Oh Glory Me...I'm Singing The Under Appraised Home Blues...
So the day began. A dreary rainy day but full of promise as I headed to the office to begin the task of accomplishing the many items on my To Do list. I had a song in my heart and a lilt in my step as I danced over the rain puddles between car and office.
And then the email came. We are looking into this right away. I just got this information. Wow!! It was the appraisal news I had been waiting on for a week, asking about daily and telling myself that old adage that 'no news is good news'. Well wrong answer on that one.
So the ol' blues song began as I analyzed the appraisal and comps used. Hmmm. Without going through each and every stanza of this appraisal song I will just say this appraisal makes no sense at all. None, nadda, no way.
Our home was immaculate yet was lumped with the 'Cat House' which was not. She even noted it in the remarks area that we were alike in condition. Now, nothing against cats mind you but the 'Cat House' had 4 of them that ran wild inside. they pee'd and clawed on every floor and up the walls. The smell was so powerful that your eyes would weep as soon as you hit the front door. Yes it sold but for tens of thousands under value and the Buyers had to rip out ALL the flooring on all levels AND some of the drywall. Must be why the Sales Price VS Gross Living Area was so much lower than any of the others. You think???
And the 2 sales in the like kind community right next door that settled in the past 2 weeks were not even used. No she went over to a community miles away whose overall value was lower to begin with due to location. But hey....the comp was a new home and so she valued it being in 'superior condition' compared to my immaculate 12 year old home with all the bells and whistles, upgrades, upkeep and landscaping package and no kids or pets ever inside its doors. Makes sense to me. NOT!!
So the rain let up as I worked away at my computer writing a dissertation letter to the appraiser for her consideration. Lunch passed and then dinner with nary a bite from me. It is now after 2am and I am still here. Though I am finished writing to the appraiser I am still singing the 'Underappraised Home Blues'.
Gee...It sure would have been nice if when I met her at the house I could have talked to her and her to me. It would have been nice if I could have shared what I knew about the 'Cat House' and why it was not a good comp, of information about the neighborhood and how it is one of the most sought after in the area. How an open not only drew the buyer she was appraising for but 18 other buyers as well of which a few others were late in getting their offers together. It would have been nice if she had not avoided me like the plague because I had a 'vested interest' in the property. No comps allowed with this appraiser. No sirree. Only the floor plan, plat and list of upgrades would she take from me. Oh Glory Me...
So now we wait for her to evaluate my 5 page letter of consideration that I will be sending in the morning. Yep, 5 pages. She did not have a clue. Really, really had no clue.
The sellers are tossing and turning for sure as this sleepless night slowly moves into day light. As for me sleep is not happening either. Kind of hard to shut the mind down when that song keeps playing in my head.
Oh Glory Me... I'm Singing the Under Appraised Homes Blues'
Times like these take all the fun out of real estate
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