What happens when seller and buyer agree on a price but the appraisal come in lower than the agreed-upon amount?
The deal can fall through if the financing is not completely approved. This is why you see the words "Sale Pending" on some listings website and yard signs.
Approximately 10 % of real estate agent report on a monthly basis that a low home appraisal negatively impacted a sale, according to the National Association of Realtors.
Here are some ways that sellers and buyers can protect themselves from a low appraisal.
Provide a list of comparable in the area that supports your price.
Meet with the Appraisers at the property and ask questions about the process
When receiving a low appraisal, follow up and ask questions. The appraiser or supervisor may have overlooked the newest information.
You can have an appraisal done before you list your home. In a sellers market where some buyers are making offers significantly above the listing price, sellers need to understand how critical the appraisal is to closing the deal.
Use an appraiser that is qualified and has a membership designation such as SRA or MAI from the Appraisal Institute.
Make sure the appraiser is comparing you home to the latest data about homes just sold in your area. Also highlight any improvements to your home or landscaping that may positively affect the selling price.
Author:Karin Waterschoot-Perez Phone: 614-774-1741 Dated: November 21st 2019 Views: 623 About Karin: Executive Vice President of Sales
Experienced Realtor, Karin Waterschoot-Perez, currently serves ...
View our latest blog posts in your RSS reader. Click here to access.
A customer-service-oriented real estate agent with Bachelor degree in accounting and master degree in management who loves to helps home buyers and sellers. If you're looking for an agent with patience, perseverance, and a passion for helping people, you've just found him!
I chose real estate as a career path, because it allows me to use the customer service skills I acquired during my 10-years career in the retail industry . I've always been interested in real estate, and now I'm fortunate enough to do it for a living.
You have a lot of agents to choose from, when buying or selling a home. So why choose me? Here are some things that set me apart: >
Service: I worked in retail management for 10 years, before transitioning to real estate. "Customer service" is more than words to me; it's a way of doing business. I strive to exceed my clients' expectations in all aspects of the real estate process.
Coaching: Success in real estate starts with education. You have to understand the nuances of the local market, the dynamics of supply and demand, and how these things affect you as a buyer or seller. If you work with me, I'll make sure you are well informed at every step of the process, so you can make smart decisions. You deserve nothing less.
Contact: You'll have a lot of questions during your real estate transaction. Everyone does. And you deserve to know what is happening at all times, and what needs to happen in order to reach the finish line. If you choose me as your real estate agent, you'll enjoy constant interaction and communication. You'll always be in the know.
Buying or selling a home can be exciting. But it can also be stressful. It's particularly stressful for first-timers and those who have a short timeline. I know this firsthand, because I've been there myself. That's why I work extra hard to keep my clients informed, and to make the process as smooth as possible.
When I'm not helping my clients, I enjoy spending time with my family; also enjoy fencing as my favorite sport, reading and travelling as well.
If you have any questions about my real estate services, or what I can do to help you, please don't hesitate to ask.
I look forward hearing from you!