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Guelph real estate:
Episode 2
Get a call regarding a listing holding offers.
Wants to know what I think about the value and what happens if they offer over...
Episode 2
Get a call regarding a listing holding offers.
Wants to know what I think about the value and what happens if they offer over...
I explain that if the appraisal comes in short, financing is only based on appraised value and they will have to make up the difference.
Listing is $699k.
In this neighborhood, the average home is around the $550k-$600k range.
Many offers already registered.
In this neighborhood, the average home is around the $550k-$600k range.
Many offers already registered.
House has had some great work done, and the whole backyard is basically a pool.
But he and his experienced Realtor know that it will likely sell in to the $800k range.
But he and his experienced Realtor know that it will likely sell in to the $800k range.
I told them that unless they have an extra $100k laying around, forget it. This postal code will trigger a full appraisal for sure, and I can't see it coming in that high.
Guess what? It sold firm in multiples for $900k.
From $699k list to $900k sold firm.
I've lived in Guelph for only 17 years and I'm not a trained Realtor but I can tell you, this buyer paid $200k too much.
From $699k list to $900k sold firm.
I've lived in Guelph for only 17 years and I'm not a trained Realtor but I can tell you, this buyer paid $200k too much.
And this is no disrespect to local Realtors btw. They know the market. They know the neighborhood. They know what it's worth.
**EDIT** It was listed at $799k, not $699k. Which makes it...better? No. Again, for a budget of $900k there are better options in Guelph. Crazy.
