Coughing up commission to save a deal: 6 things I learned

When the house doesn't appraise, what do you do?
  • Educate the sellers early, and make sure they know the possible outcomes of the appraisal.
  • Demonstrate leadership, and take responsibility for resolving the situation.
  • Take care of your clients, and do what’s necessary to get the deal done.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Your listing has been on the market for 60 days. Finally, you get an offer. The sellers aren’t thrilled, so they counter for $3,000 more. The buyers accept. Everyone is on pins and needles as you wait for the appraisal. Your heart sinks. The appraisal is a mere $3,000 lower than the accepted offer. What can you do to save the sale? I reached out to colleagues at Inman’s Agent War Room for their take on this situation. I wanted to know how I should handle the case and how I could be in better control for the next negotiated sale. A complicated sale The appraisal report discounted recent improvements and calculated a smaller square footage than the tax records indicated, which set the value at $375,000. To further compound the complexity of this sale, the sellers didn't agree with each other. The wife wanted to sell immediately, but the husband took the appraisal shortfall personally. To try to keep the negotiations going, the buyer reluctantly agreed to meet in the mi...