Any agent with a few years under their belt, and more than one of those 11th hour desktop appraisal reviews, knows that there is no celebratory popping of the champagne cork when we are heading into the last lap, breathlessly waiting for loan docs, only to find that we have been flagged and sent into the pit. Ugh, the dreaded desktop appraisal pit. where that mysterious reviewer is wielding a mouse, and certain they know more than the neighborhood specialist or the genuine appraiser.
At the first news of the big "AR" (not unlike the big "C"), we immediately come unglued and run to our defenses, angry that someone who is both ignorant of the neighborhood and arrogant, is being unreasonable and is now literally in the mix of our transaction. How do we deal with? Firstly, by being entirely professional and sending along the reasons why their interpretation of the comps is incorrect. Secondly, we calmly tell the mortgage broker that we are the neighborhood agent and therefore the best source of value and they are entirely misinformed. And what next? Expect that the desktop reviewer will blow us off as though we don't exist. Why? For several reasons, but I am surmising that of course that ugly little ego is involved, and then there is the risk money that they now want to insure is not on a high risk loan. Really??? With 40% down where is the risk? Well, it really doesn't exist, but it is yet one more excuse why banks hold us hostage, trying to collect those ugly little points and fees at the end. The buyers are frustrated, moving trucks are lined up, and the shake down starts. Is it the mortgage broker, the lender, or the investor, or all? Who knows.
I have been in this business for 25 years and as of the past 2 years I wish every buyer who walked through the front door of my office was ALL CASH. But then how seasoned is that cash? Aha, another snag.
I am the North San Diego County real estate specialist, and all of my clients are life-long friends. I insist on wit and humor from day one. At the end of the day we all need to laugh at ourselves, whatever the circumstances of our transactions.
Call me. I would love to add another buyer or seller to my list of satisfied clients.