Today I sent a text message to an out-of-town seller. I cringed as I typed the words and I knew she would be upset when she read it. Procrastination was not an option. The appraisal arrived and the purchase price exceeded the appraised value by 2.5%.
My seller's home showcased new hardwood floors, new granite and stainless kitchen and three remodeled bathrooms. It is gorgeous head to toe. The comps the appraiser used were so, so and included a short sale with missing appliances, a 1970 something original kitchen and similar baths. The condition of all, including my client's, were rated the same, "Average."
The thousands of dollars my client spent upgrading her townhouse in 2008 rewarded her with enjoyment and it was a great selling feature. However, it held no weight with the appraiser. I'm sure we will be able to negotiate and move forward with the transaction. The buyers will reap the reward of purchasing a remodeled unit at near original condition price, and my seller will move forward with her up-leg purchase. The real estate world continues to turn--the challenge is to navigate the twists and turns, the negative and the positive with cooperation, education and resolution.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.
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Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333
PalosVerdesLifestyle- Norma's award winning site as the best Palos Verdes homes and real estate blog since 2007. Selected by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Awarded 5 out of 5 stars by Lender411 blog review. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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1631 Westmont Dr., San Pedro, CA $449,500
