Neglect

Oh, dear readers, how I have neglected thee. I am appalled it has been more than 4 months since I have written. Though I have been quiet here, real estate and my life certainly have not. The Spring Market came and went- And with it the Tax Credit. It sure had us scrambling! I saw buyers going mental to get last minute showings and deals put together, multiple offer bidding on nearly everything and buyers and agents alike rushing to get in under the deadline. $8,000.00 sure can be a motivator!


And then there were appraisals! In a matter of two weeks I had two appraisals come in more than twenty thousand- yes, you heard me correctly- twenty thousand under the contract price.

I was lucky to have one of them be with buyers who were very familiar with the local market and knew they weren’t going to get a better house for their money, matching their criteria. I was also lucky said buyers were only financing 38% of the contract price. They needed only to write a letter to their bank acknowledging and accepting the difference. Not true with the other deal. After much time, patience and work, we are back to square one….and both buyer and seller lose out on the credit.

Now, anyone keeping even just half an eye on the market knows prices have been all over the place, but this is potential trouble. Because I’m not the only agent with this experience lately. I’ve spoke with many. We’ve all found the troubled appraisals to be performed by appraisers from other parts of the state. Coincidence? Which poses the questions- Are appraisers from different regions truly familiar with a market so far away? Are they hurting or helping the market? (Will this get me in a bit of trouble? ;)  ) I’m afraid this may be a concern for buyers and sellers to come.

So what can you do? I’m sorry to say, in many cases- nothing. Some banks will allow you to perform a second appraisal- for an additional few hundred dollar fee. However, more often, they will not. And those that will, might not accept the new appraisal. Or perhaps the new appraiser will also come in low. I do suggest you ask your agent to give it a go though. I tore those appraisals apart! I perform my comparative market analysis the same way an appraiser performs their appraisals. I never let my buyers enter into a contract without performing a CMA. I knew our prices were fair. In the first instance the lender was ready to perform a new appraisal. In the second, I was representing the seller so my efforts were futile. Unfortunately, the buyer’s agent did not share my passion.

Personally, I have had much time spent in my gardens (hooray!), many wonderful beach days with my family… and even got in a week off! Although I think I am still recovering! One week off equals three weeks of cleaning up. I needed it far more than I ever knew. I feel refreshed and renewed. I’m blogging again!

…and with that, I leave you for another day. Not 4 months this time!