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Hooray for the buyer's agent!
Posted by Bear900/CA of CA on 7/15/19 1:26am Msg #608409
Who used due diligence in getting an appraisal contingency AND a finance contingency in the contract. If neither fits, its not binding.

"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. "

So, 3-4 weeks into the transaction, the lender sent an appraiser out, which the buyer typically pays for.

Wonder why the seller's agent wasnt around? Would anybody in their right mind use a seller's appraisal? Granted there was a bidding war. Seller's agent allowed the contingencies.

Janet is right. Sell the home first or you're juggling hot potatoes. I wouldnt hesitate to use the buyers agent. Boo on the seller's agent for showing lack of fiduciary duty. Sounds like the agent already knew the appraisal was high or would have stood their ground. Everyone in the scenario has the same MLS comps. C'mon...
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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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