As a seasoned Fishers Realtor®, I have seen my share of barriers in getting to the closing table. While some still see a real estate transaction as putting a sign in the yard, accepting the best offer and then sitting around until the closing; it is not that way in nearly 99% of all my transactions.
I could talk about the many issues and problems that come up in the process of getting to the closing table, but today I just want to tell you about some of the real life examples I have seen in appraisals in the last few months.
Scenario 1: I represent Buyer. We have been looking for awhile and have our search set up so we can see the listings that match their criteria the minute they come on the market. And we do find one; schedule the showing for that day.
We love the house. I call the agent to find out all that I can about the sellers (i.e. motivation, reason for moving, etc). I find out another showing is writing an offer, so I coach my people to bid list price. They do, $229,000. I am able to get our offer accepted; I personally drive the offer to the seller's house!
Appraisal time (with the HVCC process); it comes in at $210,000. Sellers are devasted; I'm scratching my head. I did the comps and they supported the price and it had two offers the first day it was listed. But, I represent buyers so I wait to see what the sellers are going to do. Long story short, we agree to $215,000.
We close 60 days later and during that time, I continue to watch the market. There is another home in the same neighborhood, with the same floor plan without the loft (it was our 2nd choice, so I had been in the home) and was in the same great condition. It closed three weeks before us at ...you guessed it...$228,000.
So, my question is for any appraisers out there...huh?? Luckily I represent the buyer and it is obvious they got a real estate deal!
If your are a seller and you get hit with a low appraisal, is your realtor watching to see if any newer comps come in to play to help your situation. If not...you may need to hire the right realtor. It is our job to represent you until you have signed the warranty deed giving ownership to the new buyer, not to stop working for you after you have a signed purchase agreement.
I guess my stories are a little lengthy so I'll post the next one in a few days!
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