I'm thinking she'd be crazy to not do that because I don't think many people would buy a house that doesn't appraise at or above the asking price, especially unlikely if they need a mortgage.
So where we are as of right now is I've asked my realtor to contact her and find out whether or not she's willing to evaluate her non negotiable price if the appraisal doesn't come back at $695,000. I'm thinking maybe more in the $670,000's. She just thinks her house is worth $695,000.
This is also a cash offer, so the appraisal process would be done independently of a bank loan process. However these houses are about 1200 square feet bigger than this one. I'm thinking they will have to go out of this patio home neighborhood to get additional comps and the prices on other homes in the development have sold in the mid to high $600,000's and low $700,000's. Others last year are the ones that were builder buyouts at $500,000 and $555,000. The most recent sale in this neighbor hood of 15 homes was $679,000 last year. Sooner or later you just gotta ask what's it worth to me. It isn't always about finding a 'bargain'. God knows where the chips will fall before real estate establishes a even keel. Found out the folks who bought the parcel adjoining it paid twice what I did. There would always have been and always shall be people who paid less for their land and more for their land. It is now evaluated at exactly what I spent for it and I wouldn't care anyway. It was a lot less than the seller wanted to get and a lot more than I wanted to spend, but I haven't regretted it yet. After the real estate market starting falling like a deck of cards, I purchased a parcel of land I really wanted for a long time. Is paying appraisal value crazy? I hope not. But.buying a property you really want and paying a fair price for it doesn't necessarily mean you made a poor financial decision just because somebody else bought a comparable property for less. It makes sense to know the market value on purchases. Tell me.did you know the comps BEFORE you made the offer, or look them up after the fact and then felt deflated? the granite you see on the fireplace we gave away installed to the client because they didn't have enough money for that part and they were gonna buy just cheap tile to have it done well we did the granite because it just made it look way better. If they disagree with your idea because of looks and explain it is not bad is actually very good. now if you're hiring someone to do it make sure they sell you they're experience. (nice products) you can get something really nice. now depending on your budget take the time and if you combine 10% cheap 10% expensive 80% good deals. for the most part cheap looks cheap expensive looks expensive. a deal is to find a nice product at a reasonable price. pick colors paint your countertops backsplash wall or place a color sample against anything you're gonna change. you need to have taste that's it simple but hard. what adds more value to a kitchen or any other room is in a "simple idea" you can dump a lot of money and if you didn't have that idea it would be the same as buying the cheapest product in the market. I guess the fact the neighbors all paid far less, except this one guy down the street, is what is making us second guess this house. Our contract has a clause that says the house has to appraise at or above the sale price or we can get out of the deal, but in this market, is paying appraisal value crazy? The neighborhood is complete and very upscale. Most of the other houses on the street sold for over $100,000 less but were short sales after a builder went under. A house down the street which she feels is inferior to this one sold for $20,000 less last year. The owner, who is also a real estate agent, is not budging at all on her list price. We've seen the remediation, signoff, inspections etc. My earlier post was about a mold issue 2 years ago, that was due to the house being empty and the electricity turned off, sump pump wasn't working, water in basement etc. I posted earlier about this house we really like - and that's the problem.
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