It was one of those listing appointments you could tell was going to be a struggle when it came to cost. I had already asked the seller what they thought their home's value was, and it was about ten percent higher than my CMA was counseling. They'd a nice home, though, tastefully finished with some value-added upgrades including an overdone but succulent master bathroom for that neighborhood and age/style of home.
We began on the market at $419,900 about $20,000 higher than I'd have liked but I had helped them see that a higher price than even that may be counterproductive. The wife was very started and did plenty of research online, and she frequently had recommendations for me which we talked about. Some I incorporated, some I didn't. She even took the drive and released some postcards to mail to a target area she felt would be good to send to.
the 1st offer came in around $380,000, and after some negotiating all of them settled in at $400,000, and I presumed,'This is really good!' Then the valuer came and did his thing. When the selling agent came back a couple days after the appraisal with a $375,000, I assumed,'I don't think I was that far off.' I realize appraising can be a skill, but this one was out there. No Deal! And three days later, the contest was under contract for the same price with the same settlement date ( I called the agent...it was the same buyers ).
Back on the market. They were disappointed but refused to lower the price seriously. Well, we were back on with a $10,000 reduction to $409,900 for about 3 weeks when we took another offer. After some short negotiations, again we were in a contract for $400,000.
Even the new buyers were anxious because they'd the same happen to them on their previous contract. But I put on my best service face and fixed my attitude and met the appraiser with the partner bright and early for the appraisal.
The husband had the coffee prepared and the muffins warm! So we met the appraiser, we schmoozed, we asked him about his family, and we showed him into each nook and corner of that house. We showed him the upgraded fixtures, the island with the granite counter, the ceramic tile, and we even showed him the fantastic storage crawl space under the living room. It was galvanizing and shameless all at once!
Then the valued value came in...unofficially. It was unlicensed because the valuer failed to dot an'i' somewhere, but it appeared to be a fait accompli. I really learned something in that experience...well 2 somethings. First, I can learn from a seller or client who isn't in the business but thinks they have the best secrets ( BTW, these were VERY likeable folks, I really enjoyed working with them ). 2nd, at least with one data point in hand, it appears the appraisal may notice the effects of a little warm inviting and attention. If I feel the appraisal could be a problem I may have to try it again!
Sunday, October 25, 2009
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