Appraisal issues when you are selling a home can be crippling. In fact, when you are selling your home and when you accept that offer, the last thing you want to be concerned with is the appraisal. However, it is something that needs to be talked about between yourself and the Realtor you have hired to sell your home, condo or townhome.
Hire a pro active Realtor
There is always a “chance” that the appraiser does not see the “value” in your home, so make sure your agent is doing everything necessary to convey to them things they know and those things they don’t about the real estate being sold.
When a Valencia California or any home does not appraise it can be stressful, but it does not have to be. There are a couple of options for a seller when a home does not appraise and a low appraisal does not necessarily mean that a home needs to be sold for less. Your Local REALTOR® is a valuable asset in helping you navigate this situation, should it arise.
Make sure your Realtor is communicating with the appraiser, they may be limited in scope when it comes to “communication”, but they can give them comparables, upgrade lists and remodeling plans.
Options when an appraisal comes in lower than expected:
- Accept the appraisal and the lower price.
- Accept the appraisal and ask buyer to come out of pocket with the difference.
- Do not accept the appraisal and request a new appraisal.
Options one and two are self-explanatory. Option three comes into play if you strongly disagree with the appraisal that was conducted on your property.
Local Experts make a big difference
Your REALTOR® should be in touch with the local real estate market enough to have a grasp on whether an appraisal is off-base or not. Not every appraiser may know your market, your neighborhood or have decent comps to justify his bottom-line. Appraisers are often hired by lenders, and those chosen by the lender may not have the experience in your market.
We have also seen an influx of issues related to appraisals on a local level. As stated, sometimes the appraisers are not familiar with our specific neighborhoods and communities. The Valencia And Santa Clarita Areas are organized by tract codes. When Appraisers search in this manner, they are going to get different results than when they do a radial search.
Working closely with an experienced and knowledgeable Paris911 Team REALTOR® can help you navigate issues that arise with your contract. The important thing is to stay educated and informed in order to make it to the closing table in as smooth a manner as possible.
Reach out to us when you are ready to move, thanks for reading and sharing this intel. We are with the REMAX of Valencia CA Paris911 Team.
For more intel on what we are writing to assist our Valencia and Santa Clarita Valley home sellers – check out Top Housing News dot com.