Transactions are a bit like a sport.  There are moments of glory, emotion and sometimes loss.  In this particular game, my clients are feeling like champions!      

 

My clients reached mutual acceptance for a 2 master suite home in an established community in Renton Highlands.  It was such a great hit to reach mutual that I had to pinch myself.  We had been looking for the "right" home for a few weeks in a few different cities.  This home was a stand out due to its character and unique layout.  The seller felt the offer was fair based on the realistic comparable analysis of similar sales we submitted with our offer.  I also had a few conversations with the listing agent about the property as well as sharing our explanation as to why we chose this particular home verses one of the active comparable new construction homes. 

 

It seems that all parties to this transaction are reasonable thinkers.  No emotions were tied into the pricing or the offer.  We based it solely on data. We reached mutual acceptance in 24 hours.  

 

We move on to the contingencies and are up to bat.  The title has been delivered for buyer review, the inspection is set, the loan is in process, the buyers are doing their due diligence to investigate the neighborhood.  After a few days of reading and exploring the title we are now on 1st base.

 

The Home Inspection is up next.  After a 2.5 hour inspection a number of items were addressed.  Form 35R is sent to the seller with our requests for some repairs.  The seller decides our requests are reasonable and agrees to make repairs and signs off on 35R.  This particular time in the game is critical as there is a fine line between asking for repairs on major items and asking for the entire inspection report to be addressed.  Seriously, the buyer needs to be realistic on what is important to them and it is up to the agent to address the request in a professional manner.  In this game, we are now heading to 2nd base.

 

Appraisal is ordered by the buyers lender.  This can make or break the deal.  If an appraisal comes back lower than the sales price a few different scenarios may occur.  The buyer may request for the seller to lower the sales price to meet the appraised value, the buyer may decide that they want the house regardless and decide to bring the difference in sales price and appraised value to closing, the seller can attempt to get the appraisal modified.  The buyer has the option to walk away with earnest money if the above scenarios are not chosen.  But our game is going well for both sides and the appraisal comes back higher than sales price. We are heading to 3rd base......

 

The lenders underwriter does not like the comparables that the lenders appraiser used.  A second appraisal is ordered by the lender to verify the data.  Are you kidding?  This is a new one for me!  We race safely back to 2nd base to wait.