Posted on: 30th Sep, 2009 12:26 pm
I recently had a contract of sale for my house with a buyer. I agreed to sell the house for almost 10% below the asking price knowing the recent decline in the housing market. The contract price was approximately the same as I paid for the house 9 years ago. Suntrust was the loan processor for the buyer and they had an appraisor view the property. He used only 90 days worth of comps and only in our development. He used a bank sale and a patio home as one of the comps even though our home was over 4,000 square feet and on the golf course. (which he gave no value for) he listed the property under the wrong subdivision. His appraisal came in $50,000 under the contract price. When this was protested and additional comps provided, he refused to review them and kept the price the same. (Even though one was a recent sale with an appraisal from his same office.) I went ahead and took the reduced price at the appraisal value because my realtor told me this would be public knowledge and no one would pay more for it now. This is a license to steal. Is there a review board to take this to?
Hi Guest,
It would have been better if you wouldn't have gone ahead with the deal. It would have been a better option if you would have appraised the property with some other appraiser. Thus, you would have received a second opinion regarding the value of your property. You can contact a real estate attorney and discuss your options with him. He may be able to let you know what steps you can take in this regard.
It would have been better if you wouldn't have gone ahead with the deal. It would have been a better option if you would have appraised the property with some other appraiser. Thus, you would have received a second opinion regarding the value of your property. You can contact a real estate attorney and discuss your options with him. He may be able to let you know what steps you can take in this regard.
Your Realtor's incorrect. You should have gotten 1 or 2 more Appraisals, and cost averaged them.
Just because the Appraisal had an error, does not make the answer wrong. Forget the price you paid 9 years ago, whether it is stock or real estate it means nothing now. Just because you got someone to sign a contract does not mean they knew what they were doing when they signed it. The Appraisal 50k to low, could have still been 100k to high or you could be correct. Averaging two Appraisals could still be wrong, they both could be wrong.