For this home I sold in Saratoga for $4,550,000, I was the agent for the buyers and this was our 2nd transaction together. The actual search was a long one in that they were looking for their ‘forever home’ after over 10 years in their first home, it took about 10 months of looking, but they finally found ‘the one’.
After all those months, they actually only made 2 offers! This home was a very hot home and super competitive, there were 10 offers, and we were not even the highest offer, but we were decently close. I got super lucky in that the agent, who was also the seller, and this was her first transaction ever as an agent, on her own home, wasn’t too thrilled with the agent who submitted the top offer.
Apparently, she didn’t really connect with that agent and preferred to work with me, so gave us the opportunity to match the highest and best bid, and we got it! We had to go $770,000 OVER the listing price, no, that is not a typo. And, of course, as with most offers, the buyers had to waive ALL contingencies, loan, appraisal and inspections.
The transaction hit a snag when 1 of the appraisals came in low. In this price range, the banks require 2 appraisals, 1 came in just fine, the other came in quite low. The appraiser who did the low appraiser was just absolutely horrible and very unprofessional. So, we had to fight that appraisal, which of course, no appraiser likes, but this appraiser actually used a pending comp, using the list price, not the sale price, which happened to be hundreds of thousands of dollars higher. He also used a very old 2020 comp, the comps were just a mess, and he even had flat out incorrect data on the report.
So, we had to go back and forth and it took a group effort for all involved to get the appraisal up. I’m assuming he was bitter, because even in the end, he didn’t bring it up to the full value, but he did raise it a LOT. And, we were able to muddle through the drama and successfully close the transaction. But, it did cause delay and then last minute 11th hour rushing to close on time.
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