Today I sent a text message to an out-of-town seller. I cringed as I typed the words and I knew she would be upset when she read it. Procrastination was not an option. The appraisal arrived and the purchase price exceeded the appraised value by 2.5%.
My seller's home showcased new hardwood floors, new granite and stainless kitchen and three remodeled bathrooms. It is gorgeous head to toe. The comps the appraiser used were so, so and included a short sale with missing appliances, a 1970 something original kitchen and similar baths. The condition of all, including my client's, were rated the same, "Average."
The thousands of dollars my client spent upgrading her townhouse in 2008 rewarded her with enjoyment and it was a great selling feature. However, it held no weight with the appraiser. I'm sure we will be able to negotiate and move forward with the transaction. The buyers will reap the reward of purchasing a remodeled unit at near original condition price, and my seller will move forward with her up-leg purchase. The real estate world continues to turn--the challenge is to navigate the twists and turns, the negative and the positive with cooperation, education and resolution.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
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South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.
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