By Carson Mead, January 11, 2021
Sometimes a low appraisal isn’t always the downfall of a deal. When the appraisal comes in low, as the contract is written, it triggers the buyers financing contingency (this can be waived by the buyers in their offer if they choose to). When Michael and Rebecca got the news this happened to them, they were discouraged as they were already at the top of their price point. In their case, the financing contingency was triggered and we had 3 business days to come to agreement on how to proceed, or risk termination of the deal and a refund of their earnest money. We reviewed the appraisal report with the listing agent, and found that there was a justifiable reason the appraiser submitted the report as they did. We worked towards appealing the report to see if we could gain any momentum on a revision of the report, but the comparable properties that we found by that point likely wouldn’t have made any difference. We stated our case to the listing agent and sellers as to why they should drop the price point from the offer down to the appraised value. In this case, the sellers conceded and we wrote an addendum with a price revision. My buyers were very excited, and in this case, the appraisal ended up being a benefit to them.
This is certainly not always the case – it’s a negotiation, and while meeting in the middle is often times the result of a low appraisal, sometimes it works out that the motivations of all parties are a win-win to get the deal done.
I complimented my buyers on their ability to maintain a cool focus and keep their eye on the prize through the whole transaction. I believe that sometimes small concessions throughout the deal to maintain a good working relationship can have bigger impacts as a deal progresses. For Michael and Rebecca, this really paid off, and they’re on their way to closing today on their first home.
Carson Mead
Broker | ADU Specialist | OR
My first introduction to the world of real estate came in 2004, when at the age of 22 I bought my first home in NE Portland with my sister.
I still remember what a monumental life transition that was. Buying my own home laid the foundation for a lifelong love of all things related to houses. I enrolled in a year-long Building Construction program to gain more knowledge in housing systems and techniques. I have used those tools to enhance my own home both inside and out. I joke that my favorite part of a house is the basement, as that’s where I can see the health and maintenance of a home’s systems: plumbing, electrical, HVAC, foundation etc. While a home inspector is the professional on helping to understand the story of a home, I like to provide as much due-diligence as possible up front before you spend the money and get into contract.
Ultimately my goal is to meet you in any endeavor that you are wanting to undertake. If you are looking to sell, I will develop a strategy that makes sense for you with your goals, timelines and marketing strategy. If you want to invest in your home before going on the market, we’ll look at what you can do to maximize your profit: be it refinishing floors, painting, modifying light fixtures, and getting it staged. If you need to stay in your home while selling, I’ll bring in my stager to help get perspective on how to pare down the feel of your home and have tangible goals to achieve in getting ready to go on the market.
Once last piece of my professional and personal life that I spend a lot of time thinking about are ADU’s (Accessory Dwelling Units). Also known as mother-in-law units and granny flats, these can be detached or attached. When I see a home, I look at the property in detail to see how the home is oriented on the lot and if it is ripe for a detached ADU (new construction), or if it is a good prospect for creating an attached unit (a basement apartment). I also look at the zoning to see what kind of potential this could add. I bring this eye from having looked at hundreds of properties, and completing my own ADU, including partitioning the lot so that the original house and ADU were able to be sold separately.
I am a cooperatively focused broker, with a passion for helping people achieve their goals and succeed in their endeavors. I am patient, understanding, trustworthy, and truly care about your best interests. My duty as your agent is to give you my expertise, offer perspective, information and guidance, so you have the tools to make the best informed decision for yourself. As a father of two young kids, I've learned the fine art of juggling life and all the curveballs that come with it - qualities that allow for a cool and collected experience that helps when buying or selling a home.
I have a Bachelor of Science in Climate Change, and spend a lot of time thinking about the environment, and our world at large. While it can be easy to go to a place of doom and gloom, I also think there are a lot of success stories and hope. When out and about you can find me searching out coffee shops and bakeries, parks and playgrounds, listening to KEXP (kexp.org), riding my electric bike with kids in tow, working on my house (and its endless to-do list) and spending time with wondering friends, family and clients.
Please let me know if you'd like to share a beverage, coffee, tea, beer/wine to talk about what’s important to you and see if it would be a good fit to work together. All the best—
Carson
carsonmeadpdx.com
yelp
Read More
- T: 503-853-5446
- F: 503-961-8224
- carson@livingroomre.com
F
503-961-8224