North Scituate, RI · Member since 2016 · 4 posts · 0 votes
I am looking for tips on how to negotiate a property from a seller thatwill begetting an appraisal in a few months when she is back up for the summer as this is their summer home. I would like to try to lock this up prior to her getting the appraisal and listing it. We could split the agents fees off the price of the house. I want to avoid the competition from non investors as this it a desirable area. This will be a buy and hold and use as a vacation home when its not rented.
If she wants to wait and get the appraisal, do I trust it? Or get my own if I don't like it? She is 90+. She did reach out to me as I expressed interest a year ago to her. She is my families neighbor.
I have a friend that is a realtor running a report on recent comps and and will give me a number that he would list it for.
Investor · Little Elm, TX · Member since 2015 · 37 posts · 6 votes
8y
If it’s a good property and your intent is to hold it for partial personal use, what is the problem with paying a fair market price. As far as concern over being able to lock in the sale, just ask her to sign a letter of intent or offer to buy an option from her. Offer a couple thousand with it being understood the payment will be applied to the sale price at closing. If she is unwilling to sell you the option, she didn’t want to sell to you anyway.
That’s my thought anyway....
I am looking for tips on how to negotiate a property from a seller thatwill begetting an appraisal in a few months when she is back up for the summer as this is their summer home. I would like to try to lock this up prior to her getting the appraisal and listing it. We could split the agents fees off the price of the house. I want to avoid the competition from non investors as this it a desirable area. This will be a buy and hold and use as a vacation home when its not rented.
If she wants to wait and get the appraisal, do I trust it? Or get my own if I don't like it? She is 90+. She did reach out to me as I expressed interest a year ago to her. She is my families neighbor.
I have a friend that is a realtor running a report on recent comps and and will give me a number that he would list it for.
Thank you all!
The lender is going to trashcan a seller-ordered appraisal anyways, same with an appraisal you order. Possibility one is you're both wasting money on extra appraisal fees for no reason. Possibility two is the lender's appraisal comes in short, in which case you both wasted money on appraisals AND a bunch of time.