Dateline: Pasadena, California, The Rose Bowl, January 1997
My beloved Arizona State University Sun Devils football team had a 17-14 lead with 1:19 left in the fourth quarter of a back and forth game. A share of the national championship was on the line. All they had to do was make one defensive stop and the game was over. Unfortunately, the Ohio State Buckeyes marched the length of the field and scored a game-winning touchdown in the north end zone.
I will never forget that day.
As a cameraman for the CBS affiliate in Phoenix, I covered Arizona State’s pre-season training camp and several of their regular season games. I roamed the sidelines with a 40 lb. camera on my shoulder capturing highlights for our local newscasts.
I was in Corvallis, Oregon when JR Redmond returned a punt for a touchdown. I watched the Sun Devils dismantle Nebraska, the number one ranked team in the country. And when ASU clinched the Rose Bowl birth I sat in a bar perched above Mill Avenue as fans, in celebratory glee, carried the goal posts down the street.
But the good times would end in southern California.
My last memory of the season is David Boston, a wide receiver for Ohio State, catching a touchdown pass right in front me. It was the only touchdown scored on that side of the field that day – the side of the field I was required to stay on. It was also the last touchdown scored that day. Yes, it was the game-winning touchdown.
16 years have passed since the loss. I still loathe those Ohio State Buckeyes. Their fans too. What a disappointing loss.
College Football and Appraisals
My football team has let me down plenty of times since the 1997 Rose Bowl. Disappointment comes with the territory when you’re a college football fan. It’s also part of life as a fix and flip real estate investor, especially when it comes to appraisals. Whether lower than contract price, or higher, they can be painful.
Here are two examples:
Last fall, I had a property under contract for $259,000 with an FHA buyer. The lender required two appraisals. The first came back at $248,000. So guess what? The buyer asked me to lower the sales price, which I did (after getting the buyer to agree to pay for their own closing costs to offset some of the hit). Then the second appraisal came back – at $253,000. Do you think the buyer or their lender would honor the higher of the two because the original contract was for $259,000? Of course not!
A few weeks ago I put a home in south Phoenix under contract for $250,000. This time the appraisal came back at $255,000. Do you think the buyer or their lender would pay the difference between the contract price and the appraised value? I mean that’s what they would expect me to do if the appraisal came in low right? No way!
As a fix and flip investor, this twisted logic buyers and their Realtors have about the transaction drives me crazy. What’s worse, as a seller there’s really not much I can do about it. However, it’s still not as bad as my team losing a game with a last second score.
Did I mention I can’t stand the Ohio State Buckeyes football team?Appraisals: High or Low, They’re Still Disappointing by Marty Boardman