Thank you to my proactive appraiser who cared enough to ask AND will likely keep our deal together!

Thank you to my proactive appraiser who cared enough to ask AND will likely keep our deal together!

The appraiser valuing a property I’m selling actually got in touch with me requesting an explanation for my property selling for $15,000 more than it sold for six months ago – she wanted to be proactive and head off questions she knew her Underwriters would have!

After experiencing aignst from both the buying and selling side of a transaction when the appraisal comes in shy of the negotiated sales price, I greatly appreciate the opportunity to explain!

The appraiser e-mailed me, “We completed our appraisal and it’s ready to turn in except for the details surrounding the last sale last October. At that time it sold for $148,000. Although we have no trouble proving the $163,500 value now, the underwriters are going to want to know why it sold so low a few months ago. Was it a low sale – interfamily sale, bad condition? It’s not clear what updates were recently made. Please advise asap.”

I replied to the appraiser and explained that the previous owners had triplets and moved to a larger home in a nearby neigborhood THREE years ago. They had the property on the market “for sale by owner” off and on while renting it out during the three year period. After their renters left in September, they sold the property to the current Seller in “as is” condition, with the Seller making no repairs AND it was a cash transaction.

Thank you to my proactive appraiser who cared enough to ask!

So, the Seller who sold it for $148,000 had been making double mortgage payments for almost three years; he sold his property to a cash buyer, made no repairs and was not out the expense of any REALTOR commissions.

My client, the current Seller, made $5,000 in repairs after moving in and also removed wallpaper, painted, updated lighting fixtures, etc. Why she sold the property five months after purchasing it was a personal and unpredictable situation, which I explained to the appraiser with minimal details.

The response from the appraiser? “This was a huge help. Underwriters can be very cautious now, and I wanted to be proactive with this. This should satisfy them completely. Thanks so much for the help and for getting back with me so quickly.”

No, Madam Appraiser, THANK YOU for being proactive and soliciting background information from this REALTOR!

Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.

Photo courtesy of Nova Real Estate.