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Low Appraisal - sale cancelled due to low appraisal - How can we ensure this doesn’t happen next time?
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We listed our house on 4/25 in a hot market for $275,000. In under 48 hours we had 7 offers. We accepted an offer 20k over our list price with assurances from the buyer’s agent and lender that they had cash to cover a gap between an appraisal and contract price should it come in lower than their $295,000 offer. We kinda expected the appraisal to come in at $280-285k. Everything went well with the inspection. However the appraisal came in at $262,000. This was a huge shock.
The appraiser refused to use any recent sales of split levels as comps. Our home is a rambler and he would only use those as comps. Our neighborhood is about 60% splits and 40% ramblers. It’s already low inventory and there just wasn’t any ramblers that we’re comparable to ours. So we cancelled the sale because the buyers were only willing to cover 3k over the appraisal. The lender wouldn’t allow a 2nd appraisal. And the buyers would not switch lenders because they were working with a family friend.
So now we are back on the market as of last night with 21 days on the market. I’m worried there won’t be as much interest now, but in this market I’m sure we will still have offers this weekend.
My question is this: is it the norm to not consider different house styles when doing comps for an appraisal? Or did we just get a bad appraiser? A few houses sold around the same time as ours so they will be available to use as better comps for the next appraisal, but I think most of them were split levels. I want to be strategic with whichever offer we accept so we don’t have to go through this all again.
Top Comment: You had six other offers. Has your agent followed up with any of them to see if they are still looking?
WW SALE! TS Fragment Jordan One Low - PK - WWTop - 360RMB
Main Post: WW SALE! TS Fragment Jordan One Low - PK - WWTop - 360RMB
Top Comment:
AYO CR MAKE THAT REVERSE MOCHA SALE HAPPEN MY G 😭😭
SSense Sale: Converse Chuck 70s as low as $38 in various colors/sizes.
Main Post: SSense Sale: Converse Chuck 70s as low as $38 in various colors/sizes.
Top Comment:
Got some nice dark root Chuck 70 lows from this sale a few days ago. Great deal and theres more stuff on sale on their site. Feel free to share some finds here!
Low down cheap land for sale on my website 😇 ($50-$400) down owner financing
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L
Top Comment:
What land?
People in Toronto disappointed by low savings (5%) at Nordstrom's liquidation sale
Main Post: People in Toronto disappointed by low savings (5%) at Nordstrom's liquidation sale
Top Comment:
Many luxury brands are more than happy to destroy their merchandise and write it off rather than let it be sold for cheap.
Buying a PS5 with low firmware
Main Post:
Hi everyone, so I have a chance to buy a new PS5 (CFI-1015A), from what I understand these systems are highly likely to come with low firmware but I still cannot justify spending the money which is around retail price. I personally think the PS5 is on track of becoming the most expensive paperweight and although lots of progress has been made I think a full workable jailbreak maybe years away.
Should I buy it ?
Top Comment: That's for you to decide if it's worth it or not. Not sure what anyone here is going to say to change that, especially since we can't see the future.