When thinking of sellers who just refuse to budge on their price, I'm thinking it logical to explain things from an appraisl point of view. This little light bulb just went on in my head with my most recent client.
They had been trying to sell their house for about a year and a half. Of course it kept expiring because it was priced way above market. They wanted $239,900 when the comps were going for around $206,000. They thought that because they had such beautiful upgrades their house should sell for much more. Wasn't gonna happen. So they list with me, I couldn't get them to go any lower than $215,000 but luckily we got an offer. The offer came in wanting $6000 seller's assist and that wasn't gonna fly with my client. The buyer's agent continued to explain that they would offer more than the $215,500 that they did but thought there would be issues with the appraisal since the comps were so much lower. Sooooo, I called a broker friend of mine and asked about this and was told that there could be issues with getting the appraisal as well. So we took the offer up to $220,00 and gave $5000 seller's assist and prayed that the appraiser would agree on the value. Well we had an appraiser who was gracious and granted us the $220,000 wish.
My in all of this is, if it is a matter of appraisal can't the sellers be educated on how appraisals work in the sale of their house in order to get a price reduction. I mean after all, if it won't appraise for the price they want then why price so high?
Am I crazy, dumb, or right?
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