Friday Diary of a Charlotte Realtor® - 16JUN17

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Real Estate Agent with www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 228209

Friday Diary of a Charlotte Realtor® - 16JUN17


Well, this has been one of THOSE weeks - a roller coaster ride, for sure! We're battling our FIFTH bad appraisal - they always seem to be the ones that both agents agree, "We weren't even worried about this one!"  If you're selling a lot of real estate in our area, you WILL be bitten by the BAD APPRAISAL BUG!

The latest one compared a full-brick, side-load, FULLY updated home to a FAR inferior home in a neighboring community that is a full siding home, front-load garage and fewer updates, certainly of less quality.  The square footage was short nearly 100 SF (heated), compared to 2 previous, nearly identical professional measurements!  The lender refuses to allow a second appraisal so, we are at the mercy of the appraiser - to the tune of $20K. This one prompted my FAQ post about fighting low appraisals.

Another appraisal mistake

 

Another one, also $20K off, had tons of comparables to use and the appraiser used a comparable in his own neighborhood and was a very similar situation - front-load garage, fiber cement siding and far less quality build in an inferior neighborhood, compared to the subject property.  How do you go back to that appraiser and say, "Sorry but, your neighborhod is FAR inferior to the subject property?!" This lender also refused to allow a second appraisal. Hopefully next Friday, these two will be resolved and we'll all be celebrating!

overworked & underpaidI do understand being over-worked and under-paid but, you're tinkering with the finances of buyers and sellers and creating unnecessary havoc in the lives of these poor people...simply because you're not doing YOUR job efficiently!  Both buyers and sellers in both of the situations above are 'fighting' this with the lender. In fact, in both situations, both buyers and sellers very easily found comparables far superior to the ones used - they found them THEMSELVES!

If John Q. Public can spend 5 minutes looking for a comparable property for the home that they are buying or selling, why can't YOU, Mr. & Mrs. Appraiser?!

#RantOver  


 


One very challenging transaction that involved the IRS (that's all I'm going to say about that!), was finally Closed this week to the delight of clients referred to me by another family member/client. This one was one for the books and the lender was AMAZING, working hand-in-hand to get through the IRS minutiae with the attorney (who was also fabulous)!  This one also had a low appraisal challenge but, both parties agreed to split the difference as neither agreed with the appraiser's valuation. So, they very amicably worked it out! Congratulations to this wonderful family - it was a pleasure working together. Even when unexpected issues (that turned out to be non-issues) arose, these wonderful buyers kept smiles on their faces!

 


 

 

My wonderful hubby suprised me by adding a date night in the middle of the week. I had suggested waiting until the weekend but, he thought I needed a break...and he was so right! It re-energized me and helped me to return to work, focused and refreshed! 

 


 

 

One of my favorite referral partners/clients listed their home with me and sold it in a matter of hours with multiple Offers. I can't say how sad I am to see them leaving Charlotte but, when the dust settles with their new job in FL, one AR member is going to see exactly what I'm talking about when I say, these are some of the most wonderful clients with whom I've EVER worked! 

 

 


 

 

I hope everyone has a wonderful week ahead! Here's a little food-for-thought...

 

Success Quote 

© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com | Friday Diary of a Charlotte Realtor® - 16JUN17

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Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I love the idea of calling as a diary because it makes it more intimate and more welcoming, I think. Really good stuff! :)

Jun 16, 2017 09:44 PM #1
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Praful Thakkar
eXp Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Debe Maxwell, CRS - BAB - Bad Appraisal Bug - is spread everywhere it seems....

Wish all these are resolved soon. Good luck.

Jun 16, 2017 10:57 PM #2
Rainmaker
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Well Debe, we mirror our business lives, I just closed the VA loan.... and there were Appraisal issues.... and canceled one of my larger transactions and put in a backup offer in their place... the list goes on and on.... for me it was not the IRS for me it was The Trust:))Endre

Jun 16, 2017 11:05 PM #3
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James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Good morning Debe.  I got tired just reading about your week.  Time for a nap before we hit the road.  Headed up the coast of Maine today 

Jun 17, 2017 03:41 AM #4
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Thank you, Laura Cerrano!  I realized after reading your comment, that the bulk of this post was negative!  SO not me but, these appraisal issues truly created an inordinate amount of work this week, compared to the 'good' stuff!  

 

Jun 17, 2017 05:39 AM #5
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Every agent that I've talked to is having issues with them, Praful Thakkar! And the ones that you think wouldn't have a chance in the world of appraising, DO appraise at Contract price!  It's so frustrating - because those are over-priced (or over-settled in a bidding war) and all parties know it and are just waiting to negotiate again when we get the news it's low.

Now, I'm having to prep every single buyer and seller - regardless of the number of comps we have to substantiate the price! 

Jun 17, 2017 05:43 AM #6
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Endre Barath, Jr. - Ah, The Trust! If it's not one thing, it's another!

It's definitely been a roller coaster week, hasn't it?! I'm ready for some normalcy!  Then again, what is 'normal' in our business anymore?!

Enjoy your weekend, Endre!

Jun 17, 2017 05:45 AM #7
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Believe me, James Dray, I'm exhausted after this one too!  I have a Mophie (spare battery) on my phone and two days this week, I ran through my phone battery AND my Mophie, taking to agents and lenders about these appraisal issues! That has never happened to me before!!

Jun 17, 2017 05:48 AM #8
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Grant Schneider
Performance Development Strategies - Armonk, NY
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Good Morning Debe - I am sure that is hoping in hot markets.  I hope that reason will prevail in this appraisal being re considered.

Jun 17, 2017 05:56 AM #9
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

We're working on it!  My relocation buyer for this weekend re-scheduled so, I am free to work on these. It's incredibly time-consuming. Here's one of the appraiser's tasks - find ANY sale with surround sound (or any of the other 10 updates we sited) and one EXACT home without it and give me the difference in price. It doesn't have to be in that neighborhood, just the 'general' area (which is a vast area) and doesn't have to be in the same price range.

My first reaction to that - don't they have values that they commonly use for these upgrades - for each one?!  I thought they did appraisals like we do CMAs - giving valuations for each item! Anyway, I'm going to work with these other agents to get this done this weekend...we shall see!

Jun 17, 2017 06:30 AM #10
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Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

People tend to not believe what a roller coaster ride working in real estate is, haha.  I love hearing about your trials and tribulations, as I know that you always overcome them and come out smelling like a rose!

Jun 17, 2017 07:18 AM #11
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Oh, I need to smell like a rose on these two, especially! Both of these transactions are buttoned-up other than the appraisals and it's maddening that the ONE thing that is beyond my control is causing the road block!

Enjoy your weekend, Brian!

Jun 17, 2017 07:48 AM #12
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Pat Starnes
Front Gate Real Estate - Brandon, MS
Broker Associate, ABR

Debe, I'd be ranting over the sour appraisal results, also. There is no comparison in the photos the appraiser used vs the one he/she chose not to use. Fortunately I haven't had the low appraisal issues in my market (MS) but I know others who have. It's exasperating! I don't think the post is too negative. This is a real issue that can complicate sales for buyers and sellers.

Jun 17, 2017 09:58 AM #13
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Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Appraisals are becoming more and more challenging as the good ones leave the business and new ones enter who don't know the market or the area. Material facts should be challenged but when they don't matter because the bank won't listen, it's a dirty shame. At times like that, it's best when buyers and sellers have a meeting of the minds and can agree, thanks to your guidance.

Jun 17, 2017 11:08 AM #14
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

That's sweet of you to say, Pat Starnes! It really is a serious issue and someone has to come up with a way around these strict guidelines that we have about being able to reach out directly to the appraiser to share very useful information. Even if we had to document it for all parties to have access to and keep it in their mortgage file (to show that there's nothing under-handed going on), I welcome some changes!! 

Jun 17, 2017 12:34 PM #15
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Oh, yes, they sure are, Patricia Feager!  I think you're right - the good ones leave the business and the new ones don't seem to have the 'work ethic' that the older ones do/did. It feels like a get-the-job-done issue to me - especially when I can, in a very short period of time, locate more than 1/2 dozen errors. 

Then to be told that there isn't 'enough' to warrant a change, I feel like my head is going to expolde!!  As you said, it's a 'dirty shame!'

Have a wonderful weekend, Patricia!

Jun 17, 2017 12:37 PM #16
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