We sold our house....

[SaintLouieWoman]

I'll PM them to you.

Hi, would you PM them to me, too?

BEG, I feel for you. Years ago I moved from St Louis to the Chicago area. I was stunned at the price differences. I went from a nice brick home with a small pool and privacy fence and full basement to a frame home (a little larger in square feet), but no basement, no pool, no basic amenities and 50% more expensive. It took forever to find even that.

I was astonished when I visited my son, who lived in Orange County for about 6 months. He returned to STL, as he couldn't afford to live in Ca. A friend of his sold her home for about $800k. It was in terrible condition, as her ex started all kinds of projects, but never finished them. You can get a McMansion in the STL area for that kind of money.

Good luck with your move. And don't give in to those creepy buyers. They'll probably find all kinds of things "wrong" with your home and try to get you down even lower at closing time.

Your home is beautiful. I've always enjoyed your pics. Just think of how you'll BEG-ify a Ca home.

[debk]

They wrote in their first offer that if the house doesn't appraise for the sell amount that they could back out so they were covered in any event.  Have you ever heard of someone getting an appraisal BEFORE they sign an offer?

So what do you think about Fullerton?  Would I like the area?  If we move there you will have to hook me up with Mrs. Sparky so I can have me a friend there. 

Catching up here, and just saw this.

It is usual and customary here to have in the sales contract for "house to appraise for sales price or greater".

I have put it in every offer that I have written in 12 years of being a Realtor.

This does protect the buyer ....should the house not appraise for the sales price to have an "out". The reason for this is ....for example...if the house does not appraise for the sales price and the loan is for 95% of the sales price....the loan will only work for 95% of the appraisal price. This means if the house appraises for $20,000 less than sales price.....the buyer is forced to come up with an additional $20,000! This money can not be borrowed against the house, as the appraisal value does not support the sales price.

Most people have a hard enough time coming up with the required down payment and closing costs, let alone coming up with the difference between sales price and appraisal price.  Usually the worst that happens to a buyer if that happens, and they cannot pay the difference, is they will lose their earnest money, if the contract didn't specific to appraise for sales price. Often, either the seller will adjust the sales price, or the list agent will provide comparable sales to the appraiser for comparison with what the appraiser used.

I have never heard of someone having an appraisal prior to final inking of sales contract, except in the case of a foreclosure. But even then it is rare, and should the buyer be obtaining a loan, it's still in the contract to appraise for sales price.

Here, an appraiser will either call the list agent directly to make an appointment for the appraisal, or will have the selling agent make the appointment through the list agent.

To not disclose that an appraisal was being done, and to make it as a Realtor wanting to show the house seems a bit unethical to me.

One can be both an appraiser and a Realtor, but they should declare which "hat" they will be using before entering your home.

Sounds a bit more like "buyer's remorse" than anything else. I have a similar situation of buyer's remorse going on with a listing of mine....pretty common these days. 

<<<<hugs>>>> to you, BEG....

[BEG]

Catching up here, and just saw this.

It is usual and customary here to have in the sales contract for "house to appraise for sales price or greater".

I have put it in every offer that I have written in 12 years of being a Realtor.

This does protect the buyer ....should the house not appraise for the sales price to have an "out". The reason for this is ....for example...if the house does not appraise for the sales price and the loan is for 95% of the sales price....the loan will only work for 95% of the appraisal price. This means if the house appraises for $20,000 less than sales price.....the buyer is forced to come up with an additional $20,000! This money can not be borrowed against the house, as the appraisal value does not support the sales price.

Most people have a hard enough time coming up with the required down payment and closing costs, let alone coming up with the difference between sales price and appraisal price.  Usually the worst that happens to a buyer if that happens, and they cannot pay the difference, is they will lose their earnest money, if the contract didn't specific to appraise for sales price. Often, either the seller will adjust the sales price, or the list agent will provide comparable sales to the appraiser for comparison with what the appraiser used.

I have never heard of someone having an appraisal prior to final inking of sales contract, except in the case of a foreclosure. But even then it is rare, and should the buyer be obtaining a loan, it's still in the contract to appraise for sales price.

Here, an appraiser will either call the list agent directly to make an appointment for the appraisal, or will have the selling agent make the appointment through the list agent.

To not disclose that an appraisal was being done, and to make it as a Realtor wanting to show the house seems a bit unethical to me.

One can be both an appraiser and a Realtor, but they should declare which "hat" they will be using before entering your home.

Sounds a bit more like "buyer's remorse" than anything else. I have a similar situation of buyer's remorse going on with a listing of mine....pretty common these days. 

<<<<hugs>>>> to you, BEG....

I knew why they wrote the "House must appraise for the sales amount (or higher)" into their offer and I too would write it into any offer I would make on buying a house so they had their "out" already written in their first offer.  They "supposedly" had over half of the sales price for their down by the way.  They never signed their final offer.  It was suppose to be signed on Friday but apparently they had the appraisal on saturday then tried to renegotiate their offer.  Their "appraisal" oddly enough, came in right around their first offer (we aren't talking a few thousand dollar difference here either).  From our negotiations we had with them I think this was their plan all along.  My realtor also feels something wasn't quite right with this deal as well.

These people pissed us off from the start so I'm sure it wouldn't have been an easy close anyway.  I'm sure they would nickel and dime every little thing an inspector might find as well and start demanding we leave items they didn't include in the deal.

[debk]

I knew why they wrote the "House must appraise for the sales amount (or higher)" into their offer and I too would write it into any offer I would make on buying a house so they had their "out" already written in their first offer.  They "supposedly" had over half of the sales price for their down by the way.  They never signed their final offer.  It was suppose to be signed on Friday but apparently they had the appraisal on saturday then tried to renegotiate their offer.  Their "appraisal" oddly enough, came in right around their first offer (we aren't talking a few thousand dollar difference here either).  From our negotiations we had with them I think this was their plan all along.  My realtor also feels something wasn't quite right with this deal as well.

These people pissed us off from the start so I'm sure it wouldn't have been an easy close anyway.  I'm sure they would nickel and dime every little thing an inspector might find as well and start demanding we leave items they didn't include in the deal.

The whole circumstances around that appraisal seem kind of odd.

Since I wrote the above, I was on the phone with one of the agents that I have a closing with next week. He is also owns a mortgage franchise. I was telling him about mine that fell through, and then about yours. He said he's never sent an appraiser out prior to inking contract. Here, an appraisal isn't ordered until the buyer's loan has been approved.

You are probably better off without them. I have seen lots of buyers try to "nickel and dime" sellers over a home inspection. It usually ends up with both sides getting pissed off and the agents shaking their heads. I have always told my buyers to save their arrows for the big stuff...do not ask a seller to change a GFI plug or put new air return filters in!

Years ago, I represented a seller, and the buyers "list" from the home inspection was one of the "n and d" type. When they did their walk through..their agent called to tell me the sellers had missed replacing a 9v battery in one of the smoke detectors.  (my sellers had even had to scrap a few paint drops off of 3 heat vents!) .....I told the agent he needed to stop at Wal-mart on the way to the closing and pick up some batteries for his clients! He did.

We get to the closing ....and the buyer wife had diamonds on that were gigantic!!! In her ears, on her fingers, around her neck! (The buyers' agent told me after the closing that the diamonds were real...he'd known them since he was a kid, they were friends of his parents). The home inspector had this stuff in the inspection report and by God, she was going to have all of it done by the seller...whether it was reasonable or not.

Keep remembering that if all else fails.....at least the company will buy the house and you're not having to worry about 2 mortgages.....and that's a good thing.

[BEG]

The whole circumstances around that appraisal seem kind of odd.

Since I wrote the above, I was on the phone with one of the agents that I have a closing with next week. He is also owns a mortgage franchise. I was telling him about mine that fell through, and then about yours. He said he's never sent an appraiser out prior to inking contract. Here, an appraisal isn't ordered until the buyer's loan has been approved.

You are probably better off without them. I have seen lots of buyers try to "nickel and dime" sellers over a home inspection. It usually ends up with both sides getting pissed off and the agents shaking their heads. I have always told my buyers to save their arrows for the big stuff...do not ask a seller to change a GFI plug or put new air return filters in!

Years ago, I represented a seller, and the buyers "list" from the home inspection was one of the "n and d" type. When they did their walk through..their agent called to tell me the sellers had missed replacing a 9v battery in one of the smoke detectors.  (my sellers had even had to scrap a few paint drops off of 3 heat vents!) .....I told the agent he needed to stop at Wal-mart on the way to the closing and pick up some batteries for his clients! He did.

We get to the closing ....and the buyer wife had diamonds on that were gigantic!!! In her ears, on her fingers, around her neck! (The buyers' agent told me after the closing that the diamonds were real...he'd known them since he was a kid, they were friends of his parents). The home inspector had this stuff in the inspection report and by God, she was going to have all of it done by the seller...whether it was reasonable or not.

Keep remembering that if all else fails.....at least the company will buy the house and you're not having to worry about 2 mortgages.....and that's a good thing.

Replace a 9 volt battery?  LOL  Sounds like something that would happen to us.  I bet you could tell stories...LOL

Can you believe that way a lot of people live?  A great number of houses we looked at were trashed and filthy.  I was truly shocked.  I must be naive.

[docstew]

Never bought or sold a house, but moving in and out of military housing is almost as bad as that 9V thing deb said...

They will turn on all the lights in the house on your move out inspection.  God forbid you have one that burned out and no replacements, they charge 25 bucks for a union electrician to come change it.

[debk]

Replace a 9 volt battery?  LOL  Sounds like something that would happen to us.  I bet you could tell stories...LOL

Can you believe that way a lot of people live?  A great number of houses we looked at were trashed and filthy.  I was truly shocked.  I must be naive.

You would be so shocked....especially if you are real anal about things being antiseptic clean in your own home. I'm not....in my own house, yet I am going into a hotel/public restroom. In my house, it's my germs...so it doesn't bother me as much.

However, to go into someone else's house....I just cringe. I always tell my sellers that I expect you to live in your house, and I don't expect it to be immaculate 24/7....however....I do expect dirty dishes to be in the sink only, dirty clothes to only be in the hamper/laundry basket, wastebaskets empty, toilet seats down, and no sign of feminine hygiene products anywhere...in a container or used!! Also guns locked up, no jewelry, money, or perscriptions visible. And if they have pets, make sure the litter box is clean and no poop anywhere!

I took buyers back for a 3rd look on a house once, they loved it and just wanted to check a few things before we wrote the offer. Two gay guys lived in the house... lots of artwork of male nudes is a dead giveaway! ....we went in the bathroom and there were several Rx bottles on the vanity. They turned around and walked out, said they changed their mind. When I asked them why....when they saw the Rx bottles, they were afraid one or both of the owners had HIV/AIDS. That was all it took to keep them from buying a dynamite house!

Another house, again it was maybe 6-7 yrs ago....$400,000 house...which is a lot here, and was a whole lot back then. Took buyers twice to the house. Both times, in the daughter's room and connecting bath, were dirty undies laying in several places on the floor. Second time....used hygiene products visible. I was so embarassed. I wasn't even the listing agent....but the buyer husband was really embarassed, therefore I was. My daughter would have been in so much trouble, even if my house wasn't for sale!! No excuse!

I still get shocked when I go into some foreclosures. The condition that some are in....gosh...I have to wonder how they weren't condemned. But here, if you live in the county, which more live in the county than inside the city limits....property doesn't get condemned. Only within the city. I was in one before I went up to Maine, that I was doing a report for the bank, the list agent told me he had gone in with a shovel to get the hypodermic needles out!

[RobJohnson]

Never bought or sold a house, but moving in and out of military housing is almost as bad as that 9V thing deb said...

They will turn on all the lights in the house on your move out inspection.  God forbid you have one that burned out and no replacements, they charge 25 bucks for a union electrician to come change it.

I had a land lady nit pick me to death after moving out. I had even moved out two weeks early, so she could start to get it ready. (Repairs, not due to me, had to be made-water leak around window, stove not staying lit, etc)

My deposit was not a "cleaning deposit" yet, she docked it $70. I left it pretty clean, but of course when you are trying to clean and move to another state, going in and out, things are missed. God forbid, I forgot to take down two of the light globes and clean them!!!    The stove was junk & old...I explained to her that is was just as clean as when I moved in (on the outside it looked new, on the inside it was full of white ash from the bad burners, etc) she told me she was going to be repalcing the 30 year old stove/oven so I did not waste alot of time cleaing it. In fact the natrural gas company said it was not safe six months prior and would not light it, LOL

I was charged for cleaning it! I made it clear that I was leaving a couple items (land lady was right there when we had the conversation) for the young lady moving in that did not have eveyrthing she needed....I was charged for "taking items to dumpster" LOL! It was simply a lamp, chair, table and like new microwave, I was trying to help the girl out, and was charged for it!

It ended up being only $70 but it all still really pissed me off. While living there we had a sump pump failure, I missed a day of work as the place was so musty I could not breath, had to stay elsewhere for two days, and move all the stuff myself for her half-assed carpet cleaner....then later I found wet carpet around other insdie walls, that they missed...all while she told me "I don't smell anything" even the carpet cleaner told her "you are nuts" LOL

I'm glad I don't rent anymore! It was a nice apt overall, and the price was great and for a while right next door to where I worked.

The kicker was, being told I had to keep the utilities in my name until the end of the month...even though I would not be living there...screw that.