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Date: Aug. 15, 2007
Tags: None
One thing that is not mentioned on the Seller's Guide Flowchart is the Appraisal that the buyers mortgage agent will order to meet the guidelines of the lender. The property has to appraise at $X before the lender agrees to loan the buyer a % of the money to buy the house.
This example will illustrate the benefit a Seller gets by having a mortgage agent on their Realtor's team.
My listing was priced at $835,000 and we got two offers, the higher at $870,000!! Everything was going great until I got a call from the Buyers Agent who was sorry to tell me that her Appraiser could only appraise the property at $835,000 and that the Buyers were planning to submit an addendum to change the purchase price from $870,000 to $835,000!!! How do you think the phone call to my Seller went after I told him about this?!?!?
I told Ye what happened and told her that I could not believe that an out-of-town Appraiser was used on this property, and that the value was there and now this Appraiser had ruined my life.
Ye immediately called an Appraiser that she uses a lot, who is very reputable and told him that she needed him to do an Appraisal the next day in the morning and to have it done the same day.
I called the Seller, told him what we were doing, and that we thought we would be able to support the $870,000 total purchase price. I then called the Buyers Agent and told her that we were having another appraisal done by a local Appraiser, and that if he came back with $870,000 what were the Buyers going to do? She said that they wanted the place at either price.
The next day the local Appraiser did the appraisal, we gave it to the Buyers mortgage agent, and the deal closed a few weeks later.
If Ye Gong was not on my team for this fire drill, the deal would probably not have closed at $870,000. Not only did she get a new appraisal done, but she got it done and filed within 24 hours! She essentially saved the Seller $35,000 and everyone a lot of grief and headaches.
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