Posts from August 20th, 2018
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20
Low Appraisal, Now What?
One of the most common questions I receive is what happens if we have a low appraisal? Most real estate contracts are contingent upon the property appraising for the sales price. The appraisal is ordered by the lender but typically paid for by the buyer, unless negotiated otherwise. A low appraisal can be common in a hot market where home values are rising faster than the comparable sales can keep up. The good news is that a low appraisal does not mean the deal is over. In fact, we are able to work out most low appraisals.
One option you have is to appeal the appraisal. This is when you need to lean on your Realtor to find suitable comparable sales that will support your contract price. Appraisers can make mistakes and overlook sales. Make sure you or your Realtor look at off-market sales and not just transactions on the local MLS. Once you have some transactions that you think will support the value, the buyer's lender will send these to the appraiser to see if they warrant...