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