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How I Sold a Home for $17,000 Over Appraised Value

Everyone knows how crazy the Western Suburbs Real Estate Market has been in the middle of 2021 and I have personally experienced a unique scenario with accepting an offer for more than the appraiser deemed the property is worth! Here is how I did it.


With very few comparable properties recently sold and no properties that condition was identical to my listing, we had to scale the property's listing price up with the markets increase in demand. Suggested list price of $280,000 was something my client would've been more than happy to receive and the market deemed it was worth more than that immediately after the property was listed for sale. 


3 long days of back-to-back showings go by and we had 70+ showings and received 20+ offers. Showings kept the seller out of his home for this whole weekend leaving only a gap in the day to sleep and get out of the house before next day showings started. Let's just say we made it worth his while.


Offers ranged from list price at worst all the way up to $312,000. These buyers were ultimately very qualified with over 15% down payment while waiving the appraisal contingency meaning they had to pay that amount regardless of the banks appraisal on the property. Appraisal came in at $290,000 - there weren't comps to support $312,000 though the market surely insisted the value being well above appraised value. Ultimately, the seller came down $5,000 out of the kindness of his heart to $307,000 leaving the buyers 15% down + an extra $17,000 out of their pocket.


This skyrocketed the home values in the Plainfield neighborhood, Eagle Ridge. New homes for sale in there will reference the neighborhoods most recent closed price as a comparable to sell their home. There was everything in it for everybody involved in the transaction... Seller got more than expected and buyers got the home of their dreams! Not all deals are this easy but definitely stands out among the rest.


Thank you for reading and I hope you enjoyed the story. Please feel free to reach out to me anytime if there is anything at all I can do for you. 

Tyler Bockholdt

Cell: (331)213.5011

Email: Tyler.Bockholdt@Compass.com

© Compass 2021 ¦ All Rights Reserved by Compass ¦ Made in NYC

Compass Real Estate is a Licensed Real Estate Broker with a principal office in New York, NY and abides by all applicable equal housing opportunity laws. All material presented herein is intended for informational purposes only, is compiled from sources deemed reliable but is subject to errors, omissions, and changes without notice. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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