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Who would be paying for the appraisal and/or picking the appraiser? In my area, I know of appraisers who generally give high estimates of value...and those who generally give lower estimates of value.
It's not technically on the market, just listed on a local website. He isn't showing it yet since there are tenants there.
That tells me he is just testing the waters to see if anybody will bite. He's told you his price range. Now he will sit back and wait for you to make an offer. If you want to spend the $400 or $500 on an appraisal, that's up to you. He won't care. If he doesn't like the price he won't sell and you'll have wasted your money.
Just make an offer and see what he comes back with.
Who would be paying for the appraisal and/or picking the appraiser? In my area, I know of appraisers who generally give high estimates of value...and those who generally give lower estimates of value.
I looked at the house today and the seller is not accepting offers or signing a contract until the appraisal is completed. I did ask him if he'd sign a contract with me contingent on the appraisal. He said he is considering doing that but would like to think about it. He asked me what offer would go on the contract. I thought we could put a number/roundabout since it's contingent on the appraisal. I don't think it matters what amount because it's contingent for both the Seller and the Buyer. Or, could we just add an addendum stating that negations would occur once we receive the appraisal. That way, we both know what it's appraised and can take it from there. I want to do this basically to get it under contract and give me first dibs on purchasing the property. Any other suggestions??
I looked at the house today and the seller is not accepting offers or signing a contract until the appraisal is completed. I did ask him if he'd sign a contract with me contingent on the appraisal. He said he is considering doing that but would like to think about it. He asked me what offer would go on the contract. I thought we could put a number/roundabout since it's contingent on the appraisal. I don't think it matters what amount because it's contingent for both the Seller and the Buyer. Or, could we just add an addendum stating that negations would occur once we receive the appraisal. That way, we both know what it's appraised and can take it from there. I want to do this basically to get it under contract and give me first dibs on purchasing the property. Any other suggestions??
Tell him you will pay appraisal plus $xxxxx.
As Is.
With up to 60 days possession after closing.
I looked at the house today and the seller is not accepting offers or signing a contract until the appraisal is completed. I did ask him if he'd sign a contract with me contingent on the appraisal. He said he is considering doing that but would like to think about it. He asked me what offer would go on the contract. I thought we could put a number/roundabout since it's contingent on the appraisal. I don't think it matters what amount because it's contingent for both the Seller and the Buyer. Or, could we just add an addendum stating that negations would occur once we receive the appraisal. That way, we both know what it's appraised and can take it from there. I want to do this basically to get it under contract and give me first dibs on purchasing the property. Any other suggestions??
As a buyer, there is no way that I would agree in a contract to pay what the appraisal was for a property without knowing what that number is. What if the appraisal comes in REALLY high... much more than you would want to pay? What would you do then? You're stuck!
In fact, as a buyer, there's no way I'm going to even make an offer on a property without knowing how much the owner is asking for it. Let the seller get his own appraisal and set a price. Then you can go from there.
He's not ready to sell, and you aren't ready to buy it sounds like.
Either make him an offer without an appraisal, and let him take it or leave it, or he needs to either get an appraisal or several market analysis done by several agents so he can set a price he feels comfortable with, or he needs to list it, and get offers and pick one.
Trying to get him to accept a contract when he isnt ready is unlikely to be successful. And right now, most homes are selling over appraised value.
As a buyer, there is no way that I would agree in a contract to pay what the appraisal was for a property without knowing what that number is. What if the appraisal comes in REALLY high... much more than you would want to pay? What would you do then? You're stuck!
In fact, as a buyer, there's no way I'm going to even make an offer on a property without knowing how much the owner is asking for it. Let the seller get his own appraisal and set a price. Then you can go from there.
This is my concern because in this market, who knows what it will appraise. I don't have unlimited funds either...lol. This is going to be owner financing. I am trying to think of a way to word it so I wouldn't be stuck if it came in too high. You have to get creative in this market. I wonder if I can say price to be determined once appraisal is completed. I was also going to say that this offer is contingent on a satisfactory appraisal and agreement on sale price by the Seller and the Buyer. Essentially, I am just trying to write up a contract to get first negotiations.
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I don't have unlimited funds either...lol. This is going to be owner financing. I am trying to think of a way to word it so I wouldn't be stuck if it came in too high. You have to get creative in this market. I wonder if I can say price to be determined once appraisal is completed. I was also going to say that this offer is contingent on a satisfactory appraisal and agreement on sale price by the Seller and the Buyer. Essentially, I am just trying to write up a contract to get first negotiations.
