Appraisals

I have a success story about an appraisal. Well I consider it one because I have been through a ton of obstacles with this one property I have had since November. I got the listing in November of 2008. It turned into a short sale in Jan. of 2009. I have had countless offers on this property and two contracts have fallen through in which one was a week away from closing. The buyer could not financially afford the home even though I got a pre qual letter on him. Also the house didn't appraise for listed price. We were asking $139,900 and it only appraised for $133,500. Ok so back on the market current I go back to another agent and see if her clients still want the house, they had previously made an offer and was beat

out from another offer that was higher and bank accepted it. She said yes they loved the house let me ask them, they ended up walking away from another house and losing $500 earnest money because they wanted the house so bad. Well we are in the middle of this and two weeks ago I get a call from the other agent, are you sitting down new appraisal done and house didn't appraise for $133,500 anymore which 6

weeks ago it did. Wow I though that is really unfair. I was upset didn't know what to do, buyers didn't have the extra money and of course the sellers are in a short sale and can't come up with the money either. So me and the other Realtor put our heads together and I told her this is the same bank why

can't we use the old appraisal it has not been that long. She said well you know I have been told if the

last loan was FHA that the appraisal should be registered to that home for 6 to 12 months. She said lets

give this a try and see if we can't get them to use the old one. Well after a week of e-mails, phone calls and sweating bullets we were able to get the lender to agree to use the previous apprasial and said that someone didn't register the previous one to the house or they would have never had a new one done.

They were unware of this and when we told them they did some research and found it and we were able to keep this deal alive. My sellers were so excited and of course the buyers were as well. So I guess the reason I am sharing this story is for people like me that didn't know you could even do this and to not give up on any deal until you have hit a dead end in every corner and been told no by everyone.

Your representing your client and you should go that extra mile until you find a way (legally of course) to make it happen if at all possible. So the deal is back on and should close this month.

I also notice that you learn something everyday in this business. That is what I love about it, never boring and always learning something new that makes you better and more prepared the next time you encounter a similar problem.