Feeling uneasy about having your property appraised? After all, an appraisal isn't just a checkbox on your home-selling journey; it's a critical aspect that can determine the outcome of your deal. In essence, it's a validation that the price on your contract aligns with the property's true worth and there's a great deal at stake when it comes to the appraised value of your home.
An experienced agent should be ready to address possible appraisal issues before they arise and help you prepare before the appraiser pops in. Remember, if your appraisal turns out to be lower than expected, it may potentially lead to delays or complications in the sale of your home. If your appraisal falls below expectations, you have options:
- Renegotiate the Deal: you might need to consider renegotiating the deal, either by requesting more cash from the buyer to cover the financial gap, by splitting the difference with the buyer, or deciding on a reduced purchase price that aligns with the appraisal.
- Reconsider the Sale: while not the best option, you can always reconsider the sale. Consult with your agent and take your time to reassess your price.
These are some of the tools I use to address possible appraisal issues before they arise:
- Data: I use not only comparable home sales the appraiser might consider but also evidence of any unpublicized sales, of-market sales or very recent transactions that justify your preferred price.
- Appraisal Gap Clause: In high-demand, low-supply areas, it's advisable to include an appraisal gap clause in your contract. This clause means that the buyer is committed to the purchase, even if the appraisal falls short of the agreed-upon value.
- Contract Terms: Beyond the offer price, contract terms like the down payment amount can significantly impact the outcome of an appraisal. A larger down payment can probably mitigate issues resulting from a lower appraisal value.
I'm here to offer my expertise and guidance to ensure your home-selling experience is not only successful but also stress-free.
For a more detailed understanding of appraisals from the seller's perspective.
Maria Gomez-Sanchez, Lic. 3305206, +1.954.826.0079