Merry Christmas - Value Jump in Multiple Offer Scenario!

[Nick Bruckner]

I took a buyer (single mom) to a just listed home in late November that was listed $50 K below my comps in a good area of Anchorage. The low list price was a strategy the listing agent used to create a bidding war for her client. There were multiple offers. We wrote an offer for $40K above listing price with a fast close (as requested by the listing agent), limiting repairs requests to health and safety. We got the contract. During repair negotiations, the sellers gave us $3,500 in closing costs and did about $1,000 of repairs. Because the loan was FHA, the lender was a little nervous I did my homework with comps as it had to meet appraisal and we offered $40K above list price. The Christmas present for my client was that it appraised for $15K above the contract price. Thankful the market slowed down enough that we were able to create some instant equity in the home!