Miami real estate news and information

Another House Sells Above APPRAISED VALUE. Never give up!

16641 SW 78 Ct in Palmetto Bay SOLD earlier this month, despite appraisal issues that threatened to  derail the  transaction.

Appraisals are all across the board now in Miami and buyers and sellers are truly in the hands of whomever is sent out to value the property…  and  then  they are at the mercy of the others involved in the transaction, on the other side…   and here is where it REALLY helps to have a seasoned Realtor on your side. 

Breakfast

The appraiser for 11641 SW 78 Court  used comps that left me with my mouth open, and no words, as the listing agent.  They included sales that closed well OVER six months prior,  and included properties that in no way compared to the subject (other than that they had four walls and a roof),  and were outside of the school boundaries that added such value to this property.IF there had been no other comps to pull from …  I could understand  “stretching” the search criteria… but there were plenty of recent relevant comps that supported the contract price.

Regardless, once the lender-ordered appraisal came in, rather than  allowing it to derail the transaction,  the real estate agents involved on either side of the transaction disputed the comps vehemently.  We each submitted “comparable” relevant recent sales, and then we asked for an appraisal review (which was done … but to no avail) …   We then renegotiated the terms of the contract.   The home sold  in just a month after being listed, and it sold  for well over the appraised value.    CONGRATULATIONS to our sellers who closed …  and can move on!

We were all ready pull our hair out over that appraisal …  but we  arrived at the closing table, abeit a little frazzled.    Our sellers  hung on for a rather  wild  roller coaster ride ….    Warmest congratulations …  It was SO worth the effort.    Here’s to moving on… making a wonderful sale in a challenging real estate market…    Well, that’s really what real estate is all about…  making things work …  and not giving up.

The Restivo Team at EWM Realtors ….  contact us at 305 793-1365 or send us a note here .  Would you like to talk with us about selling or moving?    We’d love to help you with your next move!   And now is a really good time to be moving!

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