Low Appraisals Don't Mean Your Deal is Dead
I sold my very first fixer, which I remodeled myself, to the first buyers who came along. We didn't negotiate price. The buyers asked me how much I wanted, I gave them a flyer with the price on it, and they bought it, no questions asked. Everything progressed smoothly until the appraisal came in 10% less than the purchase price.
My initial reaction was one of shock and disbelief.
The appraiser explained he could not appraise it any higher because one of the bedrooms led into the other. So even though I had bought it as a two-bedroom house, this particular underwriter would not accept an appraisal based on comparable sales of two bedrooms homes. It appraised as a one bedroom. Well, I was not about to lose this sale, so I . . . read more
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Comments
Hey, Elizabeth,
I wanted to read the rest of your article, “Low Appraisals Don’t Mean Your Deal is Dead”, but when I click on the ‘read more’ link I got to a whole different article. By the way, I enjoy your informative real estate articles.
Oh, sorry, Jody. If you want to know what I did, you were supposed to figure it out from the article, from the choices I laid out. But I will tell you. What I did was lower the price.