This week’s Highlights:
- A look at a client update AND a client success story
Tosa Family finds their dream home
As you might recall from last week’s episode, we have a client who wants to buy a home without needing to sell their Wauwatosa home first. What started as a casual browsing of homes for sale quickly became active house hunting when they stumbled upon their dream home listed online. They got their pre-approval letter for a bridge loan on their current home, in addition to the rock solid pre-approval from Accunet.
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Come to find out, there’s a competing offer, so we decided to increase their approval amount. Why? Well, if you remember, they are sitting on a bunch of money from an inherited IRA. Even though they decided it isn’t in their best interest to use that money, that doesn’t mean we can’t use it for their pre-approval letter.
They wrote their updated offer with the standard Wisconsin Appraisal Contingency. This contingency says the house has to appraise for what we wrote the offer for. If it comes in lower, you, Mr. Seller have the right to lower the price to the appraised value. We’re happy to learn their offer was accepted!
Home appraisal saves the day
Speaking of appraisal contingencies, we have a client whose offer was accepted at over $31,000 above asking price. We call this a “No Regrets” offer, because it’s the highest they’re willing to go without any regrets.
Buying a new home? Start here so you know what to expect from the process!
Unfortunately in this case, the appraiser brought the value back, and the home had been appraised for $3,000 above the list price, which unfortunately is about $25,000 below what the buyer and seller had agreed to for price, so that kind of stinks.
Upon consulting with their senior loan consultant, Jason Webber at Accunet, they decided to add some room in their offer. They stated that if the home appraises for up to $15,000 below what we offered, we’ll still cover the difference and buy your house for no problem. This is incredibly helpful for both buyer and seller, especially in a bidding war in Waukesha County. Keep in mind sellers don’t want to start from square one any more than you do, so if you can add a contingency that increases the likelihood of buying a home, definitely do it.
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