Home Seller Advice – Things To Consider If Your Home Gets Appraised

The appraisal

If your buyers are getting a mortgage, they will also have to hire an appraiser. The appraiser will not only size up your home in person but check out the sale prices of comparable houses in your neighborhood (much as a Realtor would do for you). If the appraiser’s price matches the one your buyers are paying (or even if it’s higher), all is good.

But if the appraisal comes back lower than the asking price, it may become a problem. Typically, lenders won’t loan buyers anything above the appraisal amount. The buyers have two choices: Pay cash for the difference, or negotiate a lower sale price with you. If they choose the latter, you’ve got two choices, too: Accept the lower home price, or walk. To decide, ask yourself: How easy would it be to find a new buyer? If you were deluged with offers, it may be in your interests to move on, but keep in mind that you might run into the same problem with subsequent appraisals. So unless you’re confident your home is worth more and you’re willing to head back to square one, you may want to take a hit just to keep moving forward

 

Posted on October 27, 2017 at 4:30 pm
Steven Galindo | Category: Home Seller Advice

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