Seller has to pay for a certified appraisal ?
Has anyone ever had Litton tell them the seller would have to pay for a certified appraisal to take an offer less than BPO?
Currently my listing is $5,000 less than BPO and I think I will have to drop price more b/c we have not received any offers. I do believe I have valid reasons for price drop due recent mechanical failures in the home. When I talked to Litton rep was told that seller would have to pay for and submit certified appraisal for them to take less than BPO and I have not heard of this before.
Any help or insight is appreciated!
Currently my listing is $5,000 less than BPO and I think I will have to drop price more b/c we have not received any offers. I do believe I have valid reasons for price drop due recent mechanical failures in the home. When I talked to Litton rep was told that seller would have to pay for and submit certified appraisal for them to take less than BPO and I have not heard of this before.
Any help or insight is appreciated!
Replies to This Discussion
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Permalink Reply by Mike Love on
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I have went ahead and asked the buyer to pay for the appraisal. That was a month ago. I still have not heard back. It's strange because when I did my CMA, the three comparables that were used on the appraisal for sales in the last 90 days were not even the ones I would have used . It's obvious that I was right in my pricing. The guy that did the BPO had a really nasty attitude. I should have stopped it there. Good lesson boys and girls: If an agent calls you for access to your listing and snarls throughout, don't give him access. When I hear back from Litton I will let you know. It is such a disservice to not rectify a grave mistake. This hurts the investor as well as the buyer and the seller.
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