Post follow up: immediate full price offer!!!!!!!!

[partgypsy]

There could be a few reasons they want to waive the appraisal. 1) It costs money, but they already know they are willing to pay x for house, so the appraisal provides no additional information. 2) if the appraisal is lower than the offer they are making, the bank can refuse to give them a mortgage for that amount, which could affect the sale. 3) more remote possibility is that the appraisal comes in significantly higher, and the seller (you) decides to cancel the sale to get a better offer. Nothing nefarious about it, just that they want to proceed on the house sale. 

[boarder42]

i dont understand how any of you think the appraisal is optional when going with a bank - the bank wants the appraisal to protect their interests.  you cant just choose to not have it done incase it comes back in low - the bank wants to know so they are covered.  Not having it appraised greatly increases their risk of loss on their money and thats all a mortgage equation is -  a risk analysis for the bank.  Its why 20% down exists as a starting point for the prime rates.  and Credit scores matter. 

So to you the comments above
1. it costs money - yeah and the bank will require it
2. if it comes in lower the bank will give the seller a higher rate or the seller will make up the difference in the prices
3. If the appraisal is higher that is not relevant unless the appraisal is lower the seller does not even necessarily need to be made aware of the appraised value.

The only thing that makes sense is that the seller is waiving their right to pull out b/c of a lower appraisal and will accept the consequences with the bank by bringing more to closing or taking on a higher interest rate due to loan to value differences.

[Dicey]

We had to outbid 12 other offers for the priviledge of paying $928k for a house that was listed at $750k. Five years later it's "worth" $1.4M and would sell in a heartbeat. No fucking way would I pay what its "worth" now. Just sayin'.

When I sold my previous house, my trusted agent had to be nudged a bit to list it for $539k. We were all shocked to get multiple offers, two of which were $600k. I thought the buyers were crazy. It has since come up in value so much that I wouldn't pay the selling price or the new value either.

I kind of like the way they sell houses in countries where it's strictly an auction. Sure, a buyer might "overpay", but if they hang onto it long enough and take good care of it, someone will most likely be willing to "overpay" for it again when the time comes.

@Case, by now I hope the closing process is well underway and everybody's happy.

[iris lily]

It wasnt necessarily underpriced, sometimes the best offer(s) is the first offer. This assumes not a super hot market. The house was priced to sell, nothing wrong with that since you want to, uh, sell it.

Do not undervalue the aspect of it being new on the market. New listings have more power  than same priced old listings that have sat around for weeks or months until the sellers drop the price to what it is “worth.”

[chasesfish]

How's it going with the relo company?  I dealt with that a couple times, the last time I negotiated with my company to remove the relo portion from the "package" and have them cash pay that portion of the benefit.

Congrats on the quick movement on the sale

[thedayisbrave]

Wait.

In my market (Triangle area NC), if a buyer submits an expiration along with their offer it just gets ignored.  The sellers are totally in control of the market.  I learned quickly that it was useless so stopped doing it.

You are better off waiting just to see how the other showings go.

[Case]

How's it going with the relo company?  I dealt with that a couple times, the last time I negotiated with my company to remove the relo portion from the "package" and have them cash pay that portion of the benefit.

Congrats on the quick movement on the sale

The relo company sucks, but it's really that my company's policy's suck.  Negotiating unfortunately is not an option with my company.

[FoundPeace]

Selling my house right now with a relocation company now... Is it not as good of a deal as it seems? What do I need to look out for? I’m getting back my inspection report tomorrow with a list of things I need to fix and then I hope to list 2 weeks later.


Sent from my iPhone using Tapatalk

[obstinate]

Wait.

In my market (Triangle area NC), if a buyer submits an expiration along with their offer it just gets ignored.  The sellers are totally in control of the market.  I learned quickly that it was useless so stopped doing it.

You are better off waiting just to see how the other showings go.

How do you know that the OP's market behaves like your market in this respect? FWIW, exploding offers exist even in Silicon Valley, which is a much hotter market than the triangle area. It all depends on the offer and the property; they are not universally ignored.