First time home seller: I sold more than what is appraised for....

[Mr_Tomahawk]

...am I ****ed?

To be fair...this was our first time selling a house. We just went through the whole inspection process with minor fixes.

And then we got our house appraised today....shit. I am 99.9% sure that we are asking $10k-$20k more than what it will appraise for.

Am I ****ed when the appraiser comes back with a significantly lower appraisal than what we are asking?

I have a feeling that most of the answers will be. "It depends on how bad the buyer wants the house...."

[kepp]

Originally Posted by blake5676

I listed my house the day before Thanksgiving. I was hesitant and thought it wasn't a great time to sell, but my agent explained to me the stories of best time/worst time are really just fluff.

Are there more houses on the market in late spring and summer? Probably....but mostly because it's easier time for seller's with kids to plan every thing out and have ample time. That being said, when I listed in lat November, I had about 20 showings in the first 2 weeks, 3 offers, and was under contract in less than a month. Closed first week of January.

Bottom line, people are always looking. And buyers shopping in the winter months are usually a little more serious and not the typical window shoppers. But I don't think it honestly makes a gigantic difference either way. Tell your realtor you're going to list when it makes most sense for you.

This is what makes sense to me. You're typically not going to trudge through snow/ice and 20 degree weather to window shop.

[Buehler445]

Originally Posted by kepp

Resurrecting this thread for a question of my own.

We're planning on selling/moving this summer so we had a realtor come over for some advice. She's trying to convince us that it would be better to put the house on the market now rather than in the spring/summer because there is much less competition in the market right now. On one hand this seems reasonable, but I can't help thinking that maybe she's telling us this to drum up business when things are slow.

Has anyone had experience selling in winter vs spring/summer?

I'd agree with the others, if it works for you, list it. I listed mine in June, and that was pretty late to the party. A lot of the summer rush had already happened, so I'd recommend earlier than later. If it doesn't sell through the winter, you've got a jump on the spring.

[KCUnited]

We've had 2 friends in KC, Liberty and Waldo, both sell their homes this winter for asking price the first couple days on the market, one a cash buyer the day it went on the market. We sold our home last March for asking price in 3 days on the market.

Not sure how that plays into your scenario, but it seems there might not be a bad time to sell in KC right now.

[displacedinMN]

Selling mine now too.

What is bugging me is that I have to pay closing costs for the buyer 3%
So I am basically financing their house. Economic redistribution at its finest. Thanks Obama.

It just means that I have to charge 3% more .

[Buehler445]

Originally Posted by displacedinMN

Selling mine now too.

What is bugging me is that I have to pay closing costs for the buyer 3%
So I am basically financing their house. Economic redistribution at its finest. Thanks Obama.

It just means that I have to charge 3% more .

You have to? It's negotiable. I didn't pay any of my buyer's.

[ChiefsCountry]

Originally Posted by displacedinMN

Selling mine now too.

What is bugging me is that I have to pay closing costs for the buyer 3%
So I am basically financing their house. Economic redistribution at its finest. Thanks Obama.

It just means that I have to charge 3% more .

That's negotiable. They better be giving you a damn good price or just want out bad.

[displacedinMN]

standard practice here now. This is what happens when you live close to Minneapolis.

[Buehler445]

Originally Posted by displacedinMN

standard practice here now. This is what happens when you live close to Minneapolis.

If they're going to make you cover 3%, just charge 5% extra

[ChiefsCountry]

Originally Posted by displacedinMN

standard practice here now. This is what happens when you live close to Minneapolis.

That's shitty. I fight like hell against stupid shit like that for my sellers.

[TEX]

Originally Posted by Mr_Tomahawk

...am I ****ed?

To be fair...this was our first time selling a house. We just went through the whole inspection process with minor fixes.

And then we got our house appraised today....shit. I am 99.9% sure that we are asking $10k-$20k more than what it will appraise for.

Am I ****ed when the appraiser comes back with a significantly lower appraisal than what we are asking?

I have a feeling that most of the answers will be. "It depends on how bad the buyer wants the house...."

Depends on what type of transaction this will be. I own several properties and have purchased and sold many houses and this has happened to me a few times. Most recently last year.

IF cash transaction - you're fine, providing the seller wants to pay a purchase price above appraised value. You really don't even need an appraisal if the buyer is paying cash for the house...However, if the buyer is going through a bank (like most) and will take on a mortgage, you will have issues because the bank will only finance an amount based on appraised value of home. Deal is if you get another appraisal, by rule the banks will always take the lower amount. So, a few scenarios will occur - Could be that you hold firm on price and buyer wants it bad enough that they're willing to put more $ down in order to make the numbers work. (Don't know why they would but you never know). Or you will have to drop your price, and they stick with the same down payment, to get numbers down to where they will work for the financing. Or, it could also be a matter of give and take on both sides whereby you come down a bit on price and the buyer puts more $$$ down in order to get to the approved amount borrowed.

There sometimes are additional factors to consider, like repairs needed and factoring them in or out of the deal, but the above mentioned scenarios are generally the way these things go. Hope that helped.

[TEX]

Originally Posted by displacedinMN

Selling mine now too.

What is bugging me is that I have to pay closing costs for the buyer 3%
So I am basically financing their house. Economic redistribution at its finest. Thanks Obama.

It just means that I have to charge 3% more .

As others have said, that is negotiable and only UP to 3% of sales price on conventional loan. (If 10% down or greater its up to 6% as is FHA). In any case, if fees are less than % asked for seller to contribute, buyer can't get max amount. Things you can do to make you feel better - You can forgo any and all repairs in lieu of you paying a % of buyers closing costs. Or, if it really bothers you, you can always walk and find a stronger buyer.