Now, to be fair.... there was some seller paid closing prices (simply below 3%). But, the contract was below the list worth of $232,000!
Typical deal. Realtor writes up contract shut to list worth with seller paids. All is nice in approval land until the appraisal comes in extremely low. Then, yep, you guessed it, the listing agent calls me to inform me they have another appraiser who can be in a position to return in higher. They found some comps that were priced higher. Looks that the builder in city is putting out some killer incentives and driving down the present sales market for the time being.... However they extremely feel just like the property supports the higher price as it has upgrades itself.
However, it seems that this appraiser was willing to create an appraisal out of a deck of playing cards.... because these new comps are NEW CONSTRUCTION.
Now, lets not even get into the discussion about why you cannot use new construction for an appraisal comp on existing sales. I am positive that Meg Stewart will discuss all the convoluted of that. But for ANY Realtor, no matter that facet of the transaction you're on, to recommend that we tend to 'need a brand new appraiser' is totally ridiculous.
I blogged regarding this a whereas back, Do not Be That Realtor
really got all of three comments (one in every of them was my very own comment). It looks that either this topic could be a sore subject... or maybe it is simply thus darn ridiculous that no one thinks it is necessary to mention. However it appears that it IS worthy of mention.... Because it keeps happening!
My 1st notice of this was when the appraiser left me a message. thirty minutes later I get a phone call from listing agent eager to use new appraiser. My first phone call was to the referring Buyer's Agent and she was rolling on the ground laughing. She would NEVER agree to a new appraiser. Besides, this appraiser is very well respected around town and unless there are some FSBO comps they missed the Listing Agent can have to explain himself to the sellers.
Thus, we all agreed to have the Seller Agent submit any new comps to the appraiser for reconsideration as they are doing have a right to challenge the appraisal. And it looks that the Seller Paid Closing Prices can must be amended out of the contract as the client needs to proceed. However myself and also the Buyer's Agent undoubtedly have endorsed the borrower/buyer on the ramifications of paying full list price and have inspired them to resist any thoughts of re-appraising the property therefore they will roll in the vendor paids. Though it might be nice to stay that additional money free for curtains and appliances, they are doing qualify with paying those expenses out of pocket.
Realtors, how do YOU respond when the appraisal comes in low?
Or, for that matter.... how does one respond when an appraiser is willing to fabricate an appraisal out of skinny air?
Author Resource:-
Dorish Hill has been writing articles online for nearly 2 years now. Not only does this author specialize in Appliances, you can also check out her latest website about:
Bathroom Shower Curtains Which reviews and lists the best
Unique Shower Curtains
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