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

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Richard Carlsen

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
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

Elite Member
Joined
May 28, 2002
Professional Status
Certified General Appraiser
State
Ohio
Atta Boy, Richard. By the way, what is IMNSHO?
 

Richard Carlsen

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
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
 
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