Tips To Sell Your House: When the Appraisal Comes in Low . .HELP!
Because your home is more likely your largest asset, deciding to sell your home is not a decision that you should take lightly.
Everyone wants to sell their home for top dollar, fast and for the least amount of money.
http://www.reallynicehomes.com/blog/tips-sell-your-house-when-appraisal-comes-low-help/
26 Tips you should know to get your home SOLD for TOP DOLLAR @ the fastest time!
Tip #14 What to do when the Appraisal Comes in low . .HELP!!!!
You are not alone. .
I had to deal with this problem twice this month. .
Your options are limited
This is a very volatile market right now. .and 2013 seems to becoming the first year where appraisal results will need a drum roll!
Loose appraisals were a part of the problem when inflated prices were as common as loan approvals
Appraisal complaints are rising now and there are ways how you can avoid the problem
Part of my advice is how to prevent appraisal problems.
But what happens when you are facing the problem now?
Lets go step by step:
Challenge the appraisal. Find a recent comp that is not configured on the report.
Disputing an appraisal is not easy if you don't have the latest data of SOLD properties. .Zillow is not going to help you here.
You are better off consulting with a agent that has access to current market conditions.
Order an appraisal on your own. Hire your own appraiser and hope that they will have value that is more helpful for you as a seller.
The caveat here is that most lenders when faced with two different appraisal they tend to choose the lowest . .not the highest. .but it may trigger for the lender to order a third appraisal if data is conflicting on the first two.
As a seller you hold a lot of clout. .specially if the house is a dream house for the buyers. .
Another possible solution is for your to carry a second note for the difference and still sell your house.
Of course the lender may not approve of this and the buyer, no matter how in love is with your house. . .may not agree to this terms. but is worth a try.
Ultimately, you need to face reality. .
the appraiser does not set the price of your house. .. .the market does
Perhaps, you can compromise and meet the buyer to the terms of the appraisal. . after all, it may be the only choice you have.
Because if these tactics fail and you and the buyer can not agree to make up the shortfall in the appraised value, you may find yourself with a null contract.
Most buyers are protected by a contingency clause in the sales contract, stating that the transaction can be terminated if the home doesn't appraise at, or above, the sales price.
So what are your choices then. . to put it back in the market and try to sell it for more that you know your house is worth?
Watch this video to see what you should do before putting your house for sale and avoid the APPRAISAL TRAP!
#1 Determine your home's value with your head and not your heart!
#2 You don't need a make over. .just move it over!
#3 Why are you selling?. . .a trick real estate agents use
#4 How should respond to Low Ball Offers?
#5 The DANGERS of Overpricing Your Home and How To Fix It!
#6 Make Buyers Bite with this trick!
#7 Negotiating Tips To Get More Money for Your House
#8 Should I put a lockbox on my For Sale By Owner House?
#9 How to protect yourself from BOGUS HOME INSPECTIONS
#10 HELP: Neighbor from HELL is keeping me from selling my house
#11 Approval letters for Donald Duck the buyer
#12 Neat trick to protect your property from scammers
#13 How to hire a FREE Attorney for your sale. .
#14 What to do if the appraisal comes in low -- HELP!!!
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My dedication to the pursuit of quality seller representation in MD, DC or VA is my relentless determination to achieve perfection in my craft for the benefit of all my clients. I believe that my team of Real Estate Professionals are uniquely qualified to give you the results you are looking for as a seller.No matter if you are selling today or maybe years down the road, please contact me for all your real estate needs. You are going to like the way we do business.
Broker for Herboso & Associates
240-426-5754
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