To use one of my husband’s favorite phrases…. “well, that was a gigantic kick in the crotch”.
The townhouse I now have under contract just appraised at $14,000 less than our offer price. Whoa. The buyer’s agent actually sent me a copy of the Appraisal, and here’s what happened. The property we are selling has had major upgrades. New screened room. New Water Heater. New Engineered Hardwood Flooring. New Kitchen with Granite Counters. New upgraded appliances. The only thing is, the 2 upstairs bathrooms have NOT been upgraded, so when Mr. Appraiser went around the house he rated our home as a C3 rather than a C2. To be a C2 it would need everything upgrading, not almost everything. This put our property into the same ballpark as properties with the original kitchens, original carpets, and the original laminate counters. How is this even close to being a fair market appraisal?
So now what? The buyer’s agent is putting together numbers tonight to see if he can go back for reconsideration. Trouble is, we don’t have any issues with the comps he used, just the way he rated them.
No idea where we go from here. I think I’m actually going to give the Appraiser a call in the morning and ask him why he didn’t give any accounting for the upgraded everything on the lower floor. I need to figure out who is wrong here, because if I am wrong and shouldn’t be calculating updates into my CMA’s, then I need to know that, and if he is wrong, he needs to know that too.
I am not a happy camper this evening. I need leads. I need to get out there and pull in some active buyers and sadly that is something I absolutely hate. I know, some Realtor, eh? It’s all about the door knocking and the marketing. I’ve been working on my social media marketing game, but I think I need to put some more effort into that. 2019 should absolutely be my ‘Marketing Me; year, I just need to figure out how.
On that note, I’m off to go and drown myself in a glass of wine. I’ll keep you updated!