WHAT DO YOU DO????????????????????????????????????????????????

So here I am, accepted offer, 5 ready and willing buyers, seller happy with the results, and it looks like I am going to have to pull the property off the market for 3 months and hope for some comparables to close in the meantime that help us.

In a matter of 36 hours, I put a property on the market and had 5 offers, 4 over the asking price. We accepted the highest price and put the second highest offer in back up position. The first buyer backed out strickly out of cold feet. The second one wants the property in the worst way.

The problem? No...and I mean...no properties have recorded in this neighborhood to prove value. So, that means we are setting the bar on value in the neighborhood. I know that one comparable property is closing August 5th...and will prove value. I know that the lowest sale is a house that is almost beyond repair...it was purchased by a real estate agent who has had to put in a new electrical panel, had to gut the bathroom, had to replace the heat and air...just to name a few issues.

So, who do I get to do the appraisal? A fool...a bragart who claims to know the neighborhood, but doesn't. He appraises the property at $55,000 below the accepted price...and even after an appeal, won't budge...an inch.

So, here I and my sellers sit. We can put the house back ont the market and go through the whole thing again. We can't go to the appraised price...that is called a short sale. Even if we did, if we got 4 offers over asking the first time, can you imagine what we would have gotten if we had put it on the market at the appraised price????

I really, really, REALLY, dislike HVCC and appraisers who claim to know the neighborhood...but don't!

www.PaulaSwayne.com
DRE#01188158