“Buyer Agent Orlando” does not think like most agents
Buyer Agent Orlando has an opinion on appraisals, only with the buyers best interest in mind. Traditional agents almost always represent the seller and not the buyer.
Lucky for Central Florida, real estate is bouncing back fast. Good for the economy, but sometimes that becomes an appraisal issue when buying a home.
Since properties prices are on the rise, sometimes comparable sales are lagging behind or there are not too many of they type you need. This is causing a lot of property not to appraise at the purchase price. This does not necessarily mean you are overpaying, it just means that there are no good comps for the appraiser to use. But that does not mean that the buyer needs to cough up more money…at least not without Buyer Agent Orlando trying first to reduce the price.
Receiving a short appraisal
As a registered appraiser, I already knew that the appraisal would be a stretch. The home was at the high end of the market, but the buyers just loved the house and all its upgrades. Yes the appraisal was short. Regardless, there are no rules that say the buyer needs to pay the difference.
When the appraisal came in at $20,000 less than the purchase price, we asked the seller to lower the price. Listing agent threw a fit. He told me that I better challenge the appraisal. OR ELSE…
Buyer Agent Orlando is working ONLY for the buyer.
Actually the appraisal was actually pretty accurate. I did not see any loose ends or holes in the evaluation. But most importantly, it is not my job to challenge the appraisal. Why try to raise the price ? As an Exclusive Buyers Agent it is my job to get the price as low as possible for the home buyer. It is not my job to raise the price for the seller.
It is also not my job to make any sellers agent happy. If the appraiser thinks the property is worth less, this Buyer Agent Orlando is all in. Lets just lower the price and close.
The listing agent threatened to sell the house to another buyer…if I did not “do something”with the appraiser. I refused. IT IS NOT MY JOB TO RAISE THE PRICE. My job is to convince the seller to lower the price. If “they” just lower the price there is no problem.
Lets just say WAR was on…
The listing agent took it upon himself to challenge the appraisal. He used comps from a different community that was a step up and had nothing in common with this property. This agent was simply off the mark on value. He was also off the mark to think that my buyer would simply cough up the difference in cash. He had not worked with an Exclusive Buyers Agent before so figured that I would do what most agents would do…Throw the buyer under the bus and make them pay more. Not this Buyer Agent Orlando!
The appraiser turned a deaf ear
Eventually the seller took the lions share of the shortage and reduced the price. Buyer paid a few dollars more. Letting the buyer pay more out of pocket should be a last resort. A good Buyer Agent Orlando will never sacrifice the buyers wallet to keep the listing agent happy.
So here is my “buyer-expert” opinion:
- Appraisers never admit that they are wrong, even in the rare times that they actually are. I have yet to see anyone challenge an appraisal and win.
- Why is it that most agents think that when the appraisal is short that having the buyer pay half the deficit is somehow “fair”. I think “fair” is when the purchase price matches the certified appraisal. That’s my definition of what is truly “fair”.
- A good listing agent should know the house value before they list the property. They should also prepare the seller for a price reduction if the appraisal is short. The burden for a short appraisal should rest on the seller, not the buyer. This is not a a 50/50 proposition…it is the buyer paying appraised value for a property. Nothing more.
Now you know why our buyer reviews are all 5 star. For expert buyer representation call Buyers Broker of Florida 407-539-1053.
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