As this market continues to bump along we are finding that the only person in the transaction who will determine the price is the Appraiser. This proved to be true in this case. The appraiser came out and looked at the property, took a few photos, and left. I educated him on the current situation in Phillips Ranch, Pomona. He was from out of the area and did not know too much about the demand for that area. Additionally, nearly all the comparable properties in the condo complex were short sales or bank repos.
Much to everyoneâ€™s shock, the appraisal came in with a value of $190,000! In the end, the buyer bought the condo for $202,000 in its current condition without any repairs. They also paid for their own home warranty plan.
The sad thing is that I had 3 buyers who were all willing to pay the $215,000. My seller had spent $40,000 in upgrades over the last two years and the Appraiser only gave them $8,000 credit for it. This did not matter.
We closed Monday, November 5th. The buyers are very happy with their new home and the seller is now preparing for her next purchase.