Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
When You Know A Listing Won't Appraise
I wrote two offers for two different buyers on condos that I know won't appraise. The first offer was for an Orland Park condo that was priced close to what the buyer paid for it in 2009. The most recent comparable sold for $40,000 less.
Why is it listed so high?
The young owners updated the kitchen and baths beautifully. This was definitely the nicest unit we had seen in 3 days of searching (this buyer is ready to go). I know kitchens and baths can cost a lot, but I'm not really sure we're talking $40,000 in this situation. And try to get an appraiser to agree.
We're waiting for a counter-offer but I don't see this going through at all after speaking to the listing agent. They already turned down a higher offer and that price might not appraise. I guess these sellers figured they would get their investment back 100% (and then some) once they decided to sell. The updates were done 4 years ago, so although they're beautiful and still in style, they're not brand new.
They are going to build a house, but the listing agent said that if they can't get what they want/need, they'll remain in the condo (it ... more
Are you on The Rain? Grow Your Network!