REDDIT REAL ESTATE Question of the week What To Do When An Appraisal Comes in Low
REDDIT REAL ESTATE Question of the week: What to Do When an Appraisal Comes in Low
PROBATE AND ESTATE SALES
REO of the Week
Apple Home of the Week
Mountain View Home of the Week
FREE HOME BUYER CHECKLIST HERE https://abitanogroup.com/Homebuyerchecklist
Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist
WHEN IT'S TIME TO MOVE:
-$15,000 off the list fee if we don’t sell it within the first 15 Days
-Repairs and upgrades managed and paid at closing
-Your home sold guaranteed, or we’ll buy it
-Inspections paid at closing
-Staging included
-360 Virtual Tour
Vito Scarnecchia,
Broker, Realtor, Dad
Abitano.com DRE01407676 408.479.2427
Call today to get started! Offer Valid until 4/1/2026
Appraisal Comes In Low
Reddit real estate question of the week. What happens when an appraisal comes in too low? Let's go into it right now. Let's check this out. All right, let me get into it so it's a little bit wider. Okay, so this guy's freaking out. He's in a panic. We have four different types of main categories of contingency. It's the loan, the appraisal, the property condition, and the need to sell your house. So you have the loan, and you have the appraisal. You havea property condition, and you have the need to sell. The seller needs to, orthe buyer needs to, sell a housetoo qualify for the loan.
And if the appraisal doesn't come in, then you don't qualify for the loan. And if it's an FHA, I mean a VA, and the property condition has huge amounts of section one, then you don't qualify for the loan. So it really pivots all on the loan.
Three Ways to Negotiate
So basic breakdown. He's panickin;, he wants to move.
He's at three 15, and the appraisal came in at two 90. Pretty big difference, especially at that price point. And it sucks, but sometimes that happens. But if you have a contingency in place, the appraisal contingency, then you're okay. You can go back to the seller and say, you know what? I'm gonna back out unless you can help me out here.
And there's three ways to deal with this, right? As the seller, he can tell you no. Or two, he can say, yes, I'll take care of it, or I'll lower the price to two 90 or three. Let's meet halfway in the middle. Depends how flush you are with cash. How much money's in the bank, if that can even be possible. If you don't have that delta, the difference, which is $25,000 difference, there's no way you can close so you don't have the ability to close. And if you're under contingencies, appraisal alone, then you're okay. You have nothing really to worry about, and you won't be out wor anything worse than the cost of the appraisal.
And at three 15, you're probably paying four or 500 bucks for a, an appraisal.
When You Lack Protection
What should you do? the question really pivots on our contingencies in place. If the contingency's not in place, you better go, call your parents your big borrow and steal, maybe sell your car or maybe that boat that you've been want, you've loved, enjoyed, and get into that house.
that's really the bottom line is that if you are set up and you have. The contingencies in place like a good realtor would do to put you in the right place to make sure you're safe and protected, then? Yes.
Hot Market No Contingencies
Now look, if this is a hot market and it's 2021 where prices were going for 20, 30% over list price and you had to throw it all contingencies, it's a conversation I would have with my buyers and say, this is exactly what's going to happen.
If. These are your three choices, right? The seller can say yes. The seller can say no, or you can meet halfway in between, and it would probably behoove you to be ready to pay the difference. That $25,000 difference in this, sometimes it's a hundred thousand dollars difference sometimes, right? That's why we do comps.
We do a CMA for you as the buyer to make sure that we're online, and I share that with the loan agent. My loan agent or your loan agent, and I make sure that they're aware of what's going on. And if you are a few percent away, then it's not really something to worry about. But if you're that desk that far apart, $25,000 on a $300,000 deal, it's enough to call it like 5% or so, maybe 3%, five, 6%.
Agent Advice and Contracts
The point is, is if you use an agent and they protect you, then you're okay. If you use an agent and they don't, they don't know what they're doing, or they're desperate and they have commission breath, and they stick you into this deal without con contingencies, then you know that's, gonna be painful for you.
I apologize, and there's not much you can do about it because you signed a legal contract. That long legal contract is binding and that's where you are. So hopefully, have a good agent that works with you.
Next Topics Job Loss
Tomorrow we're gonna talk about in contract, but job fell through due to job loss.
What are my negotiation options? It's gonna be great. As we get older, we have to take care of our parents some way, way, shape or form. And it's either putting them in the ground or putting them into a an old folks' home or an active adult community, and it just is what it is. And getting rid of your house, your parents' house might be an option.
There's different things that we can talk about. Sometimes that's not the smartest option because if you have a huge amount of equity built into that, you're gonna pay capital gains tax until one of the parents pass away. And there's a lot of different rules and regulations, and I'll put you in touch with the right people to make sure that probate or a state or if your parents are just going into an an adult community.
What to do with that property? 'cause it's, it's a huge amount of money and I'd hate for you to just throw it away or give it to taxes. So gimme a call. Okay. Getting calls on it right now. $1.5 million, three bedroom, four bath. This could be converted into a four bedroom. And you could also convert this into a living area too.
Not that I suggest you do, but somebody came up to me and said, how can we do this? And I'm like, well, you could probably try this. You could make this into a bedroom right here if you wanted to make it a five-bedroom. ' cause you some people, most people don't need that, right? Don't need to have two living rooms.
it's a large house, 1,557 square feet. And it's nice and I love this the way this thing's set up. So you have your Matterport here. Now you have your 2D floor plan right here, and then you have the dollhouse. And then you can also set this up so that we get rid of all the furniture.
Watch this. I think it worked. Look at that magic. Anyway, there you go. That way if you want to, you can actually take a look at this room and see what it looks like. If it was. It's just empty. So this, this is the same room as this.
It's just opposite. So they took out the furniture. And I had a friend of mine take out the furniture and stage it so you can kind of look and see what it'll look like. Different angles. Kind of fun to have. Anyhow, there you go. That's that for that. So you look at that, that's that same room as this right here. This one's emptied out and then this is, it staged up with virtual staging. Kind of fun to have, nice, and there you go.
Market Stats Days on Market
And then 40 days on market we're 121 homes. That number's ticking up right now, but that's 'cause we have a lot of homes that didn't sell. January, November, December, January, and they're all starting to sell here. Now that we're in March, we're gonna see these numbers kind of dwindle out. We did have a lot of houses cancel out, et cetera over the last time 90 days on market.
Is the red, and that one's actually trickling down and bank owned properties in the Bay Area is staying pretty much the same. And same with all over California and then here in Santa Clara County.
Balanced Market Inventory
Remember, we're telling you all the time, you have to be about 2000 to be a balanced market.
We're at a thousand right now. That number's ticking up, but I don't know if we're gonna get to. 2000 this year. Last year we got to barely 1500. We really need to get up to 2000 to make it a balance market. What a balance market is, is it's not favoring the buyer or the seller. Some areas it is a buyer's market.
You have to look at the zip code or the neighborhood and see what it looks like. But if the house has been on market for 30, 40, 90 days, those houses are overpriced for the value of that house and that location. So there you go.
Wrap Up and Goodbye
That's it for now. Thanks for watching. I'm Vito with Abano.
We'll see you out there.
Wednesday Real Estate Snapshot 🦅 🌎 ⚓️
🔴 Insurance Adjuster What You Should Know https://youtu.be/8IWgof1qvnc
Please like and share!
🔴 Renters losing MORE than Rent! (Bay Area Median Home Prices) https://youtu.be/VwLrwX2YuHo?t=41
🔴 MoonBeans Coffee https://www.youtube.com/watch?v=OmHpGXVu5sQ&feature=youtu.be
Videos edited by Vydeoease.com Use Exemption code VEASY
Vito Scarnecchia
Real Estate Broker, Veteran, Dad
DRE#: 01407676
408-479-2427
FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia
If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents!
🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
#BedlamWhereChaosResides, What should a realtor do to sell your house,What should you not do when selling a house,Why is home not selling,Is it better to sell as is or fix up,Home much money is lost when selling a house,Is it bas to sell a house as is,Where should I sell my house for money is 2021,Is money from the sale of a house considered income,Do you get all the money when you sell your house,Do you have to buy another home to active capital gains,What happens when you sell a house and make a profit,Can I sell my house and keep the money ,What month is the best to sell a house,How much money do I keep when I sell my house,How to I avoid paying taxes when I sell my house,How do I sell my house in 5 days,Whats the quickest way to sell a house,How can I sell my house quickly ,Is it better to sell my house or rent it out,How do I sell my house in 30 days,What does teh seller have to pay when selling a house,How p[ays closing costs on for sale by owner ,Who pays the title company at closing,Who pays for appraisal buyer or seller,How do I calculate my closing costs as a seller,Can a realtor lie about other offers,Do sellers always pick the highest offer,Can ou sue a real estate agent for lying,How do you make sure your offer is accepted,Can buyer talk to seller directly,What do you say when you reach out to a realtor,Do you tip your realtor,Why do realtors now want buyers and sellers to meet,Do I have to pay my realtor if I decide not to sell,Can you work with multiple realtors,Can you fire your real estate agent,Are realtors rich,Should I interview multiple realtors,Are you obligated to a real estate agent,What should I do to my house before selling ,What sells a house fast,What brings more value to a house,What features sell a house,What to do if a house is not selling,Do vacant homes sell faster,What are the worst months to sell a house,Which month is best to sell a house,Is 2021 a good year to sell a house,What adds most value to a home,How can I increase my chances of selling my house,What makes a house harder to sell,What brings down property value,What are houses not selling 2021,What adds teh most value to a house,What is the most common reason a property fails to sell,What should you not fix when selling a house,What adds teh most value to a house,Does Zillow pay fair prices for homes,How to I sell my house that need repairs,Do sellers have to fix everything on home inspection,Can you sell your own property as a real estate agents,Does a realtor make money on a for sale by owner,Can I use a real estate attorney instead of an agent,Can I be my own buyers agent,Do real estate agents make more than lawyers,Do realtors get paid if a house doesn’t sell,Do agents get paid for open house,Can I ask my realtor to take a lower commission,How much does a real estate agent make monthly,Which real estate agent has the lowest commission,Can I represent myself as a real estate agent,Do brokers make more than real estate agents,Can you bypass a real estate agent,Can I represent myself in buying a house,Can you buy a house yourself,Do Realtors get commission on for sale by owner,Is it better sell your house by owner or realtor,How do you negotiated for sale by owner,Is it hard to sell a house without a realtor,Can you ask a realtor to take a lower commission,What home improvements add the most value,What should you not fix when selling a house,What color carpet is best for selling a house,Which home renovations are your best investments,Which home improvements pay off,What is the best way to renovate a house,What is the most expensive part of a kitch remodel,What home improvements do not add value,Is a 4 bedroom house worth more than a 3 bedroom house,Do home improvements increase value,What features sell a house,What order do you renovate a house,What renovations are worth doing,Is it better to renovate or move,Is it cheaper to renovate or build new,How much does it cost to fully renovate a house ,What should I renovate first,What makes property value increase ,What negatively affects home appraisal,Do home appraisers look in cabinets,Do appraisers look in showers,What matters in a home appraisal,How can I maximize my home appraisal,Is land a good investment 2020,Is buying land a building a house cheaper,Is it better to buy land first,How to I buy money with no money,Is land a bad investment,Does age of house affect value,Are 100 year old houses safe,What is the average age of a house,What age is a house considered old,How do I price my house,How is property value determined,What are the 5 methods of valuation,How do I determine fair market value of my home,How does a bank value a house,Why is my tax assessment so high,What brings down,calhoun.savingmoneyonhomes.com
95035,95123,95020,95127,95014,95051,95111,94087,95112,95125,95023,95122,95037,94550,95116,95124,95136,94086,95148,95008,94303,95050,95132,95120,95129,94040,95121,95128,95126,95118,95131,95070,94043,95134,95032,95117,95133,94306,94089,95054,94085,94024,95135,95110,95138,94022,94301,94305,94041,95030,95130,94090,95119,95033,95102,94310,95139,95046,95171,94028,95142,95114,95113,94304,94308,95140,94035,95141,95053,95101,95137,95002,95196,95009,95011,95013,95015,95021,95026,95031,95036,95038,95042,95044,95157,95156,95159,95158,95161,95160,95170,95164,95172,95190,95173,95192,95191,95194,95193,94302,94309,95052,95056,95055,95071,95106,95103,95109,95108,95115,95151,95150,95153,95152,95155,95154,94023,94039,94042,94088,94080,94015,94014,94303,94403,94025,94066,94010,94061,94044,94404,94063,94401,94070,94062,94002,94402,94030,94019,94405,94409,94065,94407,94408,94098,95006,94071,94027,94099,94012,94031,94003,94067,94028,94005,94029,94037,94406,94096,94060,94020,94045,94038,94059,94021,94074,94128,94013,94307,94011,94016,94018,94017,94497,94026,94064,94083,94125,94544,94536,94538,94587,94541,94501,94568,94539,94601,94550,94577,94560,94546,94551,94605,94566,94611,94588,94621,94578,94606,94555,94545,94608,94602,94610,94603,94580,94704,94607,94619,94609,95391,94579,94703,94625,94552,94706,94643,94618,94702,94502,94612,94542,94705,94708,94707,94709,94710,94720,94627,94586,94514,95140,94615,94557,94604,94613,94537,94540,94543,94614,94617,94620,94622,94624,94623,94649,94660,94659,94662,94661,94701,94666,94712,95076,95060,95062,95003,95066,95064,95073,95033,95065,95010,95006,95018,95005,95019,95017,95001,95007,95041,95061,95063,95067,95077,
Santa Rosa Real Estate,Petaluma Real Estate,Rohnert Park Real Estate,Sonoma Real Estate,Sebastopol Real Estate,Windsor Real Estate,Healdsburg Real Estate,Cloverdale Real Estate,Cotati Real Estate,Calistoga Real Estate,Forestville Real Estate,Guerneville Real Estate,Penngrove Real Estate,Glen Ellen Real Estate,Geyserville Real Estate,Occidental Real Estate,Kenwood Real Estate,Cazadero Real Estate,Fulton Real Estate,Monte Rio Real Estate,Bodega Bay Real Estate,Stewarts Point Real Estate,Jenner Real Estate,The Sea Ranch Real Estate,Bodega Real Estate,Graton Real Estate,Annapolis Real Estate,Valley Ford Real Estate,Duncans Mills Real Estate,Camp Meeker Real Estate,Concord Real Estate,Richmond Real Estate,Antioch Real Estate,Pittsburg Real Estate,Walnut Creek Real Estate,San Ramon Real Estate,Brentwood Real Estate,Danville Real Estate,Martinez Real Estate,San Pablo Real Estate,Oakley Real Estate,Pleasant Hill Real Estate,Lafayette Real Estate,El Cerrito Real Estate,Hercules Real Estate,Orinda Real Estate,Pinole Real Estate,Moraga Real Estate,Alamo Real Estate,Clayton Real Estate,El Sobrante Real Estate,Discovery Bay Real Estate,Rodeo Real Estate,Kensington Real Estate,Byron Real Estate,Crockett Real Estate,Bethel Island Real Estate,Diablo Real Estate,Canyon Real Estate,Port Costa Real Estate,Napa Real Estate,American Canyon Real Estate,Saint Helena Real Estate,Calistoga Real Estate,Angwin Real Estate,Yountville Real Estate,Pope Valley Real Estate,Deer Park Real Estate,Napa Real Estate,American Canyon Real Estate,Saint Helena Real Estate,Calistoga Real Estate,Angwin Real Estate,Yountville Real Estate,Pope Valley Real Estate,Deer Park Real Estate,Oakland Real Estate,Fremont Real Estate,Hayward Real Estate,Berkeley Real Estate,San Leandro Real Estate,Livermore Real Estate,Pleasanton Real Estate,Alameda Real Estate,Union City Real Estate,Dublin Real Estate,Castro Valley Real Estate,Newark Real Estate,San Lorenzo Real Estate,Albany Real Estate,Emeryville Real Estate,hayward real estate,Piedmont Real Estate,Byron Real Estate,Sunol Real Estate,Canyon Real Estate,Farwell Real Estate,Brookshire Real Estate,Concord Real Estate,Richmond Real Estate,Antioch Real Estate,Pittsburg Real Estate,Walnut Creek Real Estate,San Ramon Real Estate,Brentwood Real Estate,Danville Real Estate,Martinez Real Estate,San Pablo Real Estate,Oakley Real Estate,Pleasant Hill Real Estate,Lafayette Real Estate,El Cerrito Real Estate,Hercules Real Estate,Orinda Real Estate,Pinole Real Estate,Moraga Real Estate,Alamo Real Estate,Clayton Real Estate,El Sobrante Real Estate,Discovery Bay Real Estate,Rodeo Real Estate,Kensington Real Estate,Byron Real Estate,Crockett Real Estate,Bethel Island Real Estate,Diablo Real Estate,Canyon Real Estate,Port Costa Real Estate,Petaluma Real Estate,San Rafael Real Estate,Novato Real Estate,Mill Valley Real Estate,San Anselmo Real Estate,Sausalito Real Estate,Corte Madera Real Estate,Tiburon Real Estate,Fairfax Real Estate,Kentfield Real Estate,Larkspur Real Estate,Ross Real Estate,Belvedere Real Estate,Bolinas Real Estate,Nicasio Real Estate,Point Reyes Station Real Estate,Dillon Beach Real Estate,Woodacre Real Estate,Lagunitas Real Estate,Inverness Real Estate,San Quentin Real Estate,Tomales Real Estate,Marshall Real Estate,Olema Real Estate,Stinson Beach Real Estate,San Geronimo Real Estate,Blakes Landing Real Estate,Salinas Real Estate,Watsonville Real Estate,Seaside Real Estate,Monterey Real Estate,Soledad Real Estate,Marina Real Estate,Greenfield Real Estate,King City Real Estate,Carmel-by-the-Sea Real Estate,Pacific Grove Real Estate,Gonzales Real Estate,Castroville Real Estate,Carmel Valley Real Estate,Aromas Real Estate,Moss Landing Real Estate,Del Monte Forest Real Estate,Big Sur Real Estate,Del Rey Oaks Real Estate,Bradley Real Estate,Chualar Real Estate,Sand City Real Estate,Jolon Real Estate,San Simeon Real Estate,San Ardo Real Estate,Lockwood Real Estate,San Lucas Real Estate,Hollister Real Estate,San Juan Bautista Real Estate,Aromas Real Estate,Paicines Real Estate,Tres Pinos Real Estate,San Francisco Real Estate,San Mateo Real Estate,Daly City Real Estate,Redwood City Real Estate,South San Francisco Real Estate,San Bruno Real Estate,Menlo Park Real Estate,Pacifica Real Estate,Foster City Real Estate,Burlingame Real Estate,San Carlos Real Estate,Belmont Real Estate,East Palo Alto Real Estate,Millbrae Real Estate,Half Moon Bay Real Estate,Hillsborough Real Estate,Woodside Real Estate,Atherton Real Estate,Portola Valley Real Estate,Brisbane Real Estate,Emerald Lake Hills Real Estate,Moss Beach Real Estate,Colma Real Estate,Pescadero Real Estate,La Honda Real Estate,Montara Real Estate,San Gregorio Real Estate,Loma Mar Real Estate,San Jose Real Estate,Sunnyvale Real Estate,Santa Clara Real Estate,Livermore Real Estate,Mountain View Real Estate,Milpitas Real Estate,Palo Alto Real Estate,Gilroy Real Estate,Cupertino Real Estate,Morgan Hill Real Estate,Campbell Real Estate,Los Gatos Real Estate,Los Altos Real Estate,Saratoga Real Estate,Stanford Real Estate,Los Altos Hills Real Estate,San Martin Real Estate,Monte Sereno Real Estate,Lexington Hills Real Estate,Mount Hamilton Rea
Comments
Post a Comment