Today’s drama comes in the way of the sellers wanting to sell some of the listings at more than the appraisers agree they are worth, this creates “drama” between the real estate buyers that have paid for an appraisal.
During the home buying process, there are a couple of items you cannot have refunded(without a pass), if you decide to cancel the real estate transaction.
Home Inspection Fee and the Appraiser’s fee.
Sometimes the Lender may show you favor by giving you credit towards another if the property does not appraise. However, you need to negotiate this up front.
Or, if your real estate agent made the introduction to their lender, and you are using them, maybe your real estate agent has some “credit” to have the lender extend to you a “pass”, an additional appraisal?
It does not hurt to ask.
Low Appraisal Options
You have options if the appraisal fails to come in at value. You can cancel the deal. You can come up with the difference. The seller can reduce their price. You and the seller can negotiate the difference.
Four options and each needs to be thought about carefully.
When you have a chance, make sure you tune into our radio show and have a listen to our daily broadcast. We have a lot to share about the real estate processes and how you can keep safe when either buying or selling a home in today’s real estate market.
Thanks for checking out our Santa Clarita, Granada Hills, Northridge, Porter Ranch and Sylmar real estate updates.
For the latest PDF reports you can click on this link to see each in their grand color.
Also, when you are at our main Paris911.com website, you can type in the word reports into the MacBoX at the top of the screen to view each of the housing market reports and to subscribe to them. Great Intel for FREE…