By Living Room Realty, March 2, 2018
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Congratulations to my clients Shala and Ryley who are onto their next adventure! Relocating was not in the cards 9 months ago when I helped them into their lovely home at the base of Bull Mountain, but opportunity came knocking and I got the call. Because I was already familiar with their home and they had not made many changes, I was able to arrive armed with a CMA to our first get-together which (like most) took place at their dining room table. The big question, and pressure point was how much of a loss these two were going to take after you subtract broker fees, closing costs, possible repairs and moving expenses. After calculating the exact number of their existing loan balance, real estate fees and closing costs they would have to achieve a$27,000 increase in market value in 8 months to break even. Anything less than would have surely put them in the “red” but when factoring in what they would they would have spent on rent, we arrived at the conclusion that it would still pencil out. After looking closely at the comps, I felt confident that I could make it happen or at least get close.
Listing was signed that night at $519,000 and we fast-tracked the process to get the home on the market within a week. Ideally I like to have two weeks, but they were well prepared and thankfully my schedule was in a place to allow for it to happen and have it be done right, which was imperative. My clients went to the beach for the weekend, we hit the market on Thursday, and an open house was held on each weekend day. By Sunday night we had one very solid and full price offer from a buyer who loved the home…and that is all that was needed.
Come time for the appraisal, the lack of comparable homes combined with us coming off the heels of a wonky fall market resulted in the value coming back lower than we would have hoped – $505,000. After trying with all my might to appeal the appraised value, in the end it broke down to the science (data or lack thereof) trumping the art (the way a home shows and a buyer’s willingness to pay). The buyer and seller split the difference, one less repair was made and all were in a good place to keep it moving forward.
Wishing my clients all the best in their venture, and so grateful at the chance to work with them to make it happen!
I would love to be part of your next move…
Erin Primrose, Principal Broker Licensed in Oregon | Living Room Realty
503-317-8111 | www.ErinPrimrose.com | Erin@ErinPrimrose.com
7650 SW Capitol Hwy, Portland, OR 97219
