All Forum Posts by: Scott Saylor

Jason, the addendum they sent was something along the lines of...

We will agree to dispute the appraisal. If the price is acceptable to the seller and the lender agrees to finance, then the buyers agree to accept the deal. If the seller doesn't like the appraised value, they can cancel the contract. If the lender doesn't perform in a timely manner, the buyer forfeits the escrow.

The lender has been slow to respond on a few occassions but nothing like the week and a half it took for the seller to schedule the appriasal inspection... stating that the tenants needed to have proper notification.

My wife and I are currently under contract on our first deal and things have taken an unexpected turn. We made an offer of $195,000 for a triplex that looks to cashflow $800-900 per month. I estimated that it was worth $183,000 based on a few local factors and the sellers scoffed and stated their number was $215,000 once it went on the market. When the appraisal came back from my lender, they said $160,000. Now normally this is a victory for me, as I would love to pay less! EXCEPT I knew they were not going to be happy about this since they were so hesitant to come down on their pricing when we were negotiating. My wife and I agree to allow them to dispute the appraisal with my lender. during this past week, the sellers apparently felt we were balking at continuing on the contract, and honestly we were, because we had seen other deals we might like to consider, and let's be honest, we don't think the dispute of the appraisal will net a $35,000 increase in value and make the sellers happy. In the process of all this, we are getting tired of the oddly worded, sorta sketchy addendums they keep sending to us. It is almost like they atre trying to add vague terms to allow some way to claim the escrow.

I can pull the plug and use my lender to pull the plug immediately and not even allow the dispute process to happen. OR I can allow this process to go through over the next few days and see where it all lies in the end. What would you all do?

Rotchil, I guess I better get on your friend;y side before you become the apex predator! LOL

If you are interested in deals from a wholesaler, Christian Colburn from Capital Real Estate Pros (http://www.buycheaporlandohomes.com/) has good deals ona regular basis. You have to act quick with him as he has a good list of buyers. I assume that since his properties tend to sell in a day, or two tops!

What part of town are you in?

Rotchil, I'd say welcome to you, but I am a newbie on here myself! I am getting ready to close on my first property this week. We looked in the Orlando market, but we found that the properties were too expensive or didn't make enough money. At least for a first time investment. We decided to start looking in the outer areas loke Deland, Orange City, Mt. Dora. It increases the drive time but the money was better. Let's keep in touch!