SOLD in only 29 Days! — South of the 134 Freeway
Albert almost got into a fight with the appraiser on this one!
The average home South of the 134 Freeway sells within 83 days and normally experiences an 8.5% drop in value before it sells.
I knew that I was headed for a challenge when I listed this property, especially since it was not in it’s best condition. This home needed a great deal of TLC throughout.
THE RESULT: We applied the same concept we use for our other properties, and ended up selling this home in only 29 days with multiple offers.
THE CHALLENGE: The original appraiser came in at approximately $68,000 below what we sold this home for. The buyer was getting nervous, and the selling agent had only one option for their buyer – to cancel. Our option, on the other hand, was to roll up our sleeves and to make this work — and that’s exactly what we did.
THE APPRAISER WAS CLUELESS! The appraiser was very apprehensive when it came to showing him how to value this area. He did not have the tools, resources, or knowledge on which homes to use, and how to value properties. In addition, he was very defensive and was adamant on his discoveries. My 2 year old son, Joey, could have been more conclusive and accurate!
OUR SOLUTION: We had to intervene and demand a new lender and appraiser. We were fortunate enough to find an appraiser (who again had no knowledge about Glendale) to follow our lead and to take our advise and comparables. The result was an appraisal that came in $68,000 more that the previous one, exactly at value!!! Soon afterwards, contingencies were removed, loan docs were drawn up signed, funded the following day, and escrow finally closed on 06/17/2011 (today).
You see, the first appraiser was an absolute deadbeat. Had we gone with his approach, this home would probably be selling in 2 more months at a price 8.5% lower (if we were lucky).
At Arbitrage, we fought and we won — AGAIN! All this will never cost you a single penny more. Instead, you get an aggressive team that’s only after one thing — RESULTS!
And for all those that think that appraisers are “GODS AT VALUATION”, guess again! Some suck and need to be educated carefully with baby steps on how to conclude their reports! I’ve got more stories if you’re interested.
Thanks again for another challenging, yet successful sale today!
Albert Hairapetian
Your Real Estate Consultant for Life!
818-522-8898 Cell
ARBITRAGE JUNE 2011 REAL ESTATE PODCAST
Listen in on our June 2011 Real Estate Podcast where Joe, Terri and I discuss recent trends and how buyers can make the most of favorable Summer conditions (appx. 7 minutes).
