It truly is a good day in ones life when you are basically told by someone who is supposed to have more knowledge then you that hummm maybe you were RIGHT!
That’s right today is a day that I was right! Write it down quick for all you non-believers in me being right, I have proof! And the round of applause is expected……
Now let me explain….I have a buyer that really wants a house, so we wrote up that great fantastic house that is unlike any other house in town. By this I mean some of the interior finishes and touches as well as all energy saving appliances that are ultimately going to save you dollars in the end.
We wrote this offer up wayyyyyyy under their asking price and submitted it with a nice letter explaining that because of appraisal issues we felt that our price would be right where it would come out on appraisal. They took it!
And so there it began, the appraisal was done and we waited over a week for the appraisal to be turned in. It was a local appraiser, I felt he knew his values no problem! Wrong! He came in a measly $6000.00 under the agreed upon price. Seriously are you kidding me!
With that the lender and I got together and said ok “what’s going on here?” I KNEW my values, I did my CMA I knew where that value was. I took a look at that appraisal and guess what I found? Sloppiness, pure sloppiness. The appraiser rated all the appliances in the house as “typical” not noticing that they were all energy savers and included tons of other extras. Then the one that took the cake is where there was a box to check off for “fence”, It was blank!
Directly on the contract a nice vinyl fence was written in with the date that the fence would be complete. Apparently his eyes weren’t working that day. So we asked for a reconsideration of value from the appraiser with all of those issues on it, as well as other comps that could have been used. Then we waited for 72 hours!
I got a phone call from the mortgage broker today AND I WAS RIGHT! This same appraiser had gone back out to take a look again and determined that the price of the house was actually $15,000.00 higher then his previous appraisal. I’m giving the appraiser the benefit of the doubt and thinking you know, maybe he had an off day for that first appraisal. We all do make mistakes sometimes. Sometimes though those mistakes cost people the homes of their dreams.