According to Zillow research , nearly a quarter 23 percent of all buyers pay cash. Message and data rates apply. I agree to receive a one-time text message containing a link to download the Zillow 3D Home app at the mobile number I provide above, and I confirm that the mobile number is mine.
An iPhone 7 or newer is needed to use the app. Keep copies of the comps and give them to the appraiser when they arrive at the home. One of the most important things that an appraiser assesses is the condition of your home, so make sure it looks clean, tidy and well-maintained. Clean the gutters, touch up paint, clean thoroughly and make sure major systems are operational.
Ask the buyer or their agent for the appraisal report if you believe there is misinformation in it. If the buyer is willing to challenge the appraisal, provide any documentation that could help them make your case, including comps, receipts, information on market conditions, or proof that the appraiser was unfamiliar with your area.
If the lender agrees that the first appraisal is inaccurate, they may order a second appraisal. Again, the buyer would be responsible for paying, but you can always offer to split the cost with the buyer as a good faith effort to keep the deal together.
Unless your buyer was looking for a reason to walk away, they likely want the deal to stay together as much as you do. Keep an open mind when it comes to meeting in the middle. For example, you may not have to cover the entire difference between the sale price and the appraisal.
If you have no choice but to relist in short order and you received multiple offers the first time around, you may be able to retain your existing sale price and find a new buyer who is willing to pay the difference — or perhaps your appraisal will come in higher next time! The Cost to Stage a Home. This browser is no longer supported. Please switch to a supported browser or download one of our Mobile Apps. See Mobile Apps.
Menu subnav-close Search subnav-close. Home Sellers Guide. In this article What is an appraisal? This episode covers the one-stop shop brokerage model, things that brokerages can do to help counter margin compression and how to shield your real estate business in a changing market.
According to a study by Realtor. Now, more than ever, sellers have a chance to get more money for their homes. One way buyers can stand out is with their offer. This often means going above the listing price. But what happens when the seller accepts that high offer and the home appraisal comes in far lower? If it does, everything is fine. There are several reasons why a home with a high price tag might not appraise for as much.
What to Do If Your Appraisal Comes Back Low One of the most important parts of buying or selling a home is the appraisal—it tells you and the bank how much the property is worth, and it usually determines how much the bank is willing to loan the buyer for a mortgage. Some of your options include: Re-negotiating the price — If the appraisal comes back low, but close to the listing price, you can simply lower or re-negotiate the price with the buyer so that it is agreeable for everyone—including the bank.
Requesting a second appraisal — Of course, you may also order a second appraisal if you believe the first one was inaccurate due to the inexperience of the appraiser or other factors. Improving the home — If the appraisal comes back low, there may be things you can do around the house that would improve it, including home maintenance, repainting, and repairs.
Re-negotiate the price — If the seller is open to it, the easiest option is to re-negotiate the sale price of the house. This is particularly effective if the appraisal comes back just slightly lower than the listing price.
Who to Call for Your Appraisal If you need to schedule an appraisal for your home or if you want a second opinion on the value of the property, give the experts at Coakley Realty a call. We will never sell or disperse your personal information to outside parties. This form goes directly to our staff in Rockville, MD and you can expect to be contacted within 24 hours. How did you hear about us?
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