| Author |
Previous Topic | Next Topic |
|
KHufford
5940 Posts |
 Posted - 08/26/2008 : 11:51:30 PM
|
So I have a purchase in escrow, it has to be held up last minute because we just realised it was sold within 90 days. We have to wait 2 more weeks to close it FHA.
Buyer agent calls me says: The seller may not extent the contract for us (mind you it was a 20 day escrow) because they have other offers, and a higher offer also.
1. Can an agent legally still take "back up offers" and not let this client close, even though its thier fault for not disclosing its a flip???
Now here is my "appraisal issue":
2. I say: Well the home only appraised for the sales price, so what is this other offer? They wont be able to close it anyway if its higher. (I know its possible but in this market most people wont pay over appraised value)
3. Buyer agent says: Well the stupid appraiser told the seller "This home would appraise for way over sales price, BUT I will just have it come in AT the sales price on the appraised value"... so apparently now they think they can sell for more..
Whats up with this logic? What do you guys think about these issues?
|
|
RGK2394
1213 Posts |
Posted - 08/27/2008 : 12:01:04 AM
|
| I think you should bite the bullet and sweet talk the agent into getting you your extra 2 weeks. Regardless if what is right or wrong- who care? Do what you need to do to salvage the deal for yourself and client. Sounds like the realtor made a mistake and now you're paying the price for it at the finish line. |
|
|
KHufford
5940 Posts |
Posted - 08/27/2008 : 12:05:09 AM
|
quote:
Originally posted by RGK2394
I think you should bite the bullet and sweet talk the agent into getting you your extra 2 weeks. Regardless if what is right or wrong- who care? Do what you need to do to salvage the deal for yourself and client. Sounds like the realtor made a mistake and now you're paying the price for it at the finish line.
Honestly I will save it, I actually have a good rapport with both agents...I havent gotten into any real arguments yet over this. I am just explaining what happened, I am sure we can still get the 2 weeks but the sellers are the Realtors company also...so they try to play hardball a bit.
My main issue is with what the appraiser said...I would like to hear an appraiser opinion on that..
|
|
|
powwow
385 Posts |
Posted - 08/27/2008 : 12:59:12 AM
|
quote:
Originally posted by KHufford
quote:
Originally posted by RGK2394
I think you should bite the bullet and sweet talk the agent into getting you your extra 2 weeks. Regardless if what is right or wrong- who care? Do what you need to do to salvage the deal for yourself and client. Sounds like the realtor made a mistake and now you're paying the price for it at the finish line.
Honestly I will save it, I actually have a good rapport with both agents...I havent gotten into any real arguments yet over this. I am just explaining what happened, I am sure we can still get the 2 weeks but the sellers are the Realtors company also...so they try to play hardball a bit.
My main issue is with what the appraiser said...I would like to hear an appraiser opinion on that..
It's almost never never a smart idea for an appraiser to talk about the value of a property with an agent. Also, unless you gave him permission to speak with them about the results of the appraisal it's probably a violation of client confidentiality. Where did you find this knucklehead? |
|
|
Annemieke Roell
674 Posts |
Posted - 08/27/2008 : 04:55:37 AM
|
quote:
3. Buyer agent says: Well the stupid appraiser told the seller "This home would appraise for way over sales price, BUT I will just have it come in AT the sales price on the appraised value"... so apparently now they think they can sell for more..
1. Dn't automatically assume that the Buyer Agent is telling you the truth. Some of them will say anything to push a sale through.
However .... IF this is indeed the case then:
2. The appraiser is an idiot for discussing the case with anybody but his clients; and
3. If he appraised the property to the sales price rather than to the market value he needs to be reported to the state board.
Undervaluing a property is just as bad as overvaluing. |
|
|
Mandyvilla
3405 Posts |
Posted - 08/27/2008 : 05:21:16 AM
|
O*P*I*N*I*O*N*******A*L*E*R*T
First, I would put comment #3 in the category of "stupid seller." Look, if 57% of US homeowners are polled and 78% agree values in America are falling. However, only 18% think their own home has lost value. We have a classic epidemic of "not me, but you." I would contact the appraiser as point blank ask what was said. Not to play he said/she said, but to see if he recalls what was actually said. We all recall the whisper game where someone whispers "the sun is shining today" at the beginning and by the time it gets to the end, it's "my cat's food is more attractive than your wife." If this is not a foreclosure, why has the seller only been on title less than 90 days?
The seller entered into a contract and agreed to deliver the property for an FHA loan. For an FHA loan, the file must wait two weeks. It is not the buyer's fault. The agents should have been better educated and checked closer. (And I bet you never find yourself getting caught by this again, either).
As long as your buyer hangs tight, the home is sold. How's your lock? |
|
|
KHufford
5940 Posts |
Posted - 08/27/2008 : 12:14:20 PM
|
quote:
Originally posted by powwow
quote:
Originally posted by KHufford
quote:
Originally posted by RGK2394
I think you should bite the bullet and sweet talk the agent into getting you your extra 2 weeks. Regardless if what is right or wrong- who care? Do what you need to do to salvage the deal for yourself and client. Sounds like the realtor made a mistake and now you're paying the price for it at the finish line.
Honestly I will save it, I actually have a good rapport with both agents...I havent gotten into any real arguments yet over this. I am just explaining what happened, I am sure we can still get the 2 weeks but the sellers are the Realtors company also...so they try to play hardball a bit.
My main issue is with what the appraiser said...I would like to hear an appraiser opinion on that..
It's almost never never a smart idea for an appraiser to talk about the value of a property with an agent. Also, unless you gave him permission to speak with them about the results of the appraisal it's probably a violation of client confidentiality. Where did you find this knucklehead?
Its out of state, so I "just sent the order" to the first appraiser I saw.
|
|
|
KHufford
5940 Posts |
Posted - 08/27/2008 : 12:15:56 PM
|
quote:
Originally posted by Mandyvilla
O*P*I*N*I*O*N*******A*L*E*R*T
First, I would put comment #3 in the category of "stupid seller." Look, if 57% of US homeowners are polled and 78% agree values in America are falling. However, only 18% think their own home has lost value. We have a classic epidemic of "not me, but you." I would contact the appraiser as point blank ask what was said. Not to play he said/she said, but to see if he recalls what was actually said. We all recall the whisper game where someone whispers "the sun is shining today" at the beginning and by the time it gets to the end, it's "my cat's food is more attractive than your wife." If this is not a foreclosure, why has the seller only been on title less than 90 days?
The seller entered into a contract and agreed to deliver the property for an FHA loan. For an FHA loan, the file must wait two weeks. It is not the buyer's fault. The agents should have been better educated and checked closer. (And I bet you never find yourself getting caught by this again, either).
As long as your buyer hangs tight, the home is sold. How's your lock?
Good info...thanks. I am also in the FLOAT club.. :)
|
|
|
jlgyork
308 Posts |
Posted - 08/27/2008 : 12:27:46 PM
|
| Kyle...Rule #1 is that we don't talk about Float Club!!! |
|
|
KHufford
5940 Posts |
Posted - 08/27/2008 : 12:40:58 PM
|
quote:
Originally posted by jlgyork
Kyle...Rule #1 is that we don't talk about Float Club!!!
Shoot, my bad!
|
|
|
LeeLansford
148 Posts |
Posted - 08/27/2008 : 2:16:45 PM
|
quote:
[i]...
Now here is my "appraisal issue":
3. Buyer agent says: [/b]Well the stupid appraiser told the seller "This home would appraise for way over sales price, BUT I will just have it come in AT the sales price on the appraised value"... so apparently now they think they can sell for more..
Whats up with this logic? What do you guys think about these issues?
What do I think? IF the quote from the appraiser is correct, the appraiser is not the sharpest appraiser around. |
|
|
Hopland
2078 Posts |
Posted - 08/27/2008 : 11:45:57 PM
|
I tend to believe the agent about the appraiser's comment.
If the appraiser was working for you, you should call him/her on the carpet and find out what was said. It was stupid to say anything and probably unethical. Using the contract price for the value opinion was even more stupid and unethical. The appraiser should mail his license back to the state (if the story is true).
|
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
