Oh, boy. This one really throws me for a loop....
After a couple of months of looking at houses that were too small, or too big, or too dated or too dark, and finally finding just the right place (I'm pretty sure my client is Goldilocks...), we put in the offer. This home really spoke to her.
Not in a creepy have-you-gone-off-your-meds? kind of way. More of the wow-I-could-really-see-myself-living-here way.
We submitted a good, strong offer and commenced the financing paperwork. RED FLAG! It's a condo and there is a lawsuit pending between the HOA and the builder...
BUT WAIT! We found a lender who is willing to take it on a case-by-case basis. Hooray!
Until. The appraisal came in LOW. Here's where it really gets fun. <ahem>
The seller's agent is pissed upset. The sold comps are accurate, says he, but the adjustments haven't been done accurately to reflect how much this place truly is worth.
Plus, his seller has no money at all to bring to the table. (Then Why is Your Seller Selling?)
Plus, his seller already closed on his new place. (oh, is that why he's selling?)
If my buyer "can't do it", they need to put it back on the market and find a new one.
Hmmmmmm...... well, let's just break that down, shall we?
- The Lawsuit. Most lenders won't touch a condo that has an HOA/builder lawsuit pending with a 10 foot pole. Trust me, my buyer went through 5 of them before she stumbled over this one.
- Adjustments. You may think that the counter tops and the concrete patio and that because the carpet was vaccuumed every day it is worth a whole lot more, but the appraiser may not agree.
- Appraisals tend to be like glue. They stick with a property for awhile....
- Your seller already closed on his new house. He now is the proud owner of 2 mortgages (at least)!
- Because your seller wanted to "hang out" during the inspection, he got to chatting with my buyer. A whole lot. And she knows that he had a no money down VA loan for his new house, and that his mother left him some cash when she died recently.
Next time you start to raise your voice at me, I'd like you to put your ego aside for a moment and consider whether you are doing this for yourself or your seller.
And if you choose to put it back out there, good luck to you...truly.
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