Satisfaction After Frustration

In my last blog, I was expressing my frustration at the current appraisal situation, and some challenges which our current market presents.  Our home values in the Houston Metroplex are on the rise, but appraisers have not quite got the message yet and are continuing to undervalue homes. 

Well....today I closed the sale of the house that I was previously so frustrated over.  Just six weeks ago, after two appraisals, the home would not meet the appraised value of the contract sales price.  The buyers at that time decided they had lost confidence in the home and backed out of the contract.  Today, I closed that home for ABOVE my last contract sales price, AND it DID appraise!  The home was well worth every penny even if the contract sales price had been the full asking price.  The sellers had invested over $60k in replacing 2 a/c units ($17k), completely remodelling a pool ($25k), new roof ($12k), new flooring, plantation shutters, etc, etc.  The previous appraisers however were valuing the home against other properties that had NOT been upgraded.  I know without question that the buyers who purchased the home got a fantastic value, and I am so thankful that FINALLY, after THREE appraisals, someone in the form of an appraiser agreed with us.  The rest of the neighborhood will benefit from a strong sale, and some wonderful new neighbors!