Bogus appraisal on Property

What is the name of your state? IN

We recenty bought a house from some family aquaintances. There was an adjacent lot that goes with the house that they decided to hold on to for sentimental purposes. The lot is basically the majority of our back yard. They gave us first right to the lot when they did feel it would be time to sell. Sortly after we closed on the house they came to us to buy the lot. We were taken back by the sudden change of mind, but agreed. We had two appraisals done by two reputal companies at their request. We made them an offer and they emailed us with an acceptance. When we went to the lawyer to have the contract drawn a sibling stepped in and said we were trying to rip them off and they supplied an appraisal that thas more the double them the previous. Now they won't sell for any less. Do we have a leg to stand on?

[Souix]

Originally posted by Gabroch
What is the name of your state? IN

We recenty bought a house from some family aquaintances. There was an adjacent lot that goes with the house that they decided to hold on to for sentimental purposes. The lot is basically the majority of our back yard. They gave us first right to the lot when they did feel it would be time to sell. Sortly after we closed on the house they came to us to buy the lot. We were taken back by the sudden change of mind, but agreed. We had two appraisals done by two reputal companies at their request. We made them an offer and they emailed us with an acceptance. When we went to the lawyer to have the contract drawn a sibling stepped in and said we were trying to rip them off and they supplied an appraisal that thas more the double them the previous. Now they won't sell for any less. Do we have a leg to stand on?

***Appraisals are not Rocket Science or written in stone. Appaisals are based on the premise of what an informed buyer will pay and a seller will accept. Review the comps that the appraisers supplied in their reports and see if you can come up with a WIN WIN figure that all parties can live with. Its called negotiating.

The sellers may have agreed in their email to sell to you at your offered price, but nothing was signed. You do not have an enforceable contract.***

We tried negotiating. Since they accused us of being the untrustful ones we offered to pay for a fourth appraisal. They could choose the appraiser but we would have to o.k. him/her and if the price was closer to the 3rd higher amount then we would consider purchasing it but if it came back closer to the original two we would pay the higher of the two. They declined.

The comps that they are basing their price on are on pieces of property that are up to and over 4 miles away. The properties are all 1+ acres and ours is .53 acres. These comps are also in subdivisions that are cleared and zoned for building. Ours is a wooded lot in the middle of a historical neighborhood. Do we have any other options?

[Souix]

Originally posted by Gabroch
We tried negotiating. Since they accused us of being the untrustful ones we offered to pay for a fourth appraisal. They could choose the appraiser but we would have to o.k. him/her and if the price was closer to the 3rd higher amount then we would consider purchasing it but if it came back closer to the original two we would pay the higher of the two. They declined.

The comps that they are basing their price on are on pieces of property that are up to and over 4 miles away. The properties are all 1+ acres and ours is .53 acres. These comps are also in subdivisions that are cleared and zoned for building. Ours is a wooded lot in the middle of a historical neighborhood. Do we have any other options?

***In my neck of the woods, a lot that is not buildable has very little value. Is this lot buildable? I think it may be time to hire a local Realtor to help you with this on a "Consultant" basis and paid for their services. Good Luck***

[HomeGuru]

Hahaha. I see you're a fast learner Souix.

[Souix]

Originally posted by HomeGuru
Hahaha. I see you're a fast learner Souix.

*** Yes, even in a fog ***

[HomeGuru]

Very good.