This is quite possibly the most iconic home in Fairview. It’s on a phenomenal corner lot with huge trees and the home sits high on top of a hill. You look up there and it’s just so impressive. And from up there looking down to the trees, circular driveway and street is just as dramatic. It’s the home many publications use to promote Fairview.
It took about a year and a half to close but only because the sellers weren’t that motivated to sell until they found and closed on their new home. Once they lowered the price to $1.395 million, it didn’t take long to go under contract (at least for million dollar homes out here).
This didn’t have to be a tough sale, but it ended up that way. The buyer and seller, after some negotiating, agreed on a fair price. They worked through the repairs and the seller agreed to put on a new roof. Everything’s rocking along … until the appraisal. He didn’t miss it by a little, he missed by a LOT. If we didn’t have a buyer who agreed it was a bad appraisal, this sale would never have happened. It also helped tremendously having an experienced buyer agent on the other side helping me hold it all together. The buyers and sellers met between the appraised and contract price and it closed today.
I honestly cannot remember more than three appraisals in my entire career that missed by this much percentage wise, and this particular appraiser was involved with two of them. Hopefully I won’t see him on another transaction. Although this is frustrating for me it’s much worse for my clients. In my opinion, that appraiser cost my seller a lot of money.
Remember, appraisers have to come up with a valuation simply by working off pictures and two paragraph descriptions on the MLS. They’ve probably never walked a single home or lot they’re using for a comparable, much less sold one. And they’re the ones telling the lender and buyer what the property is worth?
Sorry for venting, but I feel better. The home was listed for $1.395 million and we’re just happy the sellers are now getting to move on. Thank you John and Joyce for sticking with us through this difficult and stressful transaction!