"Thanks for the advice Jesse; sorry to hear you had some bad experiences with this. If you do end up changing your mind at some time, please feel free to contact me. I'm going to continue down the path and see what comes of it.
Would you be…"
"Jeff, sorry....I have decided to forgo the swap process as I have been burned twice now. Each time the other party priced their home too high and when the appraisal came in they would not drop their price (even though they said they would if it…"
Are you still looking to swap your home? Could you provide a list of approved appraisers by your bank? I may be interested in having one of them perform an appraisal to see what we might be able to work out.
"I have a beautiful 7260 SF home on 2 3/4 acres with heated RV garage. Appraised at $859,000 last year, reduced to $763,000 this year. You can see pictures of it here: http://www.me-again.com/HOUSE.htm We are looking to downsize. If this property…"
Jeff, sorry....I have decided to forgo the swap process as I have been burned twice now. Each time the other party priced their home too high and when the appraisal came in they would not drop their price (even though they said they would if it appraised lower than their asking price). I am tired of this, and have decided to rent my home and I have a tenant moving in on May 1st.
I will give you some advice on the swapping process, make sure you have a FHA bank appraisal before you start, and I encourage that you have the other party to do the same before you even start the contract process. Most people I have found think they are going to get their dream home through this process, and most people are not as flexible as they say they are up front. Good luck...
Jeff, I checked the neighborhood for comps for the last 6-12 months and the highest sold home in that gated community was $225K in Oct 2008. Most compariables 4 bed, 2 bath, 2300 sqft sold for: $185K (01/1409), $195 (12/29/08), $200K (1/4/09), $193K (2/19/09). With that said I am not sure to be honest that the house would appraise above $200K with the comps in the immediate neighborhood. Most appraisers when considering current market values look at comps but they also look at current listings and rental properties (if known) and most listings with the same sqft, bedrooms, etc as yours in the same gated community are going for $175K, $183K, $154K. $209K. Although this would work for me, I am sure this would not be an ideal situation for you. So if you are still interested, give me a call at (801) 331-8557.
Even with our 01/28/09 appraisal of $310K, I would be willing to drop my price to $289K, but unfortunately I would not be able to purchase your home for anything higher than appraised value. Because this past swap we spent hundreds of dollars on inspections, appraisals, etc, to find out their home did not come close to sales price, I would want an appraisal by an approved appraiser from our bank so that it could be used once we go through the process. Let me know your thoughts. You can email me at firstname.lastname@example.org or call me at the above number.
Jeff, I think you emailed me concerning a potential swap for my house in Draper a few weeks ago. I am still in escrow today, but the house we were going to buy in the swap, the appraisal came in $11K below the sales price, so we are waiting on the other party to make a decision, which they have 24 hours to decide. But what I wanted to do is to open the lines of communication back up with you to get some more information about your home in Vegas.
1) Do you know the current market value?
2) Have you had an appraisal on your home in the last 30-90 days?
3) If the swap looked promising, would you consider getting an appraisal on your home before we went into contract?
4) Where is the home located? Address?
5) Do you have pictures?
6) What year was it built, other basics of the home?
FYI, you can find my home and some pictures listed under the Vegas & Utah Threads.