We are trying to sell our home and now we are being told by two different realtors that it will only sell for a certain amount. So we are going to end up negative in the sale of our home. Is there anything that we could do legally?
You can sue the appraiser but only for the cost of the appraisal ($250, $300, whatever). He would never be liable for the full appraised price of the house, sorry.
Not much else you can do other than try and sell for what you think the house is worth and hope that buyers think it's reasonable.
sell the house for what it's worth….LOSER
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You can sue the appraiser but only for the cost of the appraisal ($250, $300, whatever). He would never be liable for the full appraised price of the house, sorry.
Not much else you can do other than try and sell for what you think the house is worth and hope that buyers think it's reasonable.
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Bummer. Sometimes you can make a deal with the bank if the house will sell for less than what you owe. You need a real estate professional. If you walk away from the loan, your credit will be ruined for a long time. Not advisable…
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There's not a lot you can do. You can hope that the potential buyers will also over appraise the house. When I sold my last house (which was also over appraised), the buyer wanted the house so badly that he called 3 different appraisers until he got a high enough price to take to the mortgage company to pay my asking price.
Also, you can try all of the little tricks to increase the value of your house. Keep it clean, have plenty of light, etc.
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I have bought and sold a lot of homes, and have had homes appraised for much more than other comparible homes. Unless the appraisal has caused you to pay higher property taxes, there's really nothing to worry about. Any Real Estate agent should be able to provide you the comps, which will provide you the info you need to establish a fair price to sell your home. The over appraisal should not have any impact.
Now however, if you are talking about the home being over appraised at the time you purchased the home, and now it has lost some value, there is not a whole lot you can do about it unless you are able to show/prove that the seller, appraiser, mortgage lender, whoever actually drove the price up and purposely decieved you for this purpose. For that, I would suggest you seek the help of an attorney who specializes in RE Law. Again, an RE Agent should be able to provide you with some referals.
Good luck in getting your plight worked out to your benefit.
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