What Happens When Your House Doesn’t Appraise?

Ashley and I were just working on a deal, and we were trying to sell a house above market price. Super up-graded house, I mean the house was just gorgeous. You could tell the people really took care of the house…

It was spotless, turn-key ready to go. Perfect second home for anyone.

So we were trying to push the upper half of the market. We looked at the comps in there and unfortunately in the last 3 months there hadn’t been any homes sold that were as upgraded as his. We showed him his comp story, and he still wanted to try to get maximum value out of it. But, the appraiser came out and said, sorry, we have to use the comps that are closed in the neighborhood.

Even though the comps in the neighborhood all closed for less money, they also didn’t have the pool, they didn’t have the mountain views, they didn’t have the corner cul de sac lot, but.

So the seller had the option of canceling the contract, or realizing that was the number we were going to get. We did try to go back and get the buyer to negotiate with the buyer to get above the number but you know if the buyer doesn’t decide they want it bad enough, right, the seller can cancel, but if not the seller has to just accept the price from the appraiser.

So, anyways, when that happens we always prepare our buyer or seller and have a plan B for them, and a contingency strategy, etc.

Yea, I mean we’re out there fighting for you the whole time.

 

 

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