Mirror, mirror on the Wall, the Appraiser says it ALL
It is a win-win for my buyers right now as we have negotiated down the original agreed upon price of a home purchase. This is after a highest and
best competitive bid process for a North Kingstown home for sale that was on the market less than a week.
It was a truly emotional buy for this house…the buyers walked into this home and immediately knew this was the North Kingstown home for them. I knew they loved it. Meanwhile another couple of buyers were throwing eye darts at them…you know the kind like what are you doing here (yes, they coveted the home too).
Even as I prepared the comparable properties to show the buyers, their hearts were going to command a bid price to ensure they got this North Kingstown home. They wanted to bid higher than my comps indicated for they knew what they wanted. I reminded them it would have to appraise for the sale price. That was also part of our contract. No matter, they went for a high bid. They also had the winning bid.
Who did not win – the sellers did not win. The appraiser said I am valuing this home for $20,000 less than your purchase and sales contracted price. Actually I was surprised and when I finally received the appraiser’s comparable properties- I would not have used a couple of them. One was way outside the condition of this impeccable property. I am not arguing with it. The listing agent is screaming!
Challenge the appraisal then (well that is what I would do for my sellers) and substantiate your own comps but the listing agent did not do that. We negotiated a reduction in price back and forth between buyers and seller (I felt like this was a short sale negotiation) and I was not giving up much money on our side. Ultimately, the seller came down $15,000 on the agreed purchase price and my buyers are getting a better deal (so much for the highest and best offer here!).
You know I am glad the appraiser says it all. Can’t always say that line and don’t want to say that line when I am on the other side of the transaction. And I don’t want to eat my words at some point.
Mirror, mirror on the Wall, the Appraiser says it ALL.
Ginny Lacey Gorman is your go to North Kingstown Real Estate agent for homes in North Kingstown RI and beyond…knowing the geographic area, schools, happenings,important tidbits of information and businesses well.
As North Kingstown short sale agents, if you are having trouble paying your mortgage contact Ginny to help you through the short sale process successfully.
Waterfront, oceanfront, luxury and coastal RI real estate are her specialty but all of RI is her backyard. When you are in need of a good professional for your buying and selling needs and an internet savvy marketer who sells RI houses in this real estate market – call Ginny at 401.529.7849.