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The Appraisal Came In Low

Posted by on Saturday, April 6th, 2019 at 8:58pm.

A True Story from Debra Leatham.

On my listing, single family home did my due diligence by introducing recent sales and current listings for homes that possibly would be used for appraisal comps when setting the price of the listing.

All said the Seller decided to list the home at my suggested list price of $315,000.  We all felt confident the appraisal would come in at or near this price.

The offer of $317,000 from Buyer that had money in the bank to make up a couple of thousand dollars if the appraisal came in at less than the offer.

Appraisal came in at $312,000.  The buyer would not budge in price, so my Seller and I looked for other things of value in this transaction.

They were purchasing another home with a concurrent closing, making moving very difficult without moving twice.  

We negotiated for occupancy after closing.  Buyers Agent drew up an agreement and did not ask for any daily rental rate. Gave the Seller 3 weeks to move.

The value was that the Seller was able to stay in the house for 3 weeks after closing, at no cost.  This was about a $3000 value to the Seller and out of pocket to the Buyer about $1500 for a new loan and $1000 for rent at the current location.  

ChaChing, Seller got his $315,000, and Buyer ended up paying $314,500.  Worked out better than could ever be wished for the Seller. Time to paint, get new carpet in, new countertops all before having to move.



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