This Could Happen To You So You Better Know Someone Who Can Fix It

By
Real Estate Agent with Cell: 703-677-1120

What if you were buying a house, and the appraisal came in $6,000 below the sales price, and the seller refused to lower the sales price to the appraised value?  You REALLY want the house, but you are reluctant to pay over the appraised value for it, but the seller says he won't lower the price.

That's a price my team is dealing with right now.  We are helping a buyer close a sale on a house that is lovely in every way.  The sellers bought is in 2006 for $555,000 from the builder.  Since then, they have updated the bathrooms, added a theater room, and a wet bar with wine chiller, fridge, microwave, and fancy tile.  They put the house on the market for $505,000 in late September because the last the last three houses in the neighborhood that were the same model sold between $402,000 and $495,000 without the theater room and wet bar.

Our buyer offered full price, $505,000, and asked for a $4,000 closing costs credit, which she got.  Hooray!

The appraisal came in with a price of $499,000.  The appraisal showed the wet bar and gave a value of $4,000, but it did not show a value for the media room, or the updated bathrooms.

As I said, Mr. Seller said at first blush he wasn't going to budge on his price.  The buyer said she would add an extra $3,000 to the price to meet him half way to the value; The listing agent said she would chip in $500 of her commission toward the difference.

So we are letting him marinate on this thought: Is he willing to give his house back to the market, and look for another buyer over $2,500?

Is he going to let $2,500 stand in the way of a settlement in two weeks?  In two weeks he will be out of this house and into his new house.  

We found out that he is buying a new home from a builder, and one way or another, he MUST go to settlement on the new house.

So we shall see if he is pig-headed enough to turn down a sure thing over $2,500.

This round of negotiations has been going on for a week.  We have been holding our client's hand through the process.  We've hit some turbulence, just like an airliner flying across the nation.  Our client is the passenger and we are the flight crew.  We may hit a little more turbulence, but one thing she can count on is we won't bail out on her.

If you are thinking about selling or buying and you want a team that of skilled negotiaters working for you, you need my team and me on your side throughout the process.

Hopefully, your flight from homeless to home owner will go smoothly.  Just remember, we won't bail out on you.

Talk to Erick Blackwelder about buying or selling a house.  Text or call Erick at 703-677-1120.

Or you can email Erick at his website. 

Erick Blackwelder
Exit Realty
Equal Housing Opportunity

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Erick BlackwelderCall or text Erick Blackwelder right now for help finding a home, or help selling your house.  

Don't worry... Erick doesn't bite, and you won't get a sales pitch.  Text or call Erick now at 703-677-1120 for a FREE consultation.

CLICK HERE NOW to search the Multiple Listing Service (MLS) for homes for sale in and around Woodbridge, Lorton, and Mount Vernon.

Exit Realty Associates
8998C Lorton Station Blvd
Lorton, VA  22079
Equal Housing Opportunity

 

 

 

 

 

 

 

"Hey Erick, tell me more about...."

Click the link above to email a question to me or call me now at 703-677-1120.  

 

 

Equal Housing opportunity.

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Show All Comments
Rainmaker
185,763
Jennifer Ferri
Title Junction, LLC - Fort Myers, FL

Awesome story and senario. Great way of explaining how the shortfall can be overcome and I love how you will stand by your client along the way!

Nov 13, 2014 01:28 AM #1
Rainmaker
104,435
zeta cross
Smart Green Realty - Philadelphia, PA
Getting Greener Makes Your home worth more!

That seller is really tough, Erick Blackwelder. Good luck!

Nov 13, 2014 02:08 AM #2
Rainmaker
1,462,764
Jeff Jensen
The Federal Savings Bank/Lending in 50 states - Greenwich, CT

You have told a story here that has happened all too often.  I hope they bought the house!

Nov 13, 2014 06:50 AM #3
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Rainmaker
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Erick Blackwelder

Text or call Erick now at 703-677-1120.
Text or call Erick now at 703-677-1120.
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