What to Do When Your Appraisal Comes in Low.

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Information about What to Do When Your Appraisal Comes in Low.
Real Estate

Published on January 22, 2014

Author: DanielSmith45

Source: slideshare.net

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Whether you are buyers or sellers, if you may or may not have expected it, your appraisal comes in low then you are more than disappointed and are not quite sure what to do. Check out here: What to Do When Your Appraisal Comes in Low. http://www.citygatehomes.com/

What to Do When Your Appraisal Comes in Low – Buyers and Sellers When your appraisal comes in low, your buyer’s financing is in perils, and you are more than disappointed and are not quite sure what to do. There are different reasons the appraisal may have been low such as High percentage of distressed properties in the area, which brought comps down.  It may have been an accurate appraisal. www.citygatehomes.com 1

Whether you are a buyer or seller, take a look at what to do when your home doesn’t appraiseLet the appraiser know, in writing, all the attributes of the home, such as home improvements, which have been performed to the property and enhance the home, increasing its value. Ask your agent to list comparable sales and how he or she determined your asking price, as well. Negotiate a new deal- Each buyer is allowed to challenge a low appraisal. www.citygatehomes.com 2

Whether you are a buyer or seller, take a look at what to do when your home doesn’t appraiseWhen the appraisal comes in low, the situation is upsetting for both the seller and the buyer and many buyers are willing to take less for their home. Another option buyers have is to pay the difference between the offer price and the appraisal amount. Cancel the contract - Most contracts have a stipulation that allows buyers to cancel the contract should the appraisal come in low. www.citygatehomes.com 3

Whether you are a buyer or seller, take a look at what to do when your home doesn’t appraiseChallenge the paperwork- The seller’s agent can challenge the paper work by supporting the list price with facts and figures, such as the number of square feet in the home, bedrooms, etc. and comparable comps. Ask for a second appraisal- If the home does not appraise, the buyer has the right to request their lender to hire a second appraiser. Here, the buyer should be sure the appraiser hired has specific geographical knowledge and experience in the area. www.citygatehomes.com 4

Whether you are a buyer or seller, take a look at what to do when your home doesn’t appraise While it is disappointing, low ball appraisals can be challenged.  For the sellers, it is always recommended being present during the appraisal and have written documentation to offer the appraisal. www.citygatehomes.com 5

Meet ushttps://www.facebook.com/citygatehomes https://twitter.com/citygatehomes Citygate Homes info@citygatehomes.com www.citygatehomes.com 6

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