Congratulations to Heather for closing on 460 Broadwing in Fairview today. This is a beautiful single story home inside and has a gorgeous pool setting along a creek. The home was listed at $999K and we represented the seller.
We'll be taking the interior pictures down within a week or so, but you can still see them
now if you're curious. Here's the LINK.
The Back Story - This wasn't the first time we had this property under contract. Several months ago, we were proceeding towards closing with another buyer. Everyone was happy when it all came to a screeching halt. That's because the appraiser came in with an appraisal of $85K less than the negotiated contract price. That's almost 9%.
Once a seller sees a bad appraisal, the damage has been done. What incentive do they have to agree to another appraisal for the purpose of raising the value of the home which would cost them more money?
Since the buyer wouldn't come up on the price and the seller certainly wasn't going to come down, the contract terminated and we had to start all over again. Fortunately, the seller wasn't in a position they had to sell their home or they might have had no other choice than to sell the home at a big loss.
The great news is we put the home back on the market again at the same price and it went under contract again. This time the appraisal came in right on the nose which confirms my belief we just had a terrible appraisal the first time around.
This was a very stressful transaction for the sellers and Heather did a great job keeping them calm.