Fun To Be Right.......Sometimes

[Richard Carlsen]

A Realtor friend referred a potential prospect to me for an appraisal on their waterfront cottage. I did the appraisal and delivered it, knowing full well that my friend was working on getting the listing and would more than likely be shown the appraisal. I hoped he would get the listing because, IMNSHO, the property was very, very marketable.

The next time I saw him he asked me where I got the “price” for this property. He gently chided me at being $65,000 to high. We talked about the waterfront market and let it go at that.

Yesterday, I received a call from a downstate buyer who indicated that they had a P.A. on the cottage and were wondering if there was anyway that they could use the appraisal for their financing. I told them the rules and then we talked about the cottage and lake property in general. This was a very knowledgeable buyer.

Two hours later, the cottage owner, my client, called and told me that it was okay with him if I redo the appraisal for the buyer if it would help the transaction along. I thanked him and asked how long it took to find this buyer. His answer was that it took one week of being a FSBO and he had two couples that wanted it. This buyer got an acceptable offer in first.

When this one closes, it will be fun to deliver an unlisted “comp” to my Realtor friend, even if he thinks it is about 20% overpriced. It sold fast indicating that the market was there.

It is important to remember that Brokers/Realtors are not always high in their pricing of properties. Sometimes they can be low and with a low listing price, take on significant additional liability.

Nevertheless, it is fun to be right sometimes.

 

[Joker]

Atta Boy, Richard. By the way, what is IMNSHO?

 

[Richard Carlsen]

Doug;

I’ve just been waiting for someone to ask what IMNSHO stands for.

It stands for: In My Not So Humble Opinion (I made that up)

If you can’t toot your own horn, why play in anybody else’s band?

Regards

 

[David C. Johnson]

Richard:

Good to hear of it. I just now read your post after making one myself on another sub-forum. This concept is so rare / foreign, I thought it a bit of an ironical coincidence, and decided to make a link here to that post.

Click RatCheer on this here Hyperlink

However, I will add a warning to you and others: IMELSHO (In My Even Less So Humble Opinion), any time an appraiser produces an unexpected valuation, he/she can be asking for trouble.

Assuming you had any idea what the agent thought was the correct value prior to your work, thanks from many of us for taking the risk!

dcj

PS. My post is not to say that your friend was attempting anything dishonest. In this case, it probably goes to show that sometimes professionals, even experienced sales agents, are not so good at producing market value (or even listings) without performing an appraisal.