Mirror, mirror on the Wall- Yeow, it's the Appraiser!

By
Real Estate Agent with RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate

Mirror, mirror on the Wall - Yeow, it's the Appraiser!  It is a win-win for my buyers right now as we have negotiated down theCar mirror - North Kingstown RI original agreed upon price of a home purchase.  This is after a highest and best competitive bid process for a North Kingstown home for sale that was on the market less than a week.

 It was a truly emotional buy for this house…the buyers walked into this home and immediately knew this was the North Kingstown home for them.  I knew they loved it.  Meanwhile another couple of buyers were throwing eye darts at them…you know the kind like what are you doing here (yes, they coveted the home too).

Even as I prepared the comparable properties to show the buyers, their hearts were going thump, thump, thump to command a price to ensure they got this North Kingstown home.  They wanted to bid higher than my comps indicated.  I reminded them it would have to appraise for the sale price.  That was also part of our contract.  No matter, they went for a high bid.  They also had the winning bid.

Who did not win – the sellers did not win.  The appraiser said I am valuing this home for $20,000 less than your purchase and sales contracted price.  Actually I was surprised and when I finally received the appraiser’s comparable properties- I would not have used a couple of them.  One property was way outside the condition of this impeccable property.  I am not arguing with it.  The listing agent is screaming!

 Challenge the appraisal then (well that is what I would do for my sellers) and substantiate your own comps but the listing agent did not do that.  We negotiated a reduction in price back and forth between buyers and seller (I felt like this was a short sale negotiation) and I was not giving up much money on our side.  Ultimately, the seller came down $15,000 on the agreed purchase price and my buyers are getting a better deal (so much for the highest and best offer here!).

You know I am glad the appraiser says it all.  Can’t always say that line and don’t want to say that line when I am on the other side of the transaction.  And I don’t want to eat my words at some point.  Mirror, mirror on the Wall, it's the Appraiser.

~~~~~~~~~~~~~~~

Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the North Kingstown RI geographic area of homes for sale, schools, happenings, important tidbits of information and  businesses well.  Waterfront, water view, ocean front, luxury and coastal RI real estate are her specialty, so call Ginny for your buying and selling home needs. As North Kingstown short sale agents, she and her team helps clients navigate successfully the rough short sale waters throughout RI, contact Ginny if you are having trouble paying your mortgage.  When you are in need of an internet savvy RI realtor® who sells homes in this real estate market, call Ginny today at 401.529.7849.

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This blog © and its contents is original to Ginny Lacey Gorman

the RI waterfront Realtor of Choice

 

Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate   

Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ...  I sell dreams!  Because there is no place like home...the RI Real Estate Agent in the Sparkly Red Shoes.

 

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Comments (17)

Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Ginny....I swear some of these appraisers do this on purpose....some of the comps are so far off base, it's not acceptable....we see this often....we challenge it....our sellers rarely have to adjust, but if they do, the buyer meets them with it....nice post...suggested...

Nov 16, 2011 10:34 PM
Scott Fogleman
New Home Team 804-573-9592 - Richmond, VA
Greater Good Group

Sounds like this worked well for your buyers.. congrats to them and you.

Nov 16, 2011 10:34 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Congratulations on the sale. I am glad your buyers got a good deal.

Nov 16, 2011 10:35 PM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Barbara, i  would fight hard for my sellers....out of area appraisers that do not know the areas/neighborhoods can't make the right valuation truthfully...it was a win for my buyers.

Scott, it certainly was..

Gita, after going through a multi bid and then getting a discount...it worked out well!

Nov 16, 2011 10:42 PM
JOSH EVANS *JoshEvansHomes 516-655-5000
Village Properties of Mineola, LLC - Mineola, NY

Great blog with some really good points. Thanks for the blog and good luck this year. 

Nov 16, 2011 11:06 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Ginny,

The only time we have problems from appraiser are when they are out-of-town and don't know the area thus their comparable sales are usually way off track. I've fought two appraisers this year for my sellers and won both....the listing agent deserves three whacks with a wet noodle!

Nov 16, 2011 11:52 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ginny, it is very nice when you get an appraisal back on your buyer's property a bit lower than contract price.  WIN WIN for the buyer!    

Nov 17, 2011 12:12 AM
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

This is great for your buyers Ginny!  I've been on both sides and the emotions are completely opposite...good that this one worked out in your favor.

Nov 17, 2011 12:18 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Ginny, well done. Some appraisers will not give out the information so that was a plus. As for the seller's agent not fighting harder, that seller got cheated.

Nov 17, 2011 05:08 AM
Erika Rogers
Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT
St George Utah Real Estate & Relocation Specialist

Ginny, I just love this kind of stories!  You did a great job for your buyers and I'm glad they got their dream home for less than they thought they were going to have to pay;)

Nov 17, 2011 06:37 AM
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Congratulations Ginny. With your negotiating skills as North Kingstown Short Sale Agents, you did an excellent job for your client! Well done.

Nov 17, 2011 07:39 AM
Carol-Ann Palmieri
RE/MAX Executive Realty, Al and Cal Realty Group - Franklin, MA
"Cal" the Real Estate Gal

Hi Ginny.   You did a great job for your Buyer.    They have to be thrilled!!

Nov 17, 2011 09:23 AM
Laurie Clark CRB Angel Realty LLC Your Monument Realtor 719-502-6572
CRB-CCSS-ASD-HBS-RSD-Denver Short Sale Agents - Monument, CO
Angel Realty, LLC

Congrats on an even better deal. I bet your clients are thrilled. Gotta love appraisers. Thanks for sharing the good news.

Nov 17, 2011 11:50 AM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Thanks all, i've been out on house problems all evening & no blog tomorrow more to follow...when it rains it pours...my buyers are very lucky here ...it usually doesn't work out this well...

Nov 17, 2011 02:22 PM
Ellen Caruso
Daniel Gale Sotheby's International Realty - Glen Head, NY

Ginny, I can't believe the appraiser helped lower the price....I thought the house actual value is what someone is willing to pay for it. And talk about what someones willing to pay....my customers made and offer for 3.2 on a house the sellers think is worth 4.5....please call in Mr. Appraiser!

Nov 17, 2011 02:28 PM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I always forget that in some areas "selling agent" means "buyer's agent." Here our "selling agent" is the "listing agent." So you can see where I was confused about you valuing he home too low and the listing agent screaming.

I have a situation right now where the BPO on a short sale is $40,000 higher than the contracted for price between the seller and buyer. Got some work to do.

Nov 18, 2011 10:44 AM
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale

Ginny - great job! It always pays off when represented by an experienced buyer's agent for a North Kingstown homes for sale. You served your buyers well.

Nov 18, 2011 02:12 PM