FW: Appraisal for 12196 Kain Rd

Rupesh Bharad

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Sep 4, 2021, 9:49:44 PM9/4/21

to kain...@googlegroups.com

Team,

I have received this email from Aekta.

I know for sure they would like to negotiate the price but did not make any specific demand.

Neither they have indicated that they would like to withdraw.

Please review and let me know how/what and when to respond.

Note:

Contract did not have appraisal contingency.
Contract did not even have a loan or financing contingency.
Despite of multiple request, I have not received any feasibility study material.
Aekta is repeated telling me verbally and in writing below that if her client could not close, they are not at fault.

Thanks,

Rupesh Bharad

President / Principal Broker - Transworld Business Advisors of Richmond VA

Real Estate Agent - TBA RVA Realty Inc

Cell: 804-399-0870

Email: rup...@tworld.com

Website: www.tworld.com/rva

Licensed Real Estate Agent in Commonwealth of Virginia.

From: Aekta Chawla <ae...@zriliant.com>
Sent: Saturday, September 4, 2021 9:08 PM
To: Rupesh Bharad <rup...@tworld.com>
Subject: Appraisal for 12196 Kain Rd

Hello Rupesh,

Please see attached property appraisal. Fulton Bank has based its loan approval on this property value. My buyers now have to come up with a cash amount of 244349K . This is a large amount for my buyers to bring to the table . We are at a point where we need to make a decision.

We would like to give you guys an opportunity to work with us so we can get this to closing. I know we all have come so far and so close and would hate to see it fall through. I hope you understand that 244349K is a huge amount. The property has been listed for several years and has been in and out of contract.I am sure your interest is the same as ours.

We were all prepared to close on the 8th as per our conversation the other day and were not expecting any hurdles. This is no fault of my buyers who have done their due diligence and worked amicably with you throughout the whole process to proceed to closing.

I am sure you would do the same thing if you were on the other side of the fence. Please let me know .

Thanks!

Aekta

Appraisal.pdf

Rupesh Bharad

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Sep 5, 2021, 2:16:34 PM9/5/21

to Rupesh Bharad

Hi Aekta,

Thanks for sharing an update. We have been gearing up to the closing from our side.

We reviewed the appraisal you shared. Disappointing to see that the appraiser did not consider any property from within the vicinity of similar school district; did not give any consideration for the land area on the property and feels very subjectively has deducted the house value of one comparative close to this by $150k for quality of construction, $100k for condition of house and and 25k for age,… Deducting $275k+ value of house value (~20%). This seems excessive by all known standards. You could probably challenge the appraisal on above grounds, however that’s a choice you may have debated since Aug 24th when you received the same per the report.

However, as you are aware, the purchase Contract did not have appraisal contingency and the

Contract did not have a loan or financing contingency.

So based on the above we appreciate the situation you and your client are in with 20% down required for closing however please note that your clients are still bound by the contract.

That being said we are open to options that can make the closing smoother in a timely manner. Looking forward to hear from you.

Thanks,

Rupesh Bharad

Cell: 804-399-0870
Email: rup...@tworld.com
Website: www.tworld.com/rva

Address : 5300 Hickory Park Dr, Suite 225, Glen Allen, VA 23059

President / Principal Broker - Transworld Business Advisors of Richmond VA

(Business Sale | Franchises | Mergers & Acquisitions)

Real Estate Agent - TBA RVA Realty Inc (Commercial Real Estate)

List of Businesses for Sale: https://www.tworld.com/agent/rupeshbharad/listings/

List of Real Estate for Sale/Lease: http://www.loopnet.com/profile/13573162660/Rupesh-Bharad/Listings/

#1 Business Broker in Virginia with over 150 listings!

Licensed Real Estate Agent in Commonwealth of Virginia.

From: Rupesh Bharad
Sent: Saturday, September 4, 2021 9:49:15 PM
To: kain...@googlegroups.com <kain...@googlegroups.com>
Subject: FW: Appraisal for 12196 Kain Rd

Rupesh Bharad

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Sep 5, 2021, 2:20:17 PM9/5/21

to Aekta Chawla

Hi Aekta,

Thanks for sharing an update. We have been gearing up to the closing from our side.

We reviewed the appraisal you shared. Disappointing to see that the appraiser did not consider any property from within the vicinity of similar school district; did not give any consideration for the land area on the property and feels very subjectively has deducted the house value of one comparative close to this by $150k for quality of construction, $100k for condition of house and and 25k for age,… Deducting $275k+ value of house value (~20%). This seems excessive by all known standards. You could probably challenge the appraisal on above grounds, however that’s a choice you may have debated since Aug 24th when you received the same per the report.

However, as you are aware, the purchase Contract did not have appraisal contingency and the

Contract did not have a loan or financing contingency.

So based on the above we appreciate the situation you and your client are in with 20% down required for closing however please note that your clients are still bound by the contract.

That being said we are open to options that can make the closing smoother in a timely manner.

Looking forward to hear from you.

Thanks,

Rupesh Bharad

Cell: 804-399-0870
Email: rup...@tworld.com
Website: www.tworld.com/rva
Address : 5300 Hickory Park Dr, Suite 225, Glen Allen, VA 23059

President / Principal Broker - Transworld Business Advisors of Richmond VA
(Business Sale | Franchises | Mergers & Acquisitions)

Real Estate Agent - TBA RVA Realty Inc (Commercial Real Estate)

List of Businesses for Sale: https://www.tworld.com/agent/rupeshbharad/listings/

List of Real Estate for Sale/Lease: http://www.loopnet.com/profile/13573162660/Rupesh-Bharad/Listings/

#1 Business Broker in Virginia with over 150 listings!

Licensed Real Estate Agent in Commonwealth of Virginia.

From: Aekta Chawla <ae...@zriliant.com>
Sent: Saturday, September 4, 2021 9:08:15 PM

To: Rupesh Bharad <rup...@tworld.com>
Subject: Appraisal for 12196 Kain Rd

Rupesh Bharad

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Sep 6, 2021, 11:48:04 AM9/6/21

to kain...@googlegroups.com

Team,

I am sending below demand from Aekta to reduce the sale price from $1,224,000 to $1,150,000.

Please review and let me know best time discuss to respond.

Thanks,

Rupesh Bharad

President / Principal Broker - Transworld Business Advisors of Richmond VA

Real Estate Agent - TBA RVA Realty Inc

Cell: 804-399-0870

Email: rup...@tworld.com

Website: www.tworld.com/rva

Licensed Real Estate Agent in Commonwealth of Virginia.

From: Aekta Chawla <ae...@zriliant.com>
Sent: Monday, September 6, 2021 11:12 AM
To: Rupesh Bharad <rup...@tworld.com>

Subject: Re: Appraisal for 12196 Kain Rd

Thanks Rupesh ji for being open to the options .We appreciate it . If we can adjust the pricing to 1.15 my buyers will be able to proceed to closing as planned. We are not asking sellers to come down to appraised value but it will be great if we can work together to get the buyer to a number they can manage in the given scenario and proceed as planned. We want to work with something we have in hand rather than hoping that things will turn differently in the future which no one can predict.

I know it works in the interest of everyone.

Thanks!

Rupesh Bharad

unread,

Sep 6, 2021, 3:04:44 PM9/6/21

to kain...@googlegroups.com

FYI … phone call made and response sent to her to provide all feasibility materials.

Thanks,

Rupesh Bharad

President / Principal Broker - Transworld Business Advisors of Richmond VA

Real Estate Agent - TBA RVA Realty Inc

Cell: 804-399-0870

Email: rup...@tworld.com

Website: www.tworld.com/rva

Licensed Real Estate Agent in Commonwealth of Virginia.

From: Rupesh Bharad
Sent: Monday, September 6, 2021 3:03 PM
To: Aekta Chawla <ae...@zriliant.com>
Subject: RE: Appraisal for 12196 Kain Rd
Importance: High

As discussed on the phone, please send me following items today for my team to review and discuss your client’s proposal.

List of all feasibility activities all Feasibility Studies, Material, Results, Survey, any tangible and/or intellectual properties related to the property.

Thanks,

Rupesh Bharad

President / Principal Broker - Transworld Business Advisors of Richmond VA

Real Estate Agent - TBA RVA Realty Inc

Cell: 804-399-0870

Email: rup...@tworld.com

Website: www.tworld.com/rva

Licensed Real Estate Agent in Commonwealth of Virginia.

From: Aekta Chawla <ae...@zriliant.com>
Sent: Monday, September 6, 2021 11:12 AM

To: Rupesh Bharad <rup...@tworld.com>
Subject: Re: Appraisal for 12196 Kain Rd

Thanks Rupesh ji for being open to the options .We appreciate it . If we can adjust the pricing to 1.15 my buyers will be able to proceed to closing as planned. We are not asking sellers to come down to appraised value but it will be great if we can work together to get the buyer to a number they can manage in the given scenario and proceed as planned. We want to work with something we have in hand rather than hoping that things will turn differently in the future which no one can predict.

I know it works in the interest of everyone.

Thanks!

On Sun, Sep 5, 2021 at 2:20 PM Rupesh Bharad <rup...@tworld.com> wrote:

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