SOLD in Wilmette! A success story on a home that failed to appraise.

So we’re out shopping for homes and happened upon a lovely place which just sold two years ago for 20% less than its current sale price.  Now we know the market was not as good two years ago, but you’d be hard pressed to find a full time agent who would attest that the market has gone up in value 20% since then.

So we negotiated and negotiated and negotiated with the sellers.  My buyers l-u-v-e-d this home but our negotiations took almost two weeks because my buyers wanted to increase their price each time, and I had to keep hold of their collar saying “It’s not going to appraise for this price!”

Not sure if the buyers believed me or not, until I got that phone call after the lender sent their appraiser out:  “Are you ready for a belly-laugh?” my buyer said.  I knew exactly what was coming next.  “You were right – the house didn’t appraise.”  So, what happened next?  We renegotiated the price down because I worked for the buyer in this case.  Had I worked for the seller, we might have ordered another appraisal, and stood our ground on the price.

My clients come to know I’m cautiously optimistic – my energy & enthusiasm are a must-have in this business, but that is tempered by my knowledge & history in the market, and the experience from being in this business full time for a long time.  I don’t have a crystal ball, but I have a critique and an absolute strategy when I work for a client, be it buyer, seller, landlord or tenant.  As one of my past clients said to me “You have a critical eye.”

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