So, check it out – I’m in this situation where I’m selling this dope duplex in a sweet part of town for $650k. This place is fresh, and each side of the duplex is hella spacious. Both units are already rented out, which is a bonus. Anyway, I got three offers just in the first week of listing it. The offer I ended up going with has this appraisal contingency thing, and when the appraiser did their thing, they valued the property at only $550k.
Now, here’s the kicker – the appraiser was looking at sales of other duplexes in the area over the past couple of years to come up with that number. And guess what? There ain’t many duplexes that have been sold recently, and the ones that have gone for way less than what I’m asking for mine. The priciest one in the past three years went for $500k, but it’s not even close to being as awesome as mine. It’s older, smaller, and just not as fly (less bedrooms, bathrooms, and square footage). There are a few more duplexes that sold for anywhere between $400k and $500k, but they’re smaller and in not-so-great areas (like the appraiser had to really search far and wide to find any duplex comps at all).
Now, I know the usual options here are to drop the price, stick to my guns, or negotiate with the buyer. But if I straight-up refuse to budge, the next appraiser will probably come back with a similar valuation, and then I’ll be back at square one with the next potential buyer and so on. The thing is, there just aren’t any real comparable sales around to back up my asking price. And to top it off, I don’t think the current buyer has the extra cash to meet me halfway.
So, what would you do in my shoes? It’s a tricky spot, right? Let me know your thoughts because I’m kinda stuck on this one.