Wish I Were That Good

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 Wish I were that good

 

 

A long time ago, when I met an appraiser at a property scheduled for immediate closing.  It was late in the afternoon, cold, raining, and dark. There was a problem, he said there was a faulty AC unit. No, sir, this house does not have air conditioning. He pointed to an old rusty abandoned unit that was in the yard. Because it was on the property and had peeling paint, he would not approve it.

 It was way too big and bulky for me to move. I asked for 15 minutes to resolve the problem. 

   I went to the nearby hardware store and bought a can of spray paint.

Armed with an umbrella in one hand and paint in the other, I sprayed the entire unit covering all rust and peeling paint. That was acceptable, and we had closing the next day.

The appraisal came in 100 dollars below. When questioned, the appraiser said he had to back out the value for a Ground Rent. My response,

“ I wish I were that good.” 

 

Margaret Rome

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Tags:
low appraisal
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homerome
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under appraised
wish i were that good

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Rainer
368,127
Raymond Denton
Homesmart / Evergreen Realty - Irvine, CA
Veteran Friendly Realtor®

I don't know what Ground Rent means ...

May 03, 2020 08:03 AM #4
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Barbara Todaro It was hard to believe then and hard to believe looking back but we don't have to make this stuff up!

May 03, 2020 08:04 AM #5
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Raymond Denton Here is a post from 2006 explaining Ground Rent

May 03, 2020 08:14 AM #6
Rainmaker
451,987
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Great solution! I wish I were able to think that quick on my feet. Glad you had a successful closing.

May 03, 2020 08:33 AM #7
Rainmaker
4,822,924
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Margaret,

What a great story, and you really were super quick on your feet.  Wishing you a great rest of the day, and week ahead. A

May 03, 2020 10:14 AM #8
Rainmaker
1,460,358
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Margaret,
The world belongs to problem solvers, doesn't it? 

May 03, 2020 10:30 AM #9
Rainmaker
914,366
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Love to see how creative you were, not sure why he was willing to accept it when painted, knowing it was rusty below, appraisers can make trouble for no reason. I know I have scraped paint down and hit it with a fresh coat of paint for a VA loan when my seller was living abroad.

May 03, 2020 11:03 AM #10
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Anna Banana Kruchten Arizona's Top Banana!
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Make it happen! Just make it happen! That's it, that's exactly what we do - constantly!  You crack me up with your can do attitude! Love, love LOVE it!

 

                                      You are so featured in BananaTude!

 

 

 

May 03, 2020 11:04 AM #11
Ambassador
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Margaret Rome Baltimore 410-530-2400  He was doing his best to try to make it work  Good thing you were the agent 

May 03, 2020 12:44 PM #12
Rainmaker
2,725,949
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Now, tht's what I call getting it done!  It would be wonderful if all issues could be easily handled with a can of spray paint.  

May 03, 2020 03:20 PM #13
Rainmaker
2,725,949
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS Jane, on having this blog FEATURED in the Old Farts Club group!  

May 03, 2020 03:21 PM #14
Rainmaker
1,369,738
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

I don't listen to those who say it can't be done. There is always a solution and you proved it!  Nice thinking. 

May 03, 2020 03:43 PM #15
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Nick Vandekar, 610-203-4543 The unit was abandoned trash...nothing to do with the house. I came up with the idea for painting it and he agreed...not thinking it could be done at night in the rain.

May 03, 2020 04:38 PM #16
Ambassador
3,171,377
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Anna Banana Kruchten Arizona's Top Banana! Love being featured by you. It's taken all these years for me to blog about this appraiser. Since it was going to be a topic for today's show, it was also good for the radio.

May 03, 2020 04:40 PM #17
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Hannah Williams He was sure doing his darndest to make it not work! I do wish I had kept his name and had a 'conversation'   with him a bit later in my career.

May 03, 2020 04:44 PM #18
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Myrl Jeffcoat  A can of paint or a roll of duct tape might just fix everything.

Thanks for the feature in your  OFG!

May 03, 2020 04:46 PM #19
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Sheri Sperry - MCNE® Not a good idea to tell someone like you or me that it can't be done!

May 03, 2020 04:47 PM #20
Rainmaker
3,341,640
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Ah the good old days when you could meet and have a conversation with the Appraiser... I sort of kind a like the fact I do not have to interact with some of these "geniuses" keeps my temper under control, Endre

May 03, 2020 10:26 PM #21
Rainmaker
3,162,705
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Margaret.

Hmm, never heard of ground rent before.  I see you have a link to it, thanks.  Another reason why I come to the Rain, I learn something

May 04, 2020 01:13 AM #22
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Lucky sellers that you were their agent, Margaret! Our best solutions come when we're flying by the seat of our pants sometimes, don't they?!! 

Happy Monday!

May 04, 2020 09:54 PM #23
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