I was showing some homes to a buyer before the end of last year.  I was showing them a beautiful home in La Habra and they fell in love with. The seller was asking $515,000 for his home that had been completely remodeled, including the pool and spa. I mean they had replaced all of the windows with energy efficient thermal windows, installed a new furnace and air conditioner, re-plastered the pool and spa and replaced all of the equipment. The kitchen was absolutely spectacular. New cabinets, stainless steel appliances (that were included in the sale), granite countertops - the works. My client decided to write an offer.

Before writing the offer, I wanted to check the comparables out (like I do on every home I am writing an offer on) to see what I thought the actual value was. I figured it would be about $540,000 to maybe $550,000. Not bad really considering the shape of the home and the lack of sales in the area. I couldn't have been more wrong!

The appraisal just came in this morning. After picking my jaw up off of the floor, I had to call my client as I knew it would make her day. The final value: $610,000. Congratulations...You just walked in with over $100,000 in equity.

See how working with an agent can get you a great deal!

 

7 Comments on Congratulations...You Just Bought A Home With over $100,000 in Equity!

JAN
14
2008

Perhaps the market in California continues to appreciate.  Down here in Southeast Florida, I would question that appraisal--I'd like to see what comparables were used (market is declining).

3:31pm • #1
3 Featured Posts
The market for that area was not declining and there were 5 comparables used to support the value. Plus the appraiser took numerous photos of the property showing everything that was done.
3:36pm • #2
822,998 Points 213 Featured Posts Localism Sponsor Outside Blog Hit Router

Don't you love it when that happens?

I sold a home in MD last year that I knew was underpriced in the mid $400s.  We went after it relentlessly and got it.  The appraisal came in at $50,000 over contract.  I had one very happy buyer.

 

3:42pm • #3
I LOVE when the appraisal comes in above the purchase price!!! I've had a couple of buyers who were initially skeptical about the true value (even though I explained from the beginning it was a great value), and when the appraisal came in higher than the purchase price they were thrilled.
4:23pm • #5
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I love when that happens. It makes your clients so happy and makes you look like a real professional doing your job!
4:29pm • #6
JAN
15
2008
195,221 Points 29 Featured Posts Outside Blog
CHARLES-  GREAT JOB!!! This is what sets a good agent apart from a great agent. Thanks for commenting on my post!!
9:27pm • #7

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Charles Tharp ~ Inland Empire Real Estate & Short Sale Specialist

Fontana, CA

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Prudential California Realty

Cell Phone: (626) 374-1278

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