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Right now, we are in a great seller’s market, and values are appreciating. As a result, appraisals aren’t coming in at the sales price because the appraisal is based on past values.
What can you do to overcome those appraisal issues?
One thing that can really help is to have your listing agent meet the appraiser at the property. The goal is simply for the listing agent to give the appraiser information they might not have access to otherwise.
For example, we have our sellers prepare a list of any improvements, upgrades, or anything else in the home that the appraiser might not notice. Most appraisers are in and out of the house very quickly, so we want to show them additional upgrades to hopefully hit that higher sale price when it comes to value.
We can also provide more recent comparable home sales for the appraiser to take into consideration.
Most lenders require an appraisal. The buyer and seller do not choose the appraiser. The lender hires a third-party appraiser, and the lender will only loan on the percentage of what that appraisal comes in at.
For example, if you put 10% down and get a loan for the remaining 90%, the lender will only loan out 90% of what the home appraises at. That’s why it’s so important to get the appraisal to match the sale price.
Our goal is to help you sell your home as high as possible, and we also want you to have a smooth transaction. That’s why we work to overcome problems before they arise.
If you have any other questions about appraisals and selling your home, just give me a call or send me an email. I would be happy to help you!