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how does this happen?
Posted by notarydi/CA of CA on 7/14/19 12:57pm Msg #608395
A real estate question.....

So, the house next door to me sold for $670,000. Appraisal came in at $670,000. Seller was selling this house to buy a house for her daughter down in San Diego. So, 3-4 weeks into the transaction the buyers decide to get their own appraisal. It comes in at $652,000. They demand a sale price reduction to the $652,000. or they're backing out. Seller is between a rock and a hard spot as she's in escrow on a concurrent property down in San Diego. She can't afford to lose the one down in San Diego and try to re-sell the one here, so, she caves and agrees to the $652,000.

That's just not right to me. How can this be legal? Is that how real estate is done these days?
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Messages in this Thread
 how does this happen? - notarydi/CA on 7/14/19 12:57pm
 Re: how does this happen? - Lee/AR on 7/14/19 2:26pm
 Re: how does this happen? - Luckydog on 7/14/19 2:30pm
 Re: how does this happen? -  JanetK_CA on 7/14/19 3:14pm
 there was a bidding war.... - notarydi/CA on 7/14/19 4:15pm
 Re: there was a bidding war.... - Luckydog on 7/14/19 6:37pm
 Re: there was a bidding war.... -  Anita Edwards on 7/16/19 9:54am
 Hooray for the buyer's agent! - Bear900/CA on 7/15/19 1:26am
 It's Di who is right... ;>) n/m -  JanetK_CA on 7/15/19 1:57am
 Right on ... - BobbiCT on 7/15/19 6:50am
 Re: Right on ... Totally agree w/BobbiCT - Lee/AR on 7/15/19 7:12am
 Re: Right on ... - Luckydog on 7/15/19 9:43am
 Access to same sales data, does not mean they are comps - sigtogo/OR on 7/15/19 12:03pm
 Re: second appraisal - Jules on 7/15/19 10:24am
 the seller's agent - notarydi/CA on 7/15/19 11:47am
 i thought you meant the agent was on vacation! - sigtogo/OR on 7/15/19 12:01pm
 so many unanswered questions to figure out what happened! - sigtogo/OR on 7/15/19 11:56am
 Notarydi/CA: This Is What I Think Happened -  PegiT_MN on 7/15/19 4:23pm



 
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