What happens when seller and buyer agree on a price but the appraisal come in lower than the agreed-upon amount?
The deal can fall through if the financing is not completely approved. This is why you see the words "Sale Pending" on some listings website and yard signs.
Approximately 10 % of real estate agent report on a monthly basis that a low home appraisal negatively impacted a sale, according to the National Association of Realtors.
Here are some ways that sellers and buyers can protect themselves from a low appraisal.
The Buyer:
Provide a list of comparable in the area that supports your price.
Meet with the Appraisers at the property and ask questions about the process
When receiving a low appraisal, follow up and ask questions. The appraiser or supervisor may have overlooked the newest information.
The Seller:
You can have an appraisal done before you list your home. In a sellers market where some buyers are making offers significantly above the listing price, sellers need to understand how critical the appraisal is to closing the deal.
Use an appraiser that is qualified and has a membership designation such as SRA or MAI from the Appraisal Institute.
Make sure the appraiser is comparing you home to the latest data about homes just sold in your area. Also highlight any improvements to your home or landscaping that may positively affect the selling price.
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