The Road to Sold
Everything was going exactly as planned. My Gables Waterway listing hit the market with a campaign that drew dozens of buyers to tour the home in the 1st week. We successfully negotiated a contract in under 3 weeks and were off to the races to schedule inspections and appraisals.
My client maintained an impeccable property; so we breezed through inspections. Still, we knew there would be a problem when it came to the appraisal. Queue the dramatic music! The fact was that this home did not appraise on paper. Previous comparables were not as updated as this home, many of them were sold for land value, and all of them lacked one very important feature, elevation! While most of those homes were in flood zones 5 feet above sea level, this home sat on a ridge 11 feet above sea level!
Still, the chances were slim that any appraiser would know the intricacies that differentiated this home from its neighbors. Often times, appraisers assigned to a home by the bank do not even live in the same county! How could they be expected to know why this home had significantly more value? We needed a plan, so I prepared a detailed analysis of the property differentiating highlights. On the day of the appraisal, I asked the appraiser to allow me to tour them through the home while highlighting all of its features, and to provide me with a few minutes of their time to review my findings.
Days later, we got word that the home appraised, above the contract price! My due diligence had a significant impact on the final appraisal, and we closed at one of the highest prices per foot in over 4 years. The seller was ecstatic with
the outcome of this sale. He even extended me a great price on the boat he was not taking with him. Anchors away!
This was the most nervous I ever was to meet customers. Although my family was friends with the clients and we had spoken at least a half dozen times on the phone, my heart was beating pretty fast.
I kept taking deep breaths to make it appear I was fully relaxed. I’m sure it didn’t work. So why was I so nervous? This was the first time my clients were going to view the condo that they were buying the next day.
They were using my judgment and video and photo skills to determine whether they should spend a few hundred thousand dollars on a second home. They had never seen it in person and they were about to, now, for the first time. Talk about pressure!
They even brought their kids to take a look at the home. Now four opinions instead of two. Even more pressure! There was no turning back. If they weren’t happy with it and didn’t close on the sale the next day, they would lose roughly $30,000. The nearly 40 flight ride in the elevator up to the unit was pretty quiet. Definitely my fault because of my nerves.
When we got inside the condo, it was extremely quiet the whole ten minutes we were in it. As we got out and into the elevator for 39 story ride down to the lobby, I finally asked the question. “What did you guys think of your place?”
They said they loved it. Total relief!