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so many unanswered questions to figure out what happened!
Posted by sigtogo/OR of OR on 7/15/19 11:56am Msg #608421
not necessarily in order but here are my thoughts as mortgage broker and 5 years as appraiser.
1, Did seller agree to lower price w/o agent representation? if so why? Agent out of country doesn't preclude them from doing business-unless they were without phone service, and then they should have had another broker handling.
2. what does the contract say? obviously there was one with two agents involved.
3. Was lender involved in 2nd appraisal? if so, why?
4. Was second appraisal completed and presented to seller within the buyers inspection period? if so, perfectly legit. if not, seller did not have to agree as it would have been breach of contract. Was seller advised? Possible claim against agent but sticky if after the fact.
5. re the appraisals: this is only a 2.7% difference in value. I and any legit appraiser would know, they just are not that good that they can call a value that is 2.7% of the sales price. unless there was some glaring mistake in the first appraisal, the buyer should have been advised to pound sand and follow through on original deal.
6. that being said, $18k may seem like a lot but its only 2.7%, and if it was within the inspection period the seller was likely wise to take it and move on.

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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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