Wednesday, October 15, 2008

Raise the Price

We got the call from the appraiser today about the potential flip house on the river. Here are the links to the flip I'm talking about here and here and those retro bathrooms here.

The appraiser came back and said that house was worth $450-460K if the owners fixed the roof that caved in, the dock and the screened in porch. We of course would fix all of those things so naturally we would expect to be able to pay less than the $450-460K because we were taking it as is. From what I understand, a mortgage company will not accept a mortgage on a house that has pieces and parts falling down, so that's why the house needs to have these parts fixed.

The listing agent said that the sellers have raised the asking price to $499K. This is before repairs. Just since they were notified of the appraisal. We could offer less but the listing agent said that the sellers won't accept less than the $450 now.

The likelihood of us getting this house - not gonna happen.

Can you imagine, in this economy, with house prices falling like rocks, these people who get a serious buyer and have just paid an appraiser to come out and look at the place (which by the way, this place has been on the market for a year now) and the sellers decide to raise the price because they have someone seriously looking.

I'm disgusted.

and just a bit bummed, too.

OK, so that's my story.

Have a fabulous day. I'm sure I'll have another place to fall in love with by the end of next week lol



Jodi said...

ugh - now that is's amazing to me how much stock people put in appraisals...seems like more often than not, they just tell people what they want to hear! Maybe God just has a better plan for you! :)

gingela5 said...

That is so frustrating! You'd think they'd almost be paying YOU to take the house in this economy! Thanks for stopping by my blog!

Milehimama said...

Well, I guess we know why they haven't been able to sell the house for over a year! Greed is a terrible thing.

Thanks for stopping by my blog today!

Leigh said...

I imagine that now as homes are hard to seel these days that they may change their mind. If not, I would have to beleive that this wasn't in God's plans for you. In any case, whatever happen will be what is supposed to. Good lcuk. I am sure if this sinks that something even better will come along

Kirby3131 said...

I'm almost relieved that the sellers made a bad move (in my opinion) I was starting to get cold feet. Well mostly I was afraid we wouldn't flip the house but actually live in it! The house was too big for us to live in.

My husband has been scouring the MLS today looking for new places. Another place will turn up, of that I'm sure.

Thanks for all of your comments. Thanks so much.


"J" said...

That sucks!!! They can just SIT on their house!!! It's not going to sell!!!! If it's been on the market for a year and it's a mess like it's not going to happen!!!! The person that raiser the price MUST HAVE installed that huge wood box around the washer with the heavy wood lid...UM, so there you have it!!! They are obviously not the sharpest tool in the shed!!!!! HA!!!!!