Selling our house question(s) (1 Viewer)

[Beef Ravioli]

Well, House did not appraise for our agreed price. With this initial offer that we accepted, the buyer agreed to bring $2500 to closing if the house did not appraise for the agreed price. We actually missed the appraisal by 4K. A little disappointing but we knew this was a possibility. Moving ahead and should know by this Friday what we will know from the inspections.

With them bringing the 2500 we are still about $8500 above our asking price. 

We were told that our electrical panel was dinged as a known faulty panel. I asked my electrician buddy about it and he agreed they are known to be faulty. We’ve never had a problem but it is probably an area that we will cater to when the time comes. 

 

[ChainsawU]

the buyer agreed to bring $2500 to closing if the house did not appraise

Damn. Sounds like they must get paid pretty good. How much are they putting down?

 

[STEADYMOBBIN 22]

Well, House did not appraise for our agreed price. With this initial offer that we accepted, the buyer agreed to bring $2500 to closing if the house did not appraise for the agreed price. We actually missed the appraisal by 4K. A little disappointing but we knew this was a possibility. Moving ahead and should know by this Friday what we will know from the inspections.

With them bringing the 2500 we are still about $8500 above our asking price. 

We were told that our electrical panel was dinged as a known faulty panel. I asked my electrician buddy about it and he agreed they are known to be faulty. We’ve never had a problem but it is probably an area that we will cater to when the time comes. 

Federal Pacific?

ETA - Congratz man! $4k is $4k but its really not a huge deal considering you're talking a several hundred thousand dollar transaction. 

 

[Beef Ravioli]

Federal Pacific?

Yes sir!

 

[fightingillini]

Usually if the price is within 5% of what the market analysis shows, the appraiser can easily find something to justify it.  If you had 15 offers, the house should easily appraise out.  

This is my thought as well.  15 offers all above the asking price gives a good indication of what the market value is.  Tough for an appraiser to ignore that.