Those Calls We Hate to Make

By
Real Estate Broker with Charlemagne International Properties BRE# 01147470

Today I sent a text message to an out-of-town seller.  I cringed as I typed the words and I knew she would be upset when she read it.  Procrastination was not an option.  The appraisal arrived and the purchase price exceeded the appraised value by 2.5%.

My seller's home showcased new hardwood floors, new granite and stainless kitchen and three remodeled bathrooms.  It is gorgeous head to toe.  The comps the appraiser used were so, so and included a short sale with missing appliances, a 1970 something original kitchen and similar baths.  The condition of all, including my client's, were rated the same,  "Average." 

The thousands of dollars my client spent upgrading her townhouse in 2008 rewarded her with enjoyment and it was a great selling feature.  However, it held no weight with the appraiser.  I'm sure we will be able to negotiate and move forward with the transaction.  The buyers will reap the reward of purchasing a remodeled unit at near original condition price, and my seller will move forward with her up-leg purchase.  The real estate world continues to turn--the challenge is to navigate the twists and turns, the negative and the positive with cooperation, education and resolution.

 

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

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Topic:
Real Estate Sales and Marketing
Location:
California Los Angeles County San Pedro The Gardens Townhouse Complex
Groups:
Club Chaos
The Ninety-ninth Percentile
The Single Home Buyer and Seller
Diary of a Realtor
Tags:
palos verdes coastal homes for sale
norma toering

Comments 20 New Comment

Rainmaker
279,302
Gail C. Harris
Reach the BEACH with Gail C. Harris (cell: 703.868
Resource Network, LLC SFR, AHWD, ACRE, SMAR Board Director

I really feel this, too, Norma for my sellers and buyers alike.  Appraisers in our area are gun shy.  So, not only are they low balling properties, this sets the tone for a buyer who is ready and able to pay what we all believe the property to be worth, yet makes buyers weary about the value after purchase and they're thought, "will it continue to slide"?  It's a challenging market, indeed, as Joan says.

May 24, 2010 08:45 AM
Rainer
156,291
Tom Boos
Sine & Monaghan Realtors, Real Living

Sadly, this is a common occurrence these days.  A "sure-thing" appraisal is a thing of the past.

May 24, 2010 09:39 AM
Ambassador
586,823
Janna Scharf
Coeur d'Alene Real Estate Pro
Keller Williams Realty Coeur d'Alene

That is such an unfortunate situation, and unfortunately not uncommon these days.  I have a deal that imploded based on a bad appriasal.

May 24, 2010 09:40 AM
Rainmaker
101,809
Kim Darling
GRI, "Your Home Team" Fresno/Clovis Real Estate
Keller Williams Westland Realty

I just had a deal die because of the appraisal.  I truly believe the appraiser did not do his job on this home at all.  I looked at it from every angle and it was just plain bad.  The comps he used were not comparable at all!!!  Not in location, not in condition, nothing.  The deal fell apart, and luckily we got into another escrow, but it did cost my buyer over $700 for an appraisal and home inspection, that sucked!!!

May 24, 2010 09:53 PM
Rainmaker
155,008
Wendy Rich-Soto Team At Keller Williams Realty, LA Harbor
"Because IT IS all about YOU!"
Keller Williams Realty, LA Harbor

It happens so much more than we'd like.  I am sorry for your seller because that is never a fun thing to have happen, when your heart and mind are set on the price that you have agreed to. 

May 31, 2010 03:13 AM
Ambassador
1,165,277

Norma Toering

Palos Verdes Homes in Los Angeles Area
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I am a California real estate Broker-owner. Tune in for Best Buys in Palos Verdes; Market Updates; Buy & Sell Signals; Advice to Buyers & Sellers and other real estate related topics of interest. Updates will be posted on all four cities on the Palos Verdes Peninsula, PV School District and other happenings on The Hill.

South Bay Los Angeles cities I sell real estate in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.

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