Chapter 4 “Day of Reckoning”
After reassuring the Buyers that the home would not fall down (anytime soon), next up was the APPRAISAL and it went something like this.
ACE shows up and I ask where he is from and he replies; “I live in Broward”
Me; “Cool and this deal is dead”
ACE; “HUH”
ACE does his thing and goes back to Broward (wherever that is) and we wait for the results, I already know the results cause ACE is from Broward and has no clue as to local market conditions.
(Little tidbit for all you Realtors out there, tax rolls are way different in Broward; you may want to point this out when you get an out of area appraiser (that’s if they will listen)).
So Appraisal comes in and sure enough it’s 20K UNDER CONTRACT PRICE.
All hell breaks loose as now;
The Buyer thinks he is over paying.
The Seller is worried that the deal will fall apart.
The Buyers lender can’t explain why it did not appraise.
and ACE, already being paid is playing golf in Broward…………
At this point there are several of things we can do to save the deal;
Buyer bites the bullet and comes up with the difference
Seller reduces price to meet appraised value
Agent (Me) can dispute appraisal…
Buyers Lender can “re appraise”
Because this is not fiction we are going to give ALL 4 OF THEM A GO and this is where the Novella becomes a comedy….