You do control the list price of your home, but an experienced agent along with their broker can discuss the potential to market your property to the proper audience. Simply putting a yard sign in your front lawn and entering the listing in the computer is where some marketing effords end. For a historical home with fabulous unobstructed views of Lake Michigan being so unique, many appraisers have a difficult time pricing your property appropriately. In today's marketplace there aren't many buyers looking for such a unique investment, however they do exist and a good agent will know how to find them.
I agree, the issue arrises when a mortgage is necessary to complete the transaction and the bank appraisal falls short of the agreed upon purchase price. If the buyer is truly interested, they will need to come up with the difference in cash.
Also remember to stage your home appropriately and make all necessary repairs prior to any showings.
Is it a historical property, or a property in a historic district? Not all properties within a particular historic district are in fact â€œHistoricalâ€. A historic property is a property that is designated, or has been determined eligible for designation, at the local, state, or federal level. The property, or properties, must either be important for representing broad patterns of history, associated with the life of a historically important person, or for archeological contributions. More simply put â€“ associated with a historical person, place or event.
Did you, or your listing agent, contact an appraiser experienced with historic properties/districts prior to listing the property (to have it appraised for the historic significance of the property and/or district) and determining the listing price? By doing so, you would have supporting evidence/documentation for your listing price and counter offer, and to dispute an unrealistic buyer's offer. How competent, or experienced, is your agent (if you have one) with selling historic properties?
Was the buyers offer based on an actual appraisal or a cma from their agent? As with any appraisal, valid usable comps would be other historic properties, or properties in other historic districts, which may be in other market areas, cities, counties, or even other states, depending on the historic significance of the property, or property in a district, being appraised. Finding valid usable comps may also require going back several years in time. Also, justifiable adjustments for characteristic differences, historic differences, and time adjustments would be required.
What you can do at this time, is have a copy of the buyers appraisal reviewed for accuracy and USPAP compliance, or have your property appraised for a counter offer.