data/facts, that would be better support for the Subject in the market. Unfortunately, If there are no other verifiable facts to support a better value, than it is usually futile to appeal based on opinion and/or interpretable characteristics alone (i.e. the Subject is in superior condition to this comp and therefore, it should be valued higher, etc.). But, it is possible the appraiser missed some better data.
Thanks for the reply. In this case the house was priced comparable to others in the neighborhood within the last 3 months, however the appraiser used comps outside the neighborhood. We did provide comps from the neighborhood, but they refused to correct the appraisal.
Post: Standard for handling appraisals lower than contracted sales price
- Posts 36
- Votes 22
Hello,
I am selling a property and it has appraised lower than the contacted price by $9,000. In this case the buyer is asking for the seller to concede the difference between the sales price and the appraisal price. Is this standard? Can the seller avoid this buy putting in the contract that the buyer agrees to pay the difference? Any other ways to handle this?
Post: After 45 + Years in Real Estate - What Works and What Doesn’t
- Posts 36
- Votes 22
Thank you for sharing!
Post: Vacancy Rate - What is good/bad
- Posts 36
- Votes 22
What is considered good or bad for a vacancy rate? I am looking in an area that has 6.6% Rental Vacancy rate according to the census bureau for 2024.
Hello,
Does anyone know if you can take a tax deduction for closing costs on the purchase of a rental property? Specifically the real estate agent fees which are the highest part of the closing costs.