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Re: how does this happen?
Posted by Luckydog of FL on 7/14/19 2:30pm Msg #608399
Did the buyer sign a contract? If there is not a contingency for their own appraisal coming in lower, they cannot use that for a reason to back out of a contract. They need to compare comps and see what the "legitimate" difference, is AND then decide if the seller wants s to renegotiate.
The seller can sell at any price reasonable they want (bidding wars), it's not up to the buyer to determine the price they feel they want. If the buyer gets cold feet and now wants a lower price, it doesn't work that way onmce a contract is signed. They can lose all the money holding the property in escrow.

Basically, an honest appraisal goes by the nearest set of 3-4 comps of the same house, square footage, same age and type of location. This has nothing to do with that. They want the house cheaper and found an appraiser to give them the lower number. How did this appraiser have access to the property? Did the seller let them in? Truthfully doesn't matter. I'd call their bluff, keep their deposit and let them walk. It's a seller's market right now.
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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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