Stupid low appraisal

We are trying to buy a house nearby our current home. It was listed for roughly $600k, and the appraisal came in under $500k, due to the fact that it’s a split and the lower level was seriously under valued. Our agent has never seen a discrepancy like this. Nor the broker. Nor our LO. We pushed back. The listing agent asked an expert for their opinion regarding some stuff, who agreed that the lower level should have been valued closer to at least $30 or $40 /sf (as opposed to $10 sf – it’s got high end finishes – eg granite, hardwood, seriously nice stuff). Our agent and the listing agent both submitting additional comps that should have gotten us far closer to the $550 mark at least. The appraiser pretty much said ‘kick rocks’.

We are now in the process of switching lenders, and praying for an appraisal that will do a reasonable job of getting everything closer to alignment. Do I think it’s worth $600k? Not especially. Do I think it’s worth <$500? No. Somewhere in between I think.

And the sellers absolutely refuse to budge off this pie in the sky number that literally no one thinks this house could ever appraise for. I’m concerned that even if the new appraisal only says $540 we will still have to walk.

Meanwhile, we are set to close on selling our house on 1/7. And someone, somewhere, neglected to put in a clause about us getting suitable housing before we close. Not sure why. We said so. Agent said ‘absolutely’. The words never made it into the contract though. And we signed it anyways.

So – if you’ve got any words of advice, we are reading and weighing every suggestion thoughtfully.

submitted by /u/Lazycrazyjen
[link] [comments]

We are trying to buy a house nearby our current home. It was listed for roughly $600k, and the appraisal came in under $500k, due to the fact that it’s a split and the lower level was seriously under valued. Our agent has never seen a discrepancy like this. Nor the broker. Nor our LO. We pushed back. The listing agent asked an expert for their opinion regarding some stuff, who agreed that the lower level should have been valued closer to at least $30 or $40 /sf (as opposed to $10 sf – it’s got high end finishes – eg granite, hardwood, seriously nice stuff). Our agent and the listing agent both submitting additional comps that should have gotten us far closer to the $550 mark at least. The appraiser pretty much said ‘kick rocks’. We are now in the process of switching lenders, and praying for an appraisal that will do a reasonable job of getting everything closer to alignment. Do I think it’s worth $600k? Not especially. Do I think it’s worth <$500? No. Somewhere in between I think. And the sellers absolutely refuse to budge off this pie in the sky number that literally no one thinks this house could ever appraise for. I’m concerned that even if the new appraisal only says $540 we will still have to walk. Meanwhile, we are set to close on selling our house on 1/7. And someone, somewhere, neglected to put in a clause about us getting suitable housing before we close. Not sure why. We said so. Agent said ‘absolutely’. The words never made it into the contract though. And we signed it anyways. So – if you’ve got any words of advice, we are reading and weighing every suggestion thoughtfully. submitted by /u/Lazycrazyjen [link] [comments]

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